Request for Entry Order type

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smashthepound
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Request for Entry Order type

Postby smashthepound » 30 Nov 2010

I came across the following problem and maybe someone has a solution for this or it might be of general interest. I trust this will be beneficial especially in the OTC market, e.g. Foreign Exchange.

For exit orders we have e.g. SetStopLoss which works the following way: When SetStopLoss is used with an automated strategy where orders are being generated into the real-world, the stop exit order is monitored and the order held on your computer, once the Stop Loss amount is reached, a market order is generated and sent to be executed. I understand that SetDollarTrailing, SetPercentTrailing and SetProfitTarget work the same way. This is basically where slippage comes from but since there is certain regulation (e.g. NFA Compliance Rule 2-43 in the forex market) it is impossible to place stop limit orders in an automated system when you are using pyramidisation.

On the other hand I can still place entry limit orders. Unfortunately it often happens that e.g. a buy limit gets filled because the offer hit the limit but this was the one and only trade at this price. In Foreign Exchange it might even be the case that if you look at different market data feeds or the interbank system EBS you will never find a trade with this price. You were simply ripped off by your broker.

It would be nice to have following functionality without having to use IBOG with or without IntraBarPersist: when used with an automated strategy where orders are being generated into the real-world, the order is monitored and the order held on your computer, once the price is reached based on your datafeed, a market order is generated and sent to be executed.

Of course there will be definitely be slippage, but it might be beneficial because you won't be ripped off by your broker anymore.

It might be that this is something totally new in Easy Language but why should MC not add reserved words. I believe MC is the market standard meanwhile. Also it is highly unlikely that a platform provider who is also offering brokerage service will add this kind of functionality.

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Dave Masalov
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Re: Request for Entry Order type

Postby Dave Masalov » 08 Dec 2010

Dear smashthepound,

Your feature request has been forwarded to the developers.

smashthepound
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Re: Request for Entry Order type

Postby smashthepound » 08 Dec 2010

Thank you Dave.

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Dave Masalov
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Re: Request for Entry Order type

Postby Dave Masalov » 08 Dec 2010

You are welcome.


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