Support Board
Date/Time: Fri, 29 Nov 2024 10:25:10 +0000
Flatten and Cancel order question
View Count: 987
| [2023-02-22 16:53:37] |
| absorrel4 - Posts: 94 |
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I currently am using the trade window which places a stop limit and target orders (child orders) once my primary long or short order is filled. Once my primary order is filled and I want to exit, I have been using the "Flatten and Cancel" order via a button I have placed on my Control Bar. However, I would like to reduce my slippage from using this method (i.e., not use a simple Market order to immediately exit the position which is what is built into the Flatten and Cancel routine). I have flattened my position with a simple stop limit order (e.g., to close the original position with the stipulation of only 1 tick maximum slippage)....and I have also used a simple limit order (with no slippage). Those those worked fine to get me out of the market. But, when those orders are filled, Sierra Chart does not cancel the original target and stop attached orders, even though I am now flat in the market. And, when I use a different order type (other than SC Flatten and Cancel order), Sierra Chart thinks I now want some new target and stop attached orders to be placed (even though I am now flat in the market). So, if I use a order type to flatten my position and control my slippage (other than the standard "Flatten and Cancel" SC order), I end up flat in the market but have two sets of target and stop orders placed (one set of target/stop orders for my original position and a new set of target/stop orders when I entered my exit order to offset and close my original position). My question, how can I use a different order type to close my position which will cancel all other existing orders and not place new target/stop orders? I tried using the customize orders option within SC, but I was not able to accomplish what I want. There must be a simple way for me to control my slippage by not using a simple market order within the standard Flatten and Cancel option (which will function the same way once my "flattening" of my position has been accomplished via a more controlled exiting of my position). I like the one click Flatten and Cancel button...but I want a Flatten and Cancel button that I can designate how to flatten (i.e., replace the Market Order within the Flatten and Cancel button to a Limit Order or a Stop Limit order with maximum slippage specified). |
| [2023-02-22 21:09:05] |
| John - SC Support - Posts: 36350 |
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We are going to start with your second issue first - the additional attached orders being created when you enter the limit order to close out your position. You just need to turn off the Attached Orders before you place this Limit order. You can do this manually - by selecting the Use Attached Orders option on the Trade Window, or through a Control Bar button or a Keyboard shortcut. Or you can setup a Trade Window Configuration that does not have any attached orders. The first issue is not as simple, as you will have to cancel those orders yourself. They are attached to the primary order and they are setup for Order Cancels Order, but you can not add something else that will cause them to cancel. There is an option for a Control Bar (and probably for keyboard Shortcut as well) for Cancel All, which will cancel all the attached orders for the chart. For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2023-02-22 21:22:14] |
| absorrel4 - Posts: 94 |
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No way to set up a second custom "Flatten and Cancel" button which uses a Limit Order instead of a Market Order to flatten/exit the position and still have the benefit of the cancel all existing orders once Limit order is filled?...or modify the existing "Flatten and Cancel" so that a Limit Order is used to flatten instead of a Market Order?
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