Stop Limit Orders

[Etisan]

Using a Stop Limit (Buy) Order as an example, does any platform allow a Stop Limit (Buy) order that inputs the Limit below the Stop trigger price? On Rithmic RTrader the Limit order has to be equal or higher than the Stop trigger price & cant be below the trigger price.

Scenario example: Crude is trading at $32.00, if it moves up & trades at $32.10 (the designated Stop price), I want the Limit (Buy) to automatically go in at say $32.05.

Simply wondering if the above is possible for speed rather than watching for the stop price level to be hit & then manually clicking a normal buy limit myself.

Cheers

 

[Trade Theory]

You can do this with Thinkorswim. You've gotta be creative with the advanced order rules. You can set a conditional limit order at $32.05 set to go active only when it hits $32.10.

Edit: If you need a screenshot of how to set it up let me know

 

[eastern_warrior]

You can do this with Thinkorswim. You've gotta be creative with the advanced order rules. You can set a conditional limit order at $32.05 set to go active only when it hits $32.10.

Edit: If you need a screenshot of how to set it up let me know

Can also do that with IB with conditional orders and I think stop as well (haven’t tried it in ages)

 

[zoned_post_meridiem]

Can also do that with IB with conditional orders and I think stop as well (haven’t tried it in ages)

Yes, conditional order on IB can do that. Kind of a pain to access, interface-wise. You'll set a trigger, and it sets whatever type (stop, limit, trailing) below once the limit is reached.

 

[cornerstone]

Using a Stop Limit (Buy) Order as an example, does any platform allow a Stop Limit (Buy) order that inputs the Limit below the Stop trigger price? On Rithmic RTrader the Limit order has to be equal or higher than the Stop trigger price & cant be below the trigger price.

Scenario example: Crude is trading at $32.00, if it moves up & trades at $32.10 (the designated Stop price), I want the Limit (Buy) to automatically go in at say $32.05.

Simply wondering if the above is possible for speed rather than watching for the stop price level to be hit & then manually clicking a normal buy limit myself.

Cheers

it's reasonable that the limit order will be higher than the stop order in stop limit buy order. why you should want it to be the opposite ?

 

[Etisan]

it's reasonable that the limit order will be higher than the stop order in stop limit buy order. why you should want it to be the opposite ?

As the spread can be wide & movement pretty volatile in RBOB & EMD I don't use my usual "Stop Market" for entry to avoid large slippage. That means I may miss a trade but thats ok.

I can use a "Stop Limit" to enter the market where I use the Limit price as the same as Stop price (again sometimes there's no fill but I accept that's the pay off for not getting slipped)

Sometimes the Stop price is triggered but the next few ticks are lower before reversing in the desired direction which is where theres a possibility of a fill at a better price if I was quick enough to input a limit order after the stop price was triggered.

Its not a big issue as when using the same stop & limit price thats obviously a price I'm happy to get but was just trying to see if possible to do automatically rather than manually to possibility get a better fill on some of the position if it does tick down first.

 

[qaz]

Using a Stop Limit (Buy) Order as an example, does any platform allow a Stop Limit (Buy) order that inputs the Limit below the Stop trigger price? On Rithmic RTrader the Limit order has to be equal or higher than the Stop trigger price & cant be below the trigger price.

Scenario example: Crude is trading at $32.00, if it moves up & trades at $32.10 (the designated Stop price), I want the Limit (Buy) to automatically go in at say $32.05.

Simply wondering if the above is possible for speed rather than watching for the stop price level to be hit & then manually clicking a normal buy limit myself.

Cheers

TWS has Limit if touched orders aka LIT. Exactly what you are looking for.

 

[Etisan]

TWS has Limit if touched orders aka LIT. Exactly what you are looking for.

Ah of course,thx ... RTrader has LIT orders- I just had the "type" turned of in my DOM !