the merc does, but only in the pits. You need to write it in your trading software. No, in real life there is no limit, M stands for mkt. But you can write it just like you want it, concept is the same,
buy limit if price is offered
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- Thread starter bungrider
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buy limit if price is offered
Now, you have it. Stop GAIN order
Hope you don't lose any money on this type of order.
It's a simulated order before being triggered by the price you set up either for buy or sell.
For a Buy Stop Gain order, use Buy StpG button on Stop Order Entry tab, set your price (support level). Once the ask <= the price, Trader.NET lifts the ask with a limit order. After that, you can either cancel it from Trader.NET or TWS. If you want to change price on this order, you have to do it from TWS. It will be too complicated to manage the change from Trader.NET screen.
For a Sell Stop Gain order, use Sell StpG button and set your sell price (resistence level). Once the bid >= the price, Trader.NET sells at the bid with a limit order.
You may use Stop update buttons to adjust your trigger price.
Attached screen snapshot shows exampes for a buy and sell.
If you like to have a trial, check my profile for URL.
Hope you don't lose any money on this type of order.It's a simulated order before being triggered by the price you set up either for buy or sell.
For a Buy Stop Gain order, use Buy StpG button on Stop Order Entry tab, set your price (support level). Once the ask <= the price, Trader.NET lifts the ask with a limit order. After that, you can either cancel it from Trader.NET or TWS. If you want to change price on this order, you have to do it from TWS. It will be too complicated to manage the change from Trader.NET screen.
For a Sell Stop Gain order, use Sell StpG button and set your sell price (resistence level). Once the bid >= the price, Trader.NET sells at the bid with a limit order.
You may use Stop update buttons to adjust your trigger price.
Attached screen snapshot shows exampes for a buy and sell.
If you like to have a trial, check my profile for URL.
Tradestation 6 offers a "Discretionary" order - described as follows:
Discretionary
You can use this option to reflect a Bid/Ask at a lower/higher price than you are willing to pay. For example, stock ABCD is 10.15 Bid and offered at 10.35. You are willing to pay 10.25. However, if you bid 10.25, the seller, thinking that there is an interested buyer, may move higher to 10.50. By joining the Bid at 10.15 with a discretionary price of 10.25, the seller, believing that there are no interested buyers, may drop his offer to 10.25, which would result in your trade being filled.
This Advanced setting is available with the following order routes â ARCA, BRUT, and BTRD.
Other brokers/platforms that route to the named ECNs may also be able to provide that option.
Market if Touched would act differently - sort of like a reverse stop order. If there were a STOP LIMIT IF TOUCHED order, that might be kind of interesting - but, if they were used very frequently, they would add an odd dimension to posted quotes... When I first started trading, and saw bid/asks, that's kind of what I thought they meant: That if ABCD was bidding a ton 20 1/8 vs an offer at 20 1/4, then in all fairness the trade should just go off at 20 3/16... (This was in ancient, fractional times.)
You'd have to have software that triggered a Limit Order when some price level was crossed: You can create variously clumsy versions of it with EasyLanguage, and presumably in other programming languages, but until someone incorporates the idea directly into their platforms, most of us will be sitting there with Limit Orders ready to be placed... Probably way too late to get something like this worked into TS 7 if it hasn't been already...
Quote from Trader.NET:
Now, you have it. Stop GAIN order
It's a simulated order before being triggered by the price you set up either for buy or sell.
For a Buy Stop Gain order, use Buy StpG button on Stop Order Entry tab, set your price (support level). Once the ask <= the price, Trader.NET lifts the ask with a limit order. After that, you can either cancel it from Trader.NET or TWS. If you want to change price on this order, you have to do it from TWS. It will be too complicated to manage the change from Trader.NET screen.
For a Sell Stop Gain order, use Sell StpG button and set your sell price (resistence level). Once the bid >= the price, Trader.NET sells at the bid with a limit order.
You may use Stop update buttons to adjust your trigger price.
Attached screen snapshot shows exampes for a buy and sell.
If you like to have a trial, check my profile for URL.
Great! Thanks for adding those fields. I will give it a try sometime this week.
Do I need to register or anything, or can I just download a demo??
A few questions:
1) for the STOP GAIN orders, when you said "If you want to change price on this order, you have to do it from TWS," do you mean the limit price of the order that will be transmitted once the bid/offer reaches a certain level (the STOP GAIN price)??
2) likewise to question #1 above, can I set a separate limit price other than the STOP GAIN trigger price? In other words, my STOP GAIN trigger price for the order may be different than the limit order price. (i.e. in the example on page 2 of this thread, what if I wanted to enter a BUY LIMIT order at 20.01 once the XYZ ask price got below 20.05 - can I do this??).
3) when I set the price that the STOP GAIN order gets activated at, am I using the STOP, SHORTSTOP, or LONGSTOP field under the stop order tab (when you said "set your price (support level)"?
4) for a pure STOP GAIN order, would I leave the TRAIL and OFFSET fields blank?
Sorry this is so confusing - please let me know if I am unclear.
Thanks!
That looks really sweet..
Trader.NET: we can make it happen. It sounds similar to a stop limit order feature, right?
Yes, exactly. It would be similar to a STOP LIMIT order in that there are two prices - one, the STOP price (aka AUX price in TWS) at which the order goes live, and two, the LIMIT price set for the actual order once it gets triggered by the STOP price.
Thanks again,
Yes, exactly. It would be similar to a STOP LIMIT order in that there are two prices - one, the STOP price (aka AUX price in TWS) at which the order goes live, and two, the LIMIT price set for the actual order once it gets triggered by the STOP price.
Thanks again,
This thread has gotten way off the subject matter. Please try to keep this on the subject of TWS and start another thread for the other subjects.
Trader.net is clearly selling something... please understand that this is not allowed on ET unless you are a sponsor. You'll need to contact Baron on these boards if you want to continue along the lines of this thread.
Thanks.
Trader.net is clearly selling something... please understand that this is not allowed on ET unless you are a sponsor. You'll need to contact Baron on these boards if you want to continue along the lines of this thread.
Thanks.
From IB web page (but not explained in TWS user's guide...yet):
Bracket Orders
TWS allows you to create bracket orders for buy and sell limit orders. This order type brackets a buy limit order with two automatic sell stop orders; one on the lower side to limit your losses, and one on the high side to initiate a sell order when the share price reaches your desired sell price.
Anyone try this yet??
Bracket Orders
TWS allows you to create bracket orders for buy and sell limit orders. This order type brackets a buy limit order with two automatic sell stop orders; one on the lower side to limit your losses, and one on the high side to initiate a sell order when the share price reaches your desired sell price.
Anyone try this yet??
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Yes, they work well.
They are much better when using a hot key....
you can change the defaults when setting up via a hotkey. The setup for hot keys isn't exactly straight forward but give the programmers some time to make it simpler. In the meantime, to set up via a hotkey:
1. Configure
2. choose buy or sell
3. create short cut then go to customize
4. make order type limit
4. choose bracket on the autostop manu
5. change the +/- prices for stop and autolimit (i.e. +2 and -5)
6. click back on short cuts (do not hit ok)
7. record the hot key
They are much better when using a hot key....
you can change the defaults when setting up via a hotkey. The setup for hot keys isn't exactly straight forward but give the programmers some time to make it simpler. In the meantime, to set up via a hotkey:
1. Configure
2. choose buy or sell
3. create short cut then go to customize
4. make order type limit
4. choose bracket on the autostop manu
5. change the +/- prices for stop and autolimit (i.e. +2 and -5)
6. click back on short cuts (do not hit ok)
7. record the hot key