Stop Limit Order

From MultiCharts
Jump to: navigation, search
Stop Limit Orders on the chart
Stop Limit Orders in the DOM window

Stop Limit Order combines the features of stop order with those of a limit order. A stop-limit order will buy or sell a set number of shares at a specified price (or better) after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy (or sell) at the limit price or better.

Appearance

For the chart window, default Stop Limit Order marker color and connecting line length can be modified in Format Chart Trading menu.

For the DOM window, default Stop Limit Order marker color can be modified in Format Colors menu.

Creating Stop Limit Order

Create Stop Limit order by one of the following methods:

  • Drag-and-drop the Stop Limit Order icon STL.png to the chart; or:
  • Drag-and-drop the Stop Limit order icon STL.png to the DOM window; or:
  • Right-click at the desired price level on the chart to see the shortcut menu, select Place Order and then click Buy / Sell Stop Limit…; or:
  • Right-click at the desired price level on the DOM window on the Sell or Buy columns to see the shortcut menu, select Buy / Sell Stop Limit…; or:
  • Right-click the Stop Limit order icon STL.png in Place Order menu to see the shortcut menu and click Apply Strategy (Buy Stop Limit order at Ask price will be created).
  • Double-click the Stop Limit Order icon STL.png in the Place Order menu (Buy Stop Limit order at Ask price will be created).
Note: Chart is context-sensitive and allows creating Buy or Sell orders depending on the price level at which you click on the chart. If you right-click above current price level, Buy Stop Limit option will be available in the shortcut menu. If you right-click below current price level, Sell Stop Limit option will be available in the shortcut menu. Right-clicking on the current price level makes both Buy Stop Limit and Sell Stop Limit options available.

Stop Limit Order Parameters

Order Size is defined by Qty field (see Setting Order Quantity).

Time In Force (TIF) is defined in Time In Force field (see Setting Time in Force)

When placing Stop Limit order the Place Order confirmation window appears allowing to modify Limit price.

Click Yes to create the order or Cancel to abort the operation.

Check the Do not ask me again check box to disable Place Order confirmation window

Note: When Require Order confirmation option is disabled no confirmation window will appear and Limit Price will be based on Stop Limit Offset set in Format Chart Trading menu. Stop Limit offset value is set to 1 tick by default.

Modification of Stop Limit Order offset

To modify Stop Limit offset on the chart:

  1. Open Format Chart Trading window by one of the following methods:
    • Right-click on the chart to see the shortcut menu and then click Format Chart Trading; or:
    • Right-click on the Chart Trading panel to see the shortcut menu, and then click Format Chart Trading; or:
    • Select Format in the main menu and click Chart Trading….
  2. Select the Common Settings tab.
  3. Modify the offset in the Stop Limit Offset box.
  4. Click OK to save changes.


To modify Stop Limit offset in the DOM window:

  1. Open Format Chart Trading window by one of the following methods:
    • Right-click anywhere on the DOM window except for Buy, Price & Sell columns and control elements to see the shortcut menu and check Require Order Confirmation check box; or:
    • When Require Order Confirmation check box is checked, you may customize Stop Limit offset in confirmation window when placing the Stop Limit Order on the chart.
  2. Customize the offset in the Stop Limit Offset box.
  3. Click OK to save changes.