Order Type inquire

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faraz
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Order Type inquire

Postby faraz » 11 Sep 2011

Hi,

For strategies LIMIT orders does not have any slippage. Is there any Stop order which make sure we get the exact price? Normally stop orders are converted to market order when market touch that price. But I don't want order to get converted in market order. I want to get the same price on which Stop order is placed. Is there any order type which can do this?

Thanks

sptrader
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Re: Order Type inquire

Postby sptrader » 11 Sep 2011

You can sell at limit as well.

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TJ
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Re: Order Type inquire

Postby TJ » 11 Sep 2011

faraz wrote:Hi,

For strategies LIMIT orders does not have any slippage. Is there any Stop order which make sure we get the exact price? Normally stop orders are converted to market order when market touch that price. But I don't want order to get converted in market order. I want to get the same price on which Stop order is placed. Is there any order type which can do this?

Thanks

you can buy/sell at STOP LIMIT

faraz
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Re: Order Type inquire

Postby faraz » 11 Sep 2011

TJ,

Thank you.

When I use STOP LIMIT in my strategy, PowerLangage Editor don't compile it. When i use only STOP word then it compile.

EXAMPLE Strategy;
if marketposition = 0 then buy next bar at open;
if marketposition = 1 then sell ("Market") next bar at market;
if marketposition = 1 then sell ("Stop") next bar at entryprice - 1 stop Limit;



This is the error coming;
------ Build started: ------
Study: "test3" (Signal)
Please wait ....
------ Compiled with error(s): ------
syntax error, unexpected 'limit', expecting ';'
errLine 3, errColumn 73, errLineEnd 3, errColumnEnd 73
causal study: (Function)



Awaiting

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Henry MultiСharts
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Re: Order Type inquire

Postby Henry MultiСharts » 13 Sep 2011

Hello Faraz.
Here is an example how to place a stop limit order using the script:

Code: Select all

buy next bar at 10 stop 15 limit;

where 10 is the stop price
and 15 is the limit price.
Please use it in your script to place a stop limit order.

faraz
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Re: Order Type inquire

Postby faraz » 13 Sep 2011

Henry,

I used this below code, By changing
1 stop 1 limit
1 stop 0 limit
1 stop 10 limit
etc I found no difference. So i think limit price do nothing when we right any price in front of it.

Ok, confirm me on these orders I will not get slippage and get the exact price on which stop limit is placed and stop will not converted to market order?


Code: Select all

if marketposition = 0 then buy next bar at open;
if marketposition = 1 then sell ("Stop") next bar at entryprice - 1 stop 1 limit;

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Henry MultiСharts
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Re: Order Type inquire

Postby Henry MultiСharts » 14 Sep 2011

Faraz, please let me know who is your broker.

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Re: Order Type inquire

Postby faraz » 14 Sep 2011

Henry Multicharts wrote:Faraz, please let me know who is your broker.


I use Rithmic Data feed.

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Henry MultiСharts
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Re: Order Type inquire

Postby Henry MultiСharts » 14 Sep 2011

The broker is in charge of the execution price and slippage.
In Multicharts 7: for Zen-fire/Rithmic broker- if the order should be executed at once, the conversion of Price orders (limit and stop) into the market order is performed by MultiCharts.
In MultiCharts 7.01: for Zen-fire/Rithmic broker- the conversion of the filled at once Stop and Stop Limit orders into the market orders will be handled by the broker.
If the order should be executed at once-Stop order will be converted into the market order by MultiCharts.
If the stop condition is not met at the moment of sending the order-then the Stop Limit order is sent.
If the stop condition or both stop and limit conditions are met at broker at the moment of sending the order-then the Limit order is sent.
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