Support Board
Date/Time: Sat, 28 Dec 2024 09:07:47 +0000
Confused re operation of Buy/Sell Limit Orders on ChartDOM
View Count: 3761
| [2016-02-10 11:40:15] |
| User13668 - Posts: 294 |
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This section of the documentation refers: https://www.sierrachart.com/index.php?page=doc/doc_ChartTrading.html#ChartDOM Here is what I was trying to achieve: Current price of an instrument is $35. I want to enter a new trade and SELL this instrument when price drops to $30, but I only want to sell at $30 or a better price (ie higher price). So I don't want to sell at $29.99, or $29.98 etc. So I assumed I would use a Sell Limit Order on the ChartDOM by right clicking on the Ask/Sell column of the ChartDOM at $30. But when I do this I am immediately entered into a short trade at Market price ie around $35. My ChartDOM Global Settings are as per your documentation referred to above. What am I misunderstanding? How do I achieve what I want (as I thought that was a use of Buy/Sell Limit orders)? Cheers |
| [2016-02-10 11:47:16] |
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You need to use a Sell stop order.
Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service: Sierra Chart Teton Futures Order Routing |
| [2016-02-10 11:51:59] |
| User13668 - Posts: 294 |
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But doesn't a Stop Order just get turned into a Market Order when the specified price is touched. In my example: price falls from $35 to $30, my Sell Stop Order at $30 would be triggered ie it will be turned into a Market Order by which time the market could be at $29.99, or $29.98 etc. In other words a Sell Stop order exposes me to slippage. Whereas a Limit Order will only fill me on my sell at $30 or BETTER. Yes, I know there is a chance I may never get filled. |
| [2016-02-10 12:56:59] |
| michelh - Posts: 159 |
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you need to use a stop limit order. e.g. sell stop limit with stop 30 and limit 31. but if you think it is going from 35 to 30 why not sell at 35? I think the DOM is designed to get in and out quickly. I personally dont use it since it is mainly for scalpers IMHO. maybe place that type of order through your brokerage. the trade window on SC has stop limit orders you might look into it - the trade window that is - not the DOM. |
| [2016-02-10 18:37:22] |
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All of the Order Types are documented here: https://www.sierrachart.com/index.php?page=doc/doc_OrderTypes.html Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service: Sierra Chart Teton Futures Order Routing |
| [2016-02-10 19:31:00] |
| User13668 - Posts: 294 |
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I understand the Order types. My question is why you cannot place a Buy Limit order above current market or a Sell Limit order below current market. After all this is one of the purposes of a Limit order. And it is not just 'missing' from the ChartDOM, I have also found out you cannot place one from right clicking on the chart and nor from the Trade DOM. In all cases it immediately places a market order (which of course is immediately filled). The documentation link you posted has a major error in the very first paragraph: ...The following are the methods by which in order of any of these Order Types can be submitted:
Through the Trade Window. Through the Chart or Trade DOM. Make sure you add the Order types to the Chart Trade Shortcut Menu..... This is not right as the ChartDOM only allows you to place two types of orders (Stop and Limit) regardless of what is added to the Chart Trade Shortcut Menu. |
| [2016-02-10 19:59:06] |
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It is not within the scope of our support to educate traders about order types. The order types on the Chart/Trade DOM are limited but you can use 5 order types: (Limit, Stop, Stop-Limit, Limit Chase, MIT) Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service: Sierra Chart Teton Futures Order Routing |
| [2016-02-11 09:36:39] |
| User13668 - Posts: 294 |
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I do not need any education re order types. I am just trying to understand why SC does not allow me to do what I need when I am aware of other trading platforms that do achieve my desired result (but they are inferior in numerous other ways). Can I ask this another way: Why does SC not give more options for Order Types used on the ChartDOM for instance if Stop Limit was added as a third order type that could be selected it would achieve my needs. At present you only offer Stop or Limit orders in ChartDOM. Now I know you offer the ability to turn Stop Orders into Stop Limit, but that is an 'either/or' option ie once you do this you cannot no longer select a Stop Order in ChartDOM. From my example I want to short only when price has dropped to $30 by using a form of Limit Order, so if I could use a Stop Limit (with the Limit threshold set at 0 ticks) then that would work. But I would still want to be able to place a normal Stop Order as my stop loss point (which I wouldn't be able to do as the SC configuration is now set for Stop Limit Orders to replace Stop Orders as the option in ChartDOM). In your ChartDOM defaults you have 'right click in Buy column' and 'right click in Sell column' to place a Limit Order, but these just default to placing a Market Order. So why have this option? Isn't it misleading ie easy for a trader to mistakenly click this and then be entered immediately into a trade. I know you can disable the right click, but it would add more flexibility if it could be assigned to another order type - say Stop Limit. Thanks PS: I know you don't want any more enhancement work, but for what it is worth it would offer traders greater protection if when you right click on a chart (when Chart Trade Mode is ON) if only the order types that were valid based on where the pointer is placed relative to market price were shown or the invalid ones were 'greyed out'. For instance the other s/w I referred to above will only show Sell Limit, Buy Stop and Buy Stop Limit as valid order type options when right clicking on the chart with the pointer currently above market price. This avoids inadvertently selecting a Limit Order with the pointer above market price and suddenly finding you have been placed in an at market trade. |
| [2016-02-11 10:43:39] |
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Step 6 in the instructions here explain how to use a Stop-Limit order on the Chart/Trade DOM: https://www.sierrachart.com/index.php?page=doc/doc_ChartTrading.html#ChartDOM Although you have said that you already know this. In your ChartDOM defaults you have 'right click in Buy column' and 'right click in Sell column' to place a Limit Order, but these just default to placing a Market Order. So why have this option?
This is an incorrect conclusion on your part. Limit orders are being placed and you should know that they are going to fill right away at the market with what you are doing.Our recommendation for what you want is to set up another Chart/Trade DOM configured to to submit Stop-Limit orders and use that when necessary. Sierra Chart Support - Engineering Level Your definitive source for support. Other responses are from users. Try to keep your questions brief and to the point. Be aware of support policy: https://www.sierrachart.com/index.php?l=PostingInformation.php#GeneralInformation For the most reliable, advanced, and zero cost futures order routing, *change* to the Teton service: Sierra Chart Teton Futures Order Routing |
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