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Direct MessagesDate/Time: Fri, 19 Apr 2024 04:43:32 +0000
Stop Loss Order Management for Multiple Entries: Moving Stop Loss to Break Even
View Count: 2225
| [2019-08-07 09:51:38] |
| User882915 - Posts: 32 |
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Dear Sierra Chart Support Team, I had already posted a support request on the same issue on 15th July; however, I received no response. So, I am hereby trying again (this time a bit shorter): Let's assume I scale into a position with for example two entries of one contract each(using a strategy with attached orders on both occasions), which results in an average entry price of X. Is there any way to have the management of the attached stop loss orders automated in a way that the stop losses of (in this case) both contracts will be moved to BE+1 after price moves e.g. +5 ticks from the AVERAGE entry price X, and BOTH stop losses are actually moved to a position of +1 tick from the AVERAGE entry price simultaneously (to X+1)? If so, can you maybe point me to a description in the Sierra Chart documentation where it is described how to do it? Should there currently be no way to do that, could you please consider implementing such a functionality for a future update? Thank you very much in advance for your effort and reply. Kind regards |
| [2019-08-08 00:43:15] |
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Yes this is supported. You need to use this Scaling In functionality: Attached Orders: Scaling In And refer to this section here to set the move to breakeven functionality on a Stop Attached Order: Attached Orders: Move to Breakeven for Stop 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 |
| [2019-08-08 09:41:09] |
| User882915 - Posts: 32 |
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Thanks for your feedback and the links. However, after testing it in SIM mode, I saw that unfortunately it is not working the way I asked for. (I went through the descriptions you sent the links of prior to posting my support request and could not see the functionality I described.) First of all, it does not work at all, if I put in several orders before one order has been filled. Yes, that limitation is described under one of the links you posted, however, I don't find it practical, as sometimes for fade trades I (and other traders I know) would like to put several orders in at different prices before price even gets there to fill the first order (using waiting limit orders to layer into a position, so to speak). I then tested it by waiting until one order got filled and only then adding a second order (to overcome above-mentioned limitation): Under those circumstances the moving of the stop loss was NOT triggered by a move of 5 ticks from the average entry price, but by a move of 5 ticks from the first entry price. And then the stop loss was also NOT moved to 1 tick above the average entry price but to 1 tick above the first entry price. So, bottom line is that it seems to me that the functionality I asked for is actually not supported, yet. I therefore hope that you will consider adding such a functionality in the future. Kind regards |
| [2019-08-09 18:35:27] |
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There should be no problem with this. So we need to go through a test. The move to breakeven price of an order is adjusted. You will see a message like this in the Trade Activity Log: "Updating move to breakeven stop reference price to" Every time there is a scaling in operation performed. 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 Date Time Of Last Edit: 2019-08-09 18:35:57
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| [2019-08-12 09:13:04] |
| User964132 - Posts: 93 |
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Thanks This would be very nice indeed to have it working and looking forward to see the test results, or even more advantage features! Since it not easy to scale out and in with SC, like on other platforms.. If this is somehow already there, then I am missing the right documentation, I tried to get it to work and I could not.. |
| [2019-08-16 08:10:17] |
| User882915 - Posts: 32 |
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There should be no problem with this. So we need to go through a test.
Have there already been any test results? As another user confirmed above, it did not work properly. I know plenty of traders who would like to use such a functionality (and as User964132 indicated, proper scaling in seems to be pretty much a standard feature on other platforms, so I'm a bit surprised that it does not work with Sierra Chart). Therefore, it would be great if you could make it work the way I described. Thank you very much in advance for your efforts. Kind regards |
| [2019-08-16 10:59:26] |
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I then tested it by waiting until one order got filled and only then adding a second order (to overcome above-mentioned limitation): Yes this is needed.Under those circumstances the moving of the stop loss was NOT triggered by a move of 5 ticks from the average entry price, but by a move of 5 ticks from the first entry price. This will be solved in the next release.And then the stop loss was also NOT moved to 1 tick above the average entry price but to 1 tick above the first entry price. Definitely the move to breakeven is based upon the average entry price and we will put together a demonstration video. This has been verified many times.
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 Date Time Of Last Edit: 2019-08-16 10:59:59
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| [2019-08-16 14:22:13] |
| User882915 - Posts: 32 |
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Thanks for your feedback and for fixing the "move to break even trigger level issue" with the next release. Definitely the move to breakeven is based upon the average entry price and we will put together a demonstration video. This has been verified many times.
That's good. Then I don't know why it did not work when I tested it; I will check it again once the next release will be available.Yes this is needed.
I hope you will consider offering a scaling-in option without that precondition.As previously mentioned, there are many traders who put in several resting limit orders in order to layer into a position for a fade trade. Therefore, a scaling-in functionality that works without the need to previously have an active position in the market would be a very useful feature for many traders. Kind regards |
| [2019-08-20 21:48:57] |
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We have not yet gotten to the video but the functionality does work correctly with very detailed logging . Here is an example of the logging that you will see in the Trade >> Trade Activity Log: ActivityType DateTime Symbol OrderActionSource InternalOrderID ServiceOrderID OrderType OrderStatus Quantity FilledQuantity FillPrice BuySell Price Price2 TradeAccount OpenClose ParentInternalOrderID PositionQuantity FillExecutionServiceID HighDuringPosition LowDuringPosition Note AccountBalance
Order 2019-08-20 15:54:51.043 [Sim]ESU19_FUT_CME Scale-In: Increasing quantity of child order by 1 due to order fill of the same side. 4426 4426 Stop Open 2 Buy 2915.00 Sim1 Close 4424 Order 2019-08-20 15:54:51.044 [Sim]ESU19_FUT_CME Increasing order quantity (Scale In). Using new quantity of 3. Using existing order price. Requested Price: 2915.00. Requested Quantity: 3 4426 4426 Stop Pending Modify 2 Buy 2915.00 Sim1 Close 4424 -3 Order 2019-08-20 15:54:51.045 [Sim]ESU19_FUT_CME Simulated order modify complete 4426 4426 Stop Open 3 Buy 2915.00 Sim1 Close 4424 -3 Order 2019-08-20 15:54:51.046 [Sim]ESU19_FUT_CME Updating move to breakeven stop reference price to 290683.3333333333 4426 4426 Stop Open 3 Buy 2915.00 Sim1 Close 4424 Order 2019-08-20 15:54:51.047 [Sim]ESU19_FUT_CME Updating move to breakeven step 1 stop trigger price to 290475 4426 4426 Stop Open 3 Buy 2915.00 Sim1 Close 4424 Order 2019-08-20 15:55:00.965 [Sim]ESU19_FUT_CME Auto trail order modification. Move to breakeven. Trigger price: 2904.75. Using LastModifyQuantity of 3. Using new provided price. Requested Price: 2906.75. Requested Quantity: 3 4426 4426 Stop Pending Modify 3 Buy 2915.00 Sim1 Close 4424 -3 Order 2019-08-20 15:55:00.966 [Sim]ESU19_FUT_CME Simulated order modify complete 4426 4426 Stop Open 3 Buy 2906.75 Sim1 Close 4424 -3 In some cases the decimal place in the displayed prices is off but that is not any issue. That is just how it is displayed in those messages in some cases. Make sure you are running the latest version: Software Download: Fast Update 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 Date Time Of Last Edit: 2019-08-20 21:50:35
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