Support Board
Date/Time: Wed, 27 Nov 2024 21:41:17 +0000
[User Discussion] - buy and sell limit orders
View Count: 1083
| [2023-06-25 13:24:03] |
| User849502 - Posts: 351 |
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Hi John, In telling a friend an old story of how I lost 30k(yes really) when my market sell order was entered at the exact time someone fat fingered and sold 600 bundles in CME eurodollars and I was filled 60 handles(HUGEfor the old ED/GE contract) below where I thought. I believe TT changed that function. I want to double-check on this as in reading the help pages it isn't clear. What exactly I want to know is when you enter a buy/sell limit order by clicking above/below the current price, what is the limit price entered? Please first look at my chart dom settings attached so you know exactly what I am asking. Now you see I have it set that if I left click on the buy column ABOVE the current price it 'should' enter the bid at the current offer price. Is that correct? So further, in remembering my 30K error, what happens if I click above last in the buy column just as 'someone fat fingers'? Is my possible fill an unlimited amount away from what is shown if another fat finger/Ukraine war ends/cancer is cured at the exact moment I enter my 'left click on buy column above last'? If you don't believe this happened, go look at a red dec contract in GE(now sofra) from Sept 19, 2009 or 2010. The yr is can't remember exactly but it was sept 19. You don't forget things like that when you lose $30k in 30 seconds... Karen |
 buyselllimits.PNG / V - Attached On 2023-06-25 13:20:47 UTC - Size: 57.53 KB - 147 views |
| [2023-06-25 16:06:25] |
| Sawtooth - Posts: 4120 |
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See attached for what I use with the ChartDOM. These settings will always place the correct order type in reference to the current price. And I've limited it to left-click only. Date Time Of Last Edit: 2023-06-25 16:06:45
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| ChartDOM settings.PNG / V - Attached On 2023-06-25 16:06:14 UTC - Size: 14.11 KB - 140 views |
| [2023-06-26 07:24:16] |
| User849502 - Posts: 351 |
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I understand your settings, and why, but you haven't answered my question which is if you have a 'buy limit' and you click above the price it simply just buys the offer. Try this in sim so you follow me here. My question is this IF I were to do that just as the market shot straight up would I be filled at whatever that higher price might be? So in essence is clicking on above the price(right or left side doesn't matter) with 'buy limit' in the value box really just a market order?
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| [2023-06-26 13:30:33] |
| Sawtooth - Posts: 4120 |
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If you are using my ChartDOM settings, and you click above the price in the ChartDOM's Buy column, you have a Buy Stop. The ChartDOM settings only apply to the ChartDOM. They do not apply to the orders place using the Chart Trade menu. If you use the Chart Trade menu in sim, and you select Buy Limit when your cursor is above the price, it will immediately fill at Market. It's not possible to place a live Buy Limit order above the current price; your broker would reject it. If it wasn't rejected, it would be filled immediately at Market. |
| [2023-06-26 20:38:19] |
| WhatNowGoodFriend - Posts: 2 |
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Hi Karen, I think you are right - if you place a market or stop order, you run the risk of being filled at a wild price. A market order is obvious, but since a stop order is filled at market once triggered, there is a chance (especially in an illiquid or panic event) of being filled outside of a reasonable level. I think what you might want to consider is a stop-limit order for entry. |
| [2023-06-27 04:27:01] |
| User849502 - Posts: 351 |
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you know that every stop, mkt or limit, is actually a limit stop. Why? Because the cme has a rule that if the price moves by X amount it will not fill the stop beyond that. Last week in micro rty I had a bracket order with a stop mkt. I came back to find an open position and 140 pt loss. Now it was only 1 micro so 70 bucks but what if it had been 2 or 3 big ones...when I enquired John at SC and my clear Edge/Philip told me about this rule. I would guess very few know about it.
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| [2023-06-27 14:10:31] |
| John - SC Support - Posts: 36350 |
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Some know, some do not. We have a section on it in our documentation, but it is not something you would find unless pointed to it: Order Types: Stop Orders on the CME There was also a great discussion on this topic on this Support Board a few years ago. Here is one link I found, but I remember another (I just do not have time to find it): Attached stop order turns into stop limit order 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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