Support Board
Date/Time: Mon, 25 Nov 2024 10:51:16 +0000
Post From: Attached stop order turns into stop limit order
| [2020-07-22 02:42:05] |
| ondafringe - Posts: 286 |
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I only became aware of this about a month ago. So, again, this is my understanding of how the Stop w/Protection works: Simply stated: As far as I can tell, it's all automatic. The exchange does it for you, like it or not. So there is nothing to set in SC, other than your resting Stop. Meaning: When you set a resting Stop... the exchange automatically adds/subtracts the Protection Points for that product... and then sets a Stop-Limit order at the Protection Point price. When the resting Stop is triggered... it becomes a Market order... and the Stop-Limit becomes a Limit order. So for ES/MES, if you had a Buy Stop set at 3200, the exchange would automatically add 3 points to the resting Stop price, and automatically set a Buy Stop-Limit order at 3203. If your resting Stop is triggered... and you aren't filled within those 3 points, you will not be Stopped Out of your position. Protection Points are determined by the exchange based on the product you trade. As for CME, Protection Points are equal to 1/2 the non-reviewable trading range for that particular product. So for ES/MES, the non-reviewable trading range is 6 points, so the Protection Points would equal 3 points. You'll have to look around on the exchange to determine the Protection Points for the product you trade. Date Time Of Last Edit: 2020-07-22 03:50:14
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