OCO order improvement request

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marekj
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OCO order improvement request

Postby marekj » 04 Sep 2009

When I submit 2 leg OCO order:

Buy ("LE") next bar at 1000 limit;
SellShort ("SE") next bar at 1005 limit;

and next bar I will resubmit them as (one leg is modified):

Buy ("LE") next bar at 1000 limit;
SellShort ("SE") next bar at 1004 limit;

Please DO NOT CANCEL the group and resubmit new orders (it is moving me on 2 orders on the end of the queue). Please DO MODIFY the existing order. Is it possible to make this improvement in next release?

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Andrew Kirillov
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Postby Andrew Kirillov » 11 Sep 2009

Dear marekj,

This is the way it works at the moment.

We consider this functionality you request. Probably we will add it later.

marekj
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Postby marekj » 12 Sep 2009

Dear Andrew,

I like Multicharts and consider this product as matured (version 5.5), but sometimes I'm amazed how basic functionality is not implemented/postponed. Let me tell you, all your competitors (TS, NT, Open Quant , etc) do not cancel OCO order if one leg is modified. Also in every brokerage company, if you trade manually and you will modify one OCO leg, other legs WILL BE NOT CANCEL. It is shame that basic functionality is postponed due to some kind of UI development for traders, who in one year will be gone. I'm seriously looking to start using NT or Open Quant because of this feature. Ad a trader, I want to have a Ferrari engine in my software. Unfortunately, Multicharts have a at he moment a ford engine and for some reasons, Multicharts developers want to be keep it in that way.

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Postby Emmanuel » 14 Sep 2009

Hi Marekj,

1/ Can you tell what do you mean by : "it is moving me on 2 orders on the end of the queue"? :?:

2/ May I ask, what is the difference for you if the OCO order is cancel ? :?:

if the OCO is cancel, and resend to the broker, the order is not executed anyway.

So what is the difference for you ? :?:

Do you mean it is more risky because the broker have not the correct order for a longer period of time ? :?:

Do you mean by canceling the OCO, the order may not be executed between the period of time it is cancel, and resend to the broker ? :?:

Respectfully,

Emmanuel

marekj
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Postby marekj » 14 Sep 2009

1/ Can you tell what do you mean by : "it is moving me on 2 orders on the end of the queue"?

Every time you cancel and submit a limit OCO group order, your leg orders are on the end of queue of other orders hold mm/exchange. Instead resubmitting (cancel and submit) OCO order, OCO order can be modified. In this case only modified leg ends on the end of queue.

2/ May I ask, what is the difference for you if the OCO order is cancel ?
if the OCO is cancel, and resend to the broker, the order is not executed anyway. So what is the difference for you ?

This is duplicate question, read answer from 1/ and try to understand it.

Do you mean it is more risky because the broker have not the correct order for a longer period of time ?

No. Canceling OCO every time one leg is modified puts trader in significant disadvantage especially in liquid futures markets like ES.


Do you mean by canceling the OCO, the order may not be executed between the period of time it is cancel, and resend to the broker ? Question

This is possible. By modifying second leg, when markets trades at price of first leg, canceling OCO order can make that first leg is never filled.

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Postby Emmanuel » 14 Sep 2009

Hi Andrew,


(Thank you for your answer Marekj, I understand now. Each time the OCO is
cancel, your order is bump to the end of the queue. :!: )

On my side as well I am using OCO all the time. I know a lot of people do as well.


I think this is really fundamental, Everybody is using OCO.

Andrews, I know that your team is working very hard and doing a lot
already for this wonderful Multicharts,

And do you think it would be possible to modifiy the OCO without canceling the
OCO , on the Multichart Version 6 beta xx ? :?:


And you know we are completly addicted to your software :wink:

This would be really awesome to have this modification

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Andrew Kirillov
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Postby Andrew Kirillov » 15 Sep 2009

Okay,

We understand the problem.

We'll set higher priority for this improvment.

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Postby Emmanuel » 15 Sep 2009

:D :D :D :D Hi Andrews :D :D :D :D


This is so Coooooooooolllll :!: :D :D :D :D :D

Andrews Thank you very very very very much :!: :!: :!: :!:

Have a beautifull day :D :D :D :D

Emmanuel

marekj
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Postby marekj » 16 Sep 2009

Andrew,

Thanks and waiting for then next beta release :)

marekj
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Postby marekj » 16 Sep 2009

Also it will be nice that OCO improvements will include other issue (partial fill - right now OCO group will be cancel and resubmitted; it should just reduced order size in partially filled leg).


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