Support Board
Date/Time: Wed, 05 Feb 2025 10:44:59 +0000
CME Stop Orders - Rejected
View Count: 141
| [2025-01-06 21:49:42] |
| User566851 - Posts: 20 |
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Hello, I am trying to diagnose a stop order rejection on a chart that is set up for symbol ESH25_FUT_CME and trades on MESH25_FUT_CME. I am getting rejections for stop orders for not being above the last trade price, but as far as I can tell they are above the last trade price. Can you show me how to review this or can you review this trade logged below and let me know if there is an issue of the price set for the stop order being below the trade price? When the on screen trade lines show they are far from the last trade price. On top of this, I have the question: Do stop limit orders (which stop orders are converted to for CME) have the same price requirements as stop orders? Here is the trade rejection message from the trade log: 2025-01-06 13:16:33.189 | Teton CME Order Routing (Order reject). Info: CME (Rejected). Text: Buy order stop price must be above last trade price. SecurityID=42005347. Operator=126968. Text: Parent order. Tag: SimpleBracket.twconfig. Internal Order ID: 3333. Service Order ID: 3563842. Symbol: MESH25_FUT_CME. Account: 126968 * thanks, Rob |
| [2025-01-06 22:12:44] |
| John - SC Support - Posts: 37728 |
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This is in relation to a parent order. So according to this, you are entering a "Buy Stop" order but to do this, the price at which you are entering the Buy Stop needs to be above the current price, otherwise the order would immediately fill, essentially making it a Market order. The only thing we can think is that you are using a "Trade and Current Quote Symbol" and although the ES and MES prices are typically very close to one another, we wonder if the MES was actually higher than you thought it was and that is why it was rejected. To know for sure, you would need to look at your "Trade Activity Log" and look at the price that is associated with that order that is being rejected and compare it to the price at that time. Refer to the following: Trade Activity Log: Viewing Historical Trade Activity For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2025-01-06 23:23:57] |
| User566851 - Posts: 20 |
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Ok, thanks for the feedback. I will review. Could I just fix this completely by initially placing a stop limit order with a stop price at the desired stop price and a limit price a few points higher? Or would this also be rejected because the stop is at the last trade price?
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| [2025-01-07 15:45:12] |
| John - SC Support - Posts: 37728 |
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It is highly probable that your Stop Limit is already setup to have the Limit portion offset from the Stop. There is a setting in the Trade Window under the "Set" tab for "Stop-Limit Order Limit Offset" for "Primary Orders". If this is anything but zero, then your limit already has an offset. Refer to the following: Basic Trading and the Trade Window: Set >> Stop-Limit Order Limit Offset >> Primary Orders Keep in mind that when you place a "Buy" order it actually gets filled at the Ask price for that instrument, which will be either the same or slightly higher than the last price. As such, entering an order at the Last price is going to be seen as the same as entering an order below the Last price, so it will be rejected. You need to enter above the Last price. For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
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