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I think it can be coded in ninjascript, but I'm very apprehensive about doing this myself because it's one thing to code up my own meaningless indicators but a whole different ball game when the code is responsible for trade entries.
In ninjascript, it would first compare the entry price to the current market price.
If entry price > market price, then submit order as a buy stop limit
If entry price <= market price, then submit order as a buy limit
Can you help answer these questions from other members on NexusFi?
I am not entirely sure why you need need this functionality. Can you expand a bit more, is this going to be part of a strategy?
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- Trade what you see. Invest in what you believe -
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I want to use it for price breakouts. Here's an example from today.
I want to place the order 1 tick above/below the breakout bar.
Am I really the only sucker to want something like this?
I have played around with ninjascript order entries, but the part I don't have examples for is how to make it chart drag/droppable (similar to the other stop and limit orders).
Thanks for trying, but the link you posted says "A buy stop-limit order must be entered above the current market price, and a sell stop-limit order must be entered below the current market price."
The entire point of this thread is that NT rejects buy/sell stop orders when the current market price is on the other side of the order.
The goal is to drag n drop an order on the chart to say buy at 3250. Doesn't matter where the current price is. If the current price is below 3250, the order is submitted to the exchange as buy stop limit. If the current price is above or equal to 3250, submit a buy limit. All I want to do is buy at 3250, and I don't want to be required to choose the correct order type based on where the current price is, the trading software should automatically choose since it is a completely binary choice without discretion.
this is for sure doable with ninjascript, most complex part would be the placement by click in the chart, the entryorder tpye itself can easily be chosen when the placement location is known
I'm pretty sure there exist commercial indicator-based solutions which can do this too.
One approach I'm thinking of is using hotkeys to place the order at the price of the mouse location on the chart. I've already figured out how to get the price of the current mouse location.
I've been searching for commercially available solutions, but haven't found any so far. The closest I've found is using EOB Ordering by Ninza, to place a buy/sell stop limit order with a 1 tick offset. Only problem here is that if the price is moving very quickly and the bar closes at it's high/low, the split second it takes for the indicator to place the order is sometimes enough for the price to move by at least a tick and be rejected by NT.
A major drawback of commercially available indicators is that they are licensed based on your machine ID. For VMs, the machine ID changes everytime the instance is spun up, so daily shutdowns to reduce costs aren't feasible because you'd have to email the vendor daily with your new machine ID. This has been my experience with EOB Ordering.
I'm going to keep messing around with this and hopefully get it to a place that can be used.
If anyone is interested, my solution for now is to use the EOB Ordering indicator. The indicator doesn't convert SLM orders into Limit orders, but it places the SLM order much faster than I could ever manually as soon as the bar closes. We'll see what happens if the price is moving quickly and closes at the high/low of its bar.
The solution is not ideal, but much better than drag/dropping orders manually. And for trading on mobile it's much easier too.
I don't know if I would buy the indicator specifically for this purpose, especially because I've come pretty close to coding my own solution, but since I already bought the indicator previously, might as well use it for now until it gives me enough problems.
), but of course "buy/sell stop market" to get a fill