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The Opening Orders Thread
- Thread starter Don Bright
- Start date
Shut out today. Had a decent amount of my roster pulled on news.
FWIW, I did not put any buy orders in today due to the amount that the market was opening up. I find that I have fewer "bad things" happen by just eliminating the "odd" side when we're up a bunch. Absolutely no quantifiable evidence whatsoever, LOL.
Don
Don
Quote from chasedream:
eastside, how did you decide the buy/sell side envelop? Was it based on your projections on how the ES will play after the open? .2 = 0.2%? 1.2 = 1.2% ?
Yes...since the s&p futures were indicating we would gap up a decent amount, I put a tight sell envelope & a wider buy envelope.
This puts the sell orders not too much higher than fair value & ensures the buy orders are lower than the previous day close. As Don mentioned in his post above (and many times before), you really don't want to be buying a stock which opens down when the futures are gapping way up...so either set your envelope wider or don't even enter the "odd" (as Don says LOL) side of orders at all.
Some people don't skew the envelope at all.
Hope that helps & good trading...
Quote from chasedream:
eastside, how did you decide the buy/sell side envelop? Was it based on your projections on how the ES will play after the open? .2 = 0.2%? 1.2 = 1.2% ?
I'll give my two cents on this. When the market is opening way up, the estimated Fair Value price is already up quite a bit from the previous day's closing price, so we only add a small envelope so as to not be too far away and not get filled.
We try to be sure that our (today) buy order is below the previous day's close (or leave off buys altogether as I did today).
Don
What is the likelihood of receiving a fill on a odd lot order at the open...say I bid 50.01 and the stock opens at 50.00 or lower, would I still get filled if my order is for 25, or 50 shares?
It may seem a lame question, but I am contemplating entering orders for a greater number of stocks for less shares using my automated order entry program.
I'd like to 'live' test, and wondered whether there might be a penalty for entering smaller than 100 share lots.
Thanks
It may seem a lame question, but I am contemplating entering orders for a greater number of stocks for less shares using my automated order entry program.
I'd like to 'live' test, and wondered whether there might be a penalty for entering smaller than 100 share lots.
Thanks
Quote from anvil993:
What is the likelihood of receiving a fill on a odd lot order at the open...say I bid 50.01 and the stock opens at 50.00 or lower, would I still get filled if my order is for 25, or 50 shares?
It may seem a lame question, but I am contemplating entering orders for a greater number of stocks for less shares using my automated order entry program.
I'd like to 'live' test, and wondered whether there might be a penalty for entering smaller than 100 share lots.
Thanks
I'm pretty sure the exchange will not accept an odd lot order on the open.