Support Board
Date/Time: Mon, 10 Mar 2025 20:19:44 +0000
Stops converting to Stop Limits
View Count: 804
| [2022-04-12 10:25:06] |
| seandunaway - Posts: 347 |
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I understand that every stop on the CME book gets converted to a "stop with protection to maintain an orderly market". However, when routing through CQG my orders still were classified as true stops, versus stop limits with Teton. My question is, is CQG adding logic on an intermediary server to bypass this limit conversion? Perhaps the stop rests on CQG servers instead of the CME book and will continually attempt to liquidate the position at any price versus settling on the limit 3 pts away, effectively bypassing the CME conversion. Date Time Of Last Edit: 2022-04-12 10:52:38
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| [2022-04-12 10:28:10] |
| seandunaway - Posts: 347 |
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Perhaps an option could be added that Teton servers will manage the stop or continually resubmit the marketable order if the stop-limit price is blown?
Date Time Of Last Edit: 2022-04-12 10:32:30
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| [2022-04-12 12:51:25] |
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Even with CQG the Stop orders must be Stop-Limit orders and they are just not providing the new order type. We would never do what is described in post #2. The order routing server never resubmit orders.That is an absolute dangerous thing to do. There are so many safeguards in place, against any type of duplicate 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 Date Time Of Last Edit: 2022-04-12 12:53:23
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| [2022-04-12 13:27:57] |
| seandunaway - Posts: 347 |
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Dangerous? Of course they would be set as reduce-only orders and never increase risk. In a rare fat tail event (which aren't that rare), many people will be doing their part to ensure an orderly market, and another group of people will be utilizing planning and technology to jump ahead of the line. In that event I sure hope I'm in the latter group! I will verify with CQG if any management is being done on their intermediary regarding stops. Wouldn't this possibly preclude anyone swinging size or large accounts with teton? What other efforts can be made to mitigate risk and the risk of a dangling limit away from the market that may never return? The book would potentially be littered with everyone else's stop-limits to get out also. 3 pts lack of liquidity doesn't seem unfathomable in modern markets, especially on micros, for example. Date Time Of Last Edit: 2022-04-13 01:12:51
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| [2022-04-12 21:05:51] |
| 1+1=10 - Posts: 270 |
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Hi seandunaway, Thanks for bringing up this topic. It inspired me to do some research which may help. CME has 2 types of stop orders as defined here: https://www.cmegroup.com/confluence/display/EPICSANDBOX/Order+Types+for+Futures+and+Options 1. Stop with protection -- in this version the trader is not setting a limit, so the CME decides what limit should be set. It is half of the "Globex Non-Reveiewable Ranges" as defined here: https://www.cmegroup.com/rulebook/files/588h-globex-non-reviewable-trading-ranges.xls ... In the case of the ES, this is indeed 3 points. 2. Stop limit -- in this version the trader is setting the limit. I believe SC provides the ability to exit with stop-limits rather than "stops". Thus, if you use stop-limits you should be able to choose a limit much further from the trigger price, perhaps even 100 points. Hope this helps. Date Time Of Last Edit: 2022-04-12 21:07:07
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| [2022-04-13 00:05:58] |
| seandunaway - Posts: 347 |
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Impressive 0x2! Thank you!
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| [2022-04-13 00:08:42] |
| 1+1=10 - Posts: 270 |
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My pleasure! Haha, I like that Hex nickname.
Date Time Of Last Edit: 2022-04-13 00:09:17
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| [2022-04-13 00:31:39] |
| seandunaway - Posts: 347 |
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Relevant: Order Types: Stop Limit Order Inputs (Trade Window >> Main) Of course in simulation this works fine with any value. Live on the spoo, the maximum distance is 6 pts or else the rejection: Teton CME Order Routing (Order reject). Info: CME (Rejected). Text: Order price is outside bands 'Difference between stop and limit price is larger than banding value of 600.0 using Delta .00'. Text: Attached order. Still, those extra 3 pts do give some added peace of mind! Date Time Of Last Edit: 2022-04-13 00:32:24
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| [2022-04-13 00:46:10] |
| 1+1=10 - Posts: 270 |
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Hmm… I find myself surprised as you can put in a limit order (to take profit) further than 6 points away, right? I hoped the distances would match for stop limits. I wish I could help check but I don’t have a live account at the moment. Well, glad it helped a bit. Good luck with your trading! |
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