Auto Trading Question About Limit Orders

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Thomas Mann
Posts: 173
Joined: 25 Aug 2007

Auto Trading Question About Limit Orders

Postby Thomas Mann » 16 Dec 2008

Hi,
I am trying to figure out if there is a way to tell the strategy engine to let a Limit order stay active for longer than a few seconds. It seems when I send a Limit order like the one shown below it lets the order hang for a few seconds then cancels it and tries again as the tick price moves. Is there a way to send 1 initial order and give it at least 30 seconds to fill before it disqualifies it and tries again ?
Thanks

This is for the Euro
Buy("Buy") next bar at (CurrentAsk - .0004) limit ;

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Januson
Posts: 119
Joined: 18 Apr 2007
Location: Denmark

Postby Januson » 16 Dec 2008

Hi Thomas
I'm not using the built in buy/ sell command, but just out of curiosity... can you explain what Buy("Buy") next bar at (CurrentAsk - .0004) limit ; actually does?
As I understand, it initiates a trade at current ask -.0004 limit, that must be at the bid side right? If I then take a quick a the documentation, it says
"A Buy Arrow will be placed on the next bar at the first tick with a price value less than or equal to Price ; if there are no such ticks within the next bar, the order will be cancelled."

- Could it be that there are no such tick and this triggers your order to get cancelled?

Thomas Mann
Posts: 173
Joined: 25 Aug 2007

Postby Thomas Mann » 17 Dec 2008

Hi,
The buy currentask - .0004 tells the strategy to try and get a fill Long at the currentask - .0004. The strategy then sends a limit buy order to IB. The issue I have is the limit buy is pulled on the next tick, and another limit order is fired again at the new currentask - .0004. I was wondering if there was a way to hold the order out there longer and not keep pulling the orders and re-generating new ones.
Thanks

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Marina Pashkova
Posts: 2758
Joined: 27 Jul 2007

Re: Auto Trading Question About Limit Orders

Postby Marina Pashkova » 17 Dec 2008

Hi,
I am trying to figure out if there is a way to tell the strategy engine to let a Limit order stay active for longer than a few seconds. It seems when I send a Limit order like the one shown below it lets the order hang for a few seconds then cancels it and tries again as the tick price moves. Is there a way to send 1 initial order and give it at least 30 seconds to fill before it disqualifies it and tries again ?
Thanks

This is for the Euro
Buy("Buy") next bar at (CurrentAsk - .0004) limit ;


Dear Thomas,

The way auto trading works is that is limite orders are not filled before the bar closes, they get cancel on the close of the bar and newly generated limit orders are submitted to the broker. There is no way to leave the unfilled orders hang in there after the bar has been closed.

Regards.


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