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Open Feature request MC-839

LIT (Limit If Touched Orders)
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Description

Could you please add a LIT order type?

Steps to reproduce this issue

For example:
Previous high: 1.50  trader want to place a limit buy at 1.49 if price trades at 1.51  (basically, trader does not want to get a bad fill when price break out and makes new highs, but rather want to wait and buy into the pull back).
Many thanks!

Comments (4)
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#0
user-offline.png trader (Adrian)
Mar 16, 2012 - 13:49

As a matter of fact if MC will add the LIT order type the MIT (Market if touched) should be added as well. (MIT are used for Exchange traded products one is able to hide a stop loss order as this order type is not natively supported by the exchange, thus, the stop loss order will rest on the FCM's server rather than on the exchange's server/ it is a well know fact that the Algos of the MM on the exchanges are able to see every single resting order!)

#0
user-offline.png GB (Id2)
Oct 20, 2012 - 18:31

All that MC needs to do is to allow offset for stop limit orders to be set to minus, like this user can use a STL order set at e.g minus 1 or minus 2 so this will then become a LIT (limit if touched order type).
PS: At the moment the user will receive a rejected order message when setting STL-offset below/minus zero.

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#0
user-offline.png trader (Adrian)
Nov 02, 2012 - 13:04

The same logic as with the exit strategies ie: adding a stop loss exit strategy, the same principle could be made available for LIT orders, whereby, the Limit order is being (with)-held by the MC platform until the price level of the price-touch level has been reached/gotten traded, and only then for this limit order to be released from the MC platform to the exchange given for execution. 
(see picture attached)

History
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Issue basics
  • Type of issue
    Feature request
  • Category
    Usability
  • Targeted for
    Not determined
  • Status
    Under Review
User pain
  • Type of bug
    Not triaged
  • Likelihood
    Not triaged
  • Effect
    Not triaged
Affected by this issue (3)
People involved
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Issue details
  • Resolution
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  • Severity
    Normal
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