Below is the example of the order I'm attempting to place.
If XYZ is currently trading at $20, I place an order to go long 100 shares at $21 via a buy stop limit order. Should prices never reach that high on the day the order is placed, I'd like a contingency that cancels the order if prices trade below $19 during that same day. I've been told that the cancellation order would require an API to be written by either myself, a programmer, or via software. Is this information true? Does a simple cancellation order require any one of these additional steps? Thanks.
You can set order types to GTC or DAY, meaning good till cancelled or good only until end of session.
OCO orders (one cancels other, or order cancels order) won't work here because if you set an OCO for a buy stop $21 and sell stop $19 for example, then if either is hit you will actually get filled.
What you want is to only be filled if $21 hits, but to cancel if it moves below $19.
There is no exchange side order mechanism that does this.
Simply use NinjaTrader and write some simple NinjaScript for your strategy, and it will do it just fine.
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