Order Types


Order Types

This section lists the various supported order types. It provides a description for them and describes each of the price inputs for them. If an order type can also be used as an Attached Order, then the Attached Order inputs are also described.

The following are the methods by which in order of any of these Order Types can be submitted:

When this documentation makes reference to a parent order or price, it is referring to the main order that Attached Orders are attached to. This is known as the parent order.

Market

A market order will fill at the current market price. No other price inputs are required.

Limit

This is a standard Limit order type. A Limit order is an order to buy or sell at a specific price. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher.

Limit

This price box is for the Limit price. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Attached Order Limit Offset

This is the offset value from the parent order price.

Stop

This is a standard Stop order type. A Stop order is an order to buy or sell once the price of the symbol reaches a specified price, known as the Stop price. When the specified price is reached, your Stop order becomes a market order.

Rejection of Stop Orders Beyond Last Trade Price

With some of the supported Trading services, a Stop order price cannot be above the current market price for a Sell stop or below the current market price for a Buy stop. If the Stop order price does not meet these rules, the Trading service will reject the order. You will see this rejection for the Stop order displayed in the Trade Service Log and also the Trade Activity Log. The specific reason for the rejection will be given by the trading service.

When Global Settings >> Chart Trade Settings >>Reject Stop Orders That Will Immediately Fill is enabled, then Sierra Chart will still accept a Buy stop order if it is below the current price by a few ticks and still accept a Sell Stop order if it is above the current price by a few ticks, and send it to the connected Trading service. However, the Trading service still may reject the Stop order. When this option is disabled, Sierra Chart performs no check on a Stop order price in relation to the current market price.

Stop

This price box is for the Stop price. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Attached Order Stop Offset

This is the offset value from the parent order price.

Stop-Limit

This is a standard Stop-Limit order type. A Stop-Limit order is an order to buy or sell that combines the features of a Stop order and a Limit order. Once the stop price is reached, the Stop-Limit order becomes a Limit order to buy or to sell at the specified price.

Stop

This price box is for the Stop price. Enter a price or select one from the drop-down list. Refer to Price Formatting.

The Limit price is automatically set and will be the specified number of Ticks (by default) away from the Stop price. To set this Limit offset, Open the Trade Window. Select the Set tab. Set the Stop-Limit Order Limit Offset >> Primary Orders setting as a number of Ticks or Percentage. For more information, refer to Stop-Limit Order Limit Offset.

Attached Order Stop Offset

This is the Stop offset value from the parent order price. The Limit price is automatically set and will be the specified number of Ticks (by default) away from the Stop price. To set this Limit offset, Open the Trade Window. Select the Set tab. Set the Stop-Limit Order Limit Offset >> Attached Orders setting as a number of Ticks or Percentage. For more information, refer to Stop-Limit Order Limit Offset.

OCO Limit and Stop

This order type is for entering a Limit order and a Stop order at the same time which are in an OCO (order cancels order) group. This means when one of the orders fills or is canceled, the other will be canceled.

This type of order can be entered from the Trade Window for the chart. And it can be entered by right clicking on the chart or Trade DOM with the Pointer when in Chart Trade Mode and selecting Buy OCO Limit and Stop or Sell OCO Limit and Stop from the displayed menu.

If this order type command is not listed, then it will need to be added. To do this, select Global Settings >> Customize Chart Trade Menu. Add all of the order types that you want to use.

This Order Type does not support using Attached Orders with it. If Attached Orders are set on the Trade Window they will not be used.

Limit

This price box is for the Limit price for the Limit order. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Stop

This price box is for the Stop price for the Stop order. Enter a price or select one from the drop-down list. Refer to Price Formatting.

OCO Limit and Stop-Limit

This order type is for entering a Limit order and a Stop-Limit order at the same time which are in an OCO (order cancels order) group. This means when one of the orders fills or is canceled, the other will be canceled.

This type of order can be entered from the Trade Window for the chart. And it can be entered by right clicking on the chart or Trade DOM with the Pointer when in Chart Trade Mode and selecting Buy OCO Limit and Stop-Limit or Sell OCO Limit and Stop-Limit from the displayed menu.

If this order type command is not listed, then it will need to be added. To do this, select Global Settings >> Customize Chart Trade Menu. Add all of the order types that you want to use.

Limit

This price box is for the Limit price for the Limit order. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Stop

This price box is for the Stop price for the Stop-Limit order. Enter a price or select one from the drop-down list. Refer to Price Formatting.

The Limit price of the Stop-Limit order is automatically set and will be the number of Ticks away from the Stop price as specified on the More tab of the Trade Window for the chart in the Limit Offset for Stop-Limit Order box.

Market If Touched

This is a standard Market If Touched (MIT) order type.

In the case of a Buy MIT order, it will become a Market order when the last trade price is equal to or less than the Trigger Price. In the case of a Sell MIT order, it will become a Market order when the last trade price is equal to or greater than the Trigger Price.

This order type is not supported with all of the supported Trading services that Sierra Chart works with. If it is not supported, then when submitting an order of this type, it will be rejected by the trading service or internally by Sierra Chart if Sierra Chart knows ahead of time that the trading service does not support this order type.

Trigger Price

This price box is for the Trigger price of the order. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Attached Order Trigger Offset

When used as an Attached Order, this is the Trigger offset value from the parent order price. For example, if this is set to 1 as a Price, then the trigger price for the order will be exactly 1.0 from the parent order price.

Trailing Stop

This is a Trailing stop order type. This Stop order will trail the current market price by maintaining a difference that does not exceed the Trail Offset .

The Trail Offset is automatically set by the difference between the original Stop price and the current price at the time the order was submitted. Or, in the case of an Attached Order, the Trail Offset is set by the Attached Order Stop Offset setting.

If you manually modify the Trailing Stop order, then the Trail Offset will be recalculated by taking the difference between the new Stop price and the current market price. Or in the case of an Attached Order, when its parent has not filled, it will be the difference between the new Stop price and the parent order price. This recalculation only occurs when Global Settings >> Chart Trade Settings >> Adjust Trail Offset When Modifying Trail Order is enabled. Otherwise, this does not occur and the offset remains as it originally was.

The Trail Offset is also recalculated when the Trailing Stop order is modified using the ACSIL sc.ModifyOrder function.

This order type can be entered from the Trade Window, used as an Attached Order or entered from the Chart Trade Shortcut Menu.

Stop

This price box is for the Stop price. For example, if the current market price is 100, this is a Buy Stop, and you enter a Stop price of 105, this creates a Trail Offset of 5. If the current market price drops to 99, then the stop will be adjusted to 104. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Attached Order Stop Offset

This is the Stop offset value from the parent order price. This only applies to Attached Orders. This also sets the Trail Offset .

Trailing Stop-Limit

This stop type works identically to Trailing Stop, except that it is a Stop-Limit type. The Limit price is automatically set and will be the specified number of Ticks (by default) away from the Stop price.

To set this Limit offset, Open the Trade Window. Select the Set tab. Set the Stop-Limit Order Limit Offset >> Primary/Attached Orders setting as a number of Ticks or Percentage. For more information, refer to Stop-Limit Order Limit Offset.

Triggered Trailing Stop

This is a Triggered Trailing Stop order type. This Trailing Stop order will trail the current market price by maintaining a difference that does not exceed the specified Trail Offset, when the Trigger Price (calculated from the Trigger Offset in the case of an Attached Order) has been reached by the current market price. With this particular order type, the trail action will not begin until the Trigger Price has been reached.

In the case of an Attached Order of this type, the order must have an Open status before the Trigger Price can be triggered.

In the case of an Attached Order, the Trigger Price is calculated based upon the Trigger Offset setting.

If you manually modify the Trailing Stop order, then the trailing stop offset will be recalculated by taking the difference between the new Stop price and the current market price. Or in the case of an Attached Order, when its parent has not filled, it will be the difference between the new Stop price and the parent order price. This only occurs when Global Settings >> Chart Trade Settings >> Adjust Trail Offset When Modifying Trail Order is enabled. Otherwise, this does not occur and the offset remains as it originally was.

Stop

This price box is for the Stop price. This also sets the Trail Offset when the order is not used as an Attached Order. For example, if the current market price is 100, this is a Buy Stop, and you enter a Stop price of 105, this creates a Trail Offset of 5. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Trigger Price

This price box is for the Trigger Price. For example, if the current market price is 100, this is a Buy Stop, and you enter a Trigger Price of 95, then when the price drops to 95, the trailing action will begin. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Attached Order Stop Offset

This price is the initial Stop offset value from the parent order price.

Attached Order Trigger Offset (Trig. Off)

This is the trigger offset value from the parent order price. For example, if the parent order price is 100, this is a Sell Stop and you enter a Trigger Offset of 5 as a Price, then the Trigger Price will be 105. When 105 is touched by the current market price, then the Stop will begin to trail the current price.

Attached Order Trail Offset

Once the trailing action begins when the Trigger Price (calculated from Trigger Offset) has been met, then this is the trailing offset value from the current price.

For example, if this is sets to 5 Ticks, then the trailing stop order will trail the current price by 5 Ticks.

Triggered Trailing Stop Limit

This stop type works identically to Triggered Trailing Stop, except that it is a Stop-Limit type. The Limit price is automatically set and will be the specified number of Ticks (by default) away from the Stop price.

To set this Limit offset, Open the Trade Window. Select the Set tab. Set the Stop-Limit Order Limit Offset >> Primary/Attached Orders setting as a number of Ticks or Percentage. For more information, refer to Stop-Limit Order Limit Offset.

Step Trailing Stop

The Step Trailing Stop order type is a trailing stop order type that trails the market price by the specified Trail Offset and moves in steps by the specified Step Amount. For example, if you are using a Sell Step Trailing Stop order type, the parent order price or the current market price is 100, the Stop Offset is 5 or you have set the Stop price to 95, both of which will establish a Trail Offset of 5, the Step Amount is 2, then when the market price moves from 100 to 102, then the stop price will move to 97 which is trailing the market price by 5. When the market moves to 104, then the Stop will move to 99. The movement is not tick by tick, rather in steps of the Step Amount.

If you manually modify the Trailing Stop order, then the Trail Offset does not change as in the case of other trailing stop types.

Stop

This price box is for the initial Stop price. This also sets the Trail Offset and the Step Amount . For example, if the current market price is 100, this is a Buy Stop, and you enter a Stop price of 105, this will then set a Trail Offset of 5 and a Step Amount of 5 as well. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Attached Order Stop Offset

This is the Stop offset value from the parent order price. The setting is only for Attached Orders. This will always be a positive value. This offset also sets the Trail Offset.

Attached Order Step Amount

This is the amount in either Ticks, an actual Price, or a Percentage that the Trailing Stop moves in amounts/increments of. Only Attached Orders can set a Step Amount which differs from the Trail Offset.

If this is unset or 0, then the Step Amount will be equal to the Attached Order Stop Offset.

Step Trailing Stop Limit

This stop type works identically to Step Trailing Stop, except that it is a Stop-Limit type. The Limit price is automatically set and will be the specified number of Ticks (by default) away from the Stop price.

To set this Limit offset, Open the Trade Window. Select the Set tab. Set the Stop-Limit Order Limit Offset >> Primary/Attached Orders setting as a number of Ticks or Percentage. For more information, refer to Stop-Limit Order Limit Offset.

Triggered Step Trailing Stop

Triggered Step Trailing Stop is a trailing stop order type that trails the market price in steps of the Trail Offset . The trailing action only begins when the Trigger Price has been reached. For example, if you are using a Sell Triggered Step Trailing Stop type, the initial stop price is 95, the market price is 100, the Trail Offset is 5, and the Trigger Price is 110, then when the market price moves to 110, the trailing action will begin and at that time the stop will be moved to 105. When the market moves to 115, then the stop will move to 110. The movement is not tick by tick, rather it steps of the Trail Offset.

If you manually modify the Trailing Stop order, then the Trail Offset does not change as in the case of other trailing stop types.

Stop

This price box is for the Stop price. This also sets the Trail Offset when the order is not used as an Attached Order. For example, if the current market price is 100, this is a Buy Stop, and you enter a Stop price of 105, this creates a Trail Offset of 5. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Trigger Price

This price box is for the Trigger Price. For example, if the current market price is 100, this is a Buy Stop, and you enter a Trigger Price of 95, then when the price drops to 95, the trailing action will begin. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Attached Order Stop Offset

This is the Stop offset value from the parent order price. This will always be a positive value. For example, if this is set to 4 Ticks, then this means that the Stop will initially be placed 4 Ticks away from the parent order price.

Attached Order Trigger Offset (Trig. Off)

This is the trigger offset value from the parent order fill price. For example, if the parent order fill price is 100, this is a Sell Stop and you enter a Trigger Offset of 5 as a Price, then the Trigger Price will be 105. When 105 is touched by the current market price, then the Stop will begin to trail the current price in steps.

Attached Order Trail Offset

Once the trailing action begins when the Trigger Price (calculated from (Attached Order) Trigger Offset) has been met, then this is the Trail Offset value from the current price. For example, if this is set to 5 Ticks, then this trailing stop order will trail the current price by 5 Ticks in steps of 5 Ticks in response to the current market price movement.

Triggered Step Trailing Stop Limit

This stop type works identically to Triggered Step Trailing Stop, except that it is a Stop-Limit type. The Limit price is automatically set and will be the specified number of Ticks (by default) away from the Stop price.

To set this Limit offset, Open the Trade Window. Select the Set tab. Set the Stop-Limit Order Limit Offset >> Primary/Attached Orders setting as a number of Ticks or Percentage. For more information, refer to Stop-Limit Order Limit Offset.

Limit Chase

The Limit Chase order type is a Limit order type that is automatically adjusted to follow (chase) the current market price.

To use this order type you can either choose this order type from the list of Order Types on the Trade Window and enter the Limit price. Or you can enable the Menu/M >> Use Limit Chase Orders option on the Trade Window menu. In this last case, when submitting a normal Limit order, it will be converted to a Limit Chase order.

The Limit Chase order type is also supported as an Attached Order. In this particular case, the Menu/M >> Use Limit Chase Orders option on the Trade Window menu does not apply to Attached Orders.

When the Menu/M >> Use Limit Chase Orders option on the Trade Window menu is enabled, then a Limit order entered from the Trade Window, the Chart DOM, the Trade DOM, the chart, or an automated trading system, will be converted to a Limit Chase order.

The maximum chase amount in Ticks is set through Set >> Max Chase for Chase Limit Orders on the Trade Window. Refer to the image below for the location of this setting.

When using the Limit Chase order type, the order will automatically be modified up in the case of Buy Limit orders and down in the case of Sell Limit orders.

After the order is submitted, and the last trade price rises in the case of a Buy order, then the order is adjusted up by the amount the last trade price increased by, no more than the specified Set >> Max Chase for Chase Limit Orders amount.

If the last trade price declines in the case of a Sell order, then the order is adjusted down by the amount the last trade price decreased by, no more than the specified Set >> Max Chase for Chase Limit Orders amount.

It is recommended to eat run a Chart Replay and experiment with the Limit Chase order type to get an understanding of how it works.

In the case of when using an Attached Order, the chase action does not begin until the parent order fills.

Limit

This price box is for the Limit order price. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Trade Window >> Set >> Maximum Chase for Chase Limit Orders

On the Set tab of the Trade Window for a chart, the Maximum Chase for Chase Limit Orders sets the maximum value in Ticks that a chase limit order will be adjusted by.

Attached Order Maximum Chase

This applies only to Attached Orders and is one of the settings for the Limit Chase Attached Order.

This sets the maximum amount the order will chase the current price. This value can either be in Price, Ticks or a Percent.

Limit Touch Chase

The Limit Touch Chase order type functions similar to the Limit Chase order type. The only difference between these order types is that the Limit Touch Chase order type does not begin the chase action until until its Limit price is touched by the last trade price of the market.

Once the Limit price is touched, then the Limit Touch Chase order type functions the same way as a Limit Chase order type.

The Limit Touch Chase order type can be submitted as both a main/primary order or used as an Attached Order.

Limit

This price box is for the Limit order price. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Trade Window >> Set >> Maximum Chase for Chase Limit Orders

On the Set tab of the Trade Window for a chart, the Maximum Chase for Chase Limit Orders sets the maximum value in Ticks that a chase limit order will be adjusted by.

Attached Order Maximum Chase

This applies only to Attached Orders and is one of the settings for the Limit Chase Attached Order.

This sets the maximum amount the order will chase the current price. This value can either be in Price, Ticks or a Percent.

OCO Buy Stop Sell Stop

The OCO (order cancels order) Buy Stop Sell Stop order type, consists of a Buy Stop order and a Sell Stop order in an OCO group. So when one order is filled or canceled, the other order will be immediately and fully canceled.

Entering from Trade Window: Go to the trade window for the chart or Trade DOM. In the list of Order Types, select this order type. Enter the Buy Stop and Sell Stop prices. Submit the order by pressing either Buy or Sell on the Trade Window.

Entering directly from chart / Trade DOM: Right-click with your pointing device on the chart at the Buy Stop price and select OCO Buy Stop Sell Stop on the Chart Trade menu. Move your mouse pointer to the Sell Stop price and left click. If this order type command is not listed on the menu, then it will need to be added. To do this, select Global Settings >> Customize Chart Trade Menu. Add all of the order types that you want to use. For more information, refer to Chart Trading.

In the case of the Trade DOM, refer to Entering Orders on the Trade DOM for instructions on where to right-click to get the Chart Trade menu.

This order type supports Attached Orders. If the option Use Attached Orders For New Orders on the Trade Window is enabled, then a set of Attached Orders will be attached to each Stop order. They will not be visible though until one of the Stop orders fills. This is to prevent too many orders from displaying on the chart at the same time. Keep in mind these Attached Orders are not sent to the trading service until there is a fill of the parent order.

The Sierra Chart Chart Trading feature also provides an OCO Buy Stop Sell Stop Auto Set command. To use this, it is first necessary to determine the offset for the orders, in Ticks, from the center price that you select on the chart. Go to the Set tab on the Trade Window of the chart and set the Auto-Set Prices Offset for OCO Buy Sell Orders to the number of Ticks that you want offset the orders from the center price by. Once this is set, it does not need to be set again. It is saved with your Chartbook. Right-click on the chart at the center price and select OCO Buy Stop Sell Stop (Auto Set) on the menu. Both a Buy Stop and Sell Stop order will be entered above and below the center price based upon your specified offset. If this order type command is not listed, then it will need to be added. To do this, select Global Settings >> Customize Chart Trade Menu. Add all of the order types that you want to use.

Buy Stop Price

This price box is for the Buy Stop price. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Sell Stop Price

This price box is for the Sell Stop price. Enter a price or select one from the drop-down list. Refer to Price Formatting.

OCO Buy Stop-Limit Sell Stop-Limit

The OCO (order cancels order) Buy Stop-Limit Sell Stop-Limit order type, consists of a Buy Stop-Limit order and a Sell Stop-Limit order in an OCO group. So when one order is filled or canceled, the other order will be immediately and fully canceled. You can enter this order through the Trade Window of the chart by selecting this Order Type and specifying the Buy Stop and Sell Stop prices. Submit the order by pressing either Buy or Sell on the Trade Window.

Or you can use the Chart Trading feature. For chart trading, right-click on the chart at the Buy stop price and select OCO Buy Stop-Limit Sell Stop-Limit on the menu. Move your mouse pointer to the Sell Stop price and left click. If this order type command is not listed, then it will need to be added. To do this, select Global Settings >> Customize Chart Trade Menu. Add all of the order types that you want to use.

This order type supports Attached Orders. If the option Use Attached Orders For New Orders on the Trade Window is enabled, then a set of Attached Orders will be attached to each Stop-Limit order. They will not be visible on the chart until one of the Stop orders fills. This is to prevent too many orders from displaying on the chart at the same time. Keep in mind these Attached Orders are not sent to the trading service until there is a fill of the parent order.

The Sierra Chart Chart Trading feature also provides an OCO Buy Stop-Limit Sell Stop-Limit Auto Set command. To use this, it is first necessary to determine the offset for the orders, in Ticks, from the center price that you select on the chart.

Go to the Set tab on the Trade Window and set the Auto-Set Prices Offset for OCO Buy Sell Orders to the number of Ticks that you want the orders offset from the center price by. You will also need to set the Stop-Limit Order Limit Offset >> Primary Orders setting. This sets how far in Ticks the Limit price is from the Stop price.

Once these are set, they do not need to be set again. They are saved with the Chartbook. Right-click on the chart at the center price and select OCO Buy Stop-Limit Sell Stop-Limit (Auto Set). Both a Buy Stop-Limit and Sell Stop-Limit order will be entered above and below the center price based upon the specified offset. If this order type command is not listed, then it will need to be added. To do this, select Global Settings >> Customize Chart Trade Menu. Add all of the order types that you want to use.

Buy Stop Price

This price box is for the Buy Stop price. Enter a price or select one from the drop-down list. Refer to Price Formatting.

The Limit price is automatically set and will be the specified number of Ticks (by default) away from the Stop price.

To set this Limit offset, Open the Trade Window. Select the Set tab. Set the Stop-Limit Order Limit Offset >> Primary Orders setting as a number of Ticks or Percentage. For more information, refer to Stop-Limit Order Limit Offset.

Sell Stop Price

This price box is for the Sell Stop price. Enter a price or select one from the drop-down list. Refer to Price Formatting.

The Limit price is automatically set and will be the specified number of Ticks (by default) away from the Stop price.

To set this Limit offset, Open the Trade Window. Select the Set tab. Set the Stop-Limit Order Limit Offset >> Primary Orders setting as a number of Ticks or Percentage. For more information, refer to Stop-Limit Order Limit Offset.

OCO Buy Limit Sell Limit

The OCO (order cancels order) Buy Limit Sell Limit order type, consists of a Buy Limit order and a Sell Limit order in an OCO group. So when one order is filled or canceled, the other order will be immediately and fully canceled. You can enter this order through the Trade Window of the chart by selecting this order type and specifying the Buy Limit and Sell Limit prices. Submit the order by pressing either Buy or Sell on the Trade Window.

Or you can use the Chart Trading feature. For chart trading, right-click on the chart at the Buy Limit price and select OCO Buy Limit Sell Limit. Move your mouse pointer to the Sell Limit price and left click. If this order type command is not listed, then it will need to be added. To do this, select Global Settings >> Customize Chart Trade Menu. Add all of the order types that you want to use.

This order type supports Attached Orders. If the option Use Attached Orders For New Orders on the Trade Window is enabled, then a set of Attached Orders will be attached to each Limit order. They will not be visible on the chart until one of the Limit orders fills. This is to prevent too many orders from displaying on the chart at the same time. Keep in mind these Attached Orders are not sent to the trading service until there is a fill of the parent order.

The Sierra Chart Chart Trading feature also provides an OCO Buy Limit Sell Limit Auto Set command. To use this, it is first necessary to determine the offset for the orders, in Ticks, from the center price that you select on the chart. Go to the Set tab on the Trade Window of the chart and set the Auto-Set Prices Offset for OCO Buy Sell Orders to the number of Ticks that you want the orders offset from the center price by. Once this is set it does not need to be set again. It is saved with your Chartbook. Right-click on the chart at the center price and select OCO Buy Limit Sell Limit (Auto Set) on the menu. Both a Buy Limit and Sell Limit order will be entered above and below the center price based upon your specified offset in Ticks. If this order type command is not listed, then it will need to be added. To do this, select Global Settings >> Customize Chart Trade Menu. Add all of the order types that you want to use.

Buy Limit Price

This price box is for the Buy Limit price. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Sell Limit Price

This price box is for the Sell Limit price. Enter a price or select one from the drop-down list. Refer to Price Formatting.

Send Attached Orders by Position/Price

Send Attached Orders is a special order type which lets you send the currently defined Attached Orders on the Trade Window for the chart.

This order type can be used directly from the Trade Window or from the right-click shortcut menu on the chart when in Chart Trade Mode.

An example menu when you right-click on a chart is displayed to the right with the Send Attached Orders commands highlighted. If these commands are not listed, then they will need to be added. To do this, select Global Settings >> Customize Chart Trade Menu. Add all of the order types that you want to use.

The order quantity for the Attached Orders is set through the Quantity box on the Trade Window and is also displayed and can be set at the top left of the chart when in Chart Trade Mode. This sets the overall quantity for all of the Attached Orders in all OCO Groups.

There are two possible reference prices for the Attached Orders. The selected price and the Average Position Price. The reference price is the price that the Attached Order Limit/Stop Offsets are relative to.

Send Attached Orders by Position will use the Average Position Price, if you have a position, as the reference price for the Attached Orders. Send Attached Orders by Price will use the price you specified or right-clicked at on the chart, as the reference price for the Attached Orders.

It is necessary to have a current Trade Position when sending Attached Orders except in the case of when using Send Attached Orders by Price and it is submitted directly from the Trade Window and not the chart.

Sending Attached Orders from a Chart or Trade DOM

  1. Select Global Settings >> Customize Chart Trade Menu. Add the Send Attached Orders by Position and Send Attached Orders by Price menu items to the Selected Menu Items , if they are not already added. Press OK.
  2. To send the Attached Orders from a chart or a Trade DOM relative to a price that you select, then move the mouse pointer to the price level you want to send the Attached Orders relative to, right-click and select Send Attached Orders by Price from displayed menu. You will need to right-click on the chart or Trade DOM away from the price scale. In the case of the Trade DOM, refer to Entering Orders on the Trade DOM for instructions on where to right-click to get the chart trade menu.
  3. To send the Attached Orders from a chart or a Trade DOM relative to the current position price, then right-click and select Send Attached Orders by Position from displayed menu. You will need to right-click on the chart or Trade DOM away from the price scale. In the case of the Trade DOM, refer to Entering Orders on the Trade DOM for instructions on where to right-click to get the chart trade menu.
  4. You do not have to decide whether or the Attached Orders will be Buy or Sell. This is determined by your position.
  5. If confirmations are enabled, you will receive a confirmation window stating the Attached Orders to be sent. Press Yes to confirm.
  6. When you use Send Attached Orders by Position/Price from the right-click shortcut menu in Chart Trade Mode, and you do not have a trade position for the symbol, then nothing will happen and you will receive an error.

Sending Attached Orders from the Trade Window

Follow the instructions below to send Attached Orders from the Trade Window. This is a necessary procedure when a Trade Position does not exist.

  1. Set the Order Type on the Trade Window for the chart to Send Attached Orders-Position or Send Attached Orders-Price.
  2. It is necessary to use Send Attached Orders-Price if there is not currently a Trade Position so that a reference price can be manually specified.
  3. In the case of Send Attached Orders-Price, specify a reference price in the Reference Price box.
  4. Press the Buy button, to send Buy Attached Orders in the case when you have a Short position.
  5. Press the Sell button, to send Sell Attached Orders in the case when you have a Long position.
  6. If confirmations are enabled, you will receive a confirmation indicating the Attached Orders to be sent. Press Yes to confirm.

Chart Trade Shortcut Menu

Most of the Order Types can be entered by right clicking on the chart or Trade DOM with the Pointer when in Chart Trade Mode and selecting the order type from the displayed menu.

To add the order types to the menu, select Global Settings >> Customize Chart Trade Menu. Add all of the order types that you want to use.

Sierra Chart Management of Trailing Stop and Chase Orders

The price for Trailing Stop order types are managed by Sierra Chart. Therefore, in order for the Trailing Stop price to be adjusted based upon the current market price, the following must be true. Otherwise, the Trailing Stop order prices will not be updated and will remain the same.

  • Sierra Chart must be running and be connected to the Data or Trading service ( File >> Connect to Data Feed), or be running a replay. In the case of live trading Sierra Chart must be connected to the Trading service.

    Keep in mind if Sierra Chart loses connectivity to the Data or Trading Service server, the Trailing Stop order prices will not be updated in this case as well, unless you are running a replay and using Sierra Chart Trade Simulation Mode.
  • The chart or Trade DOM the orders were entered from needs to remain open and continue to be set to both the same Symbol and Trade Account that the order is for.
  • In the case of a chart, Trade >> Chart Trade Mode On needs to be enabled.
  • The Global Settings >> Data/Trade Service Settings >> Number of Stored Time and Sales Records should be set to at least 5000 to ensure no data is missed when processing through all of the trade prices.

When a Trailing Stop or a Limit Chase order is modified based upon the specifications given on this page for the Order Type, then this will be in response to movement of the last trade price.

These order modifications are logged in the Trade >> Trade Activity Log >> Trade Activity tab. For more information about viewing these order modifications, refer to Trade Activity Log.

You are able to see the last trade price which actually triggered the order modification of a Trailing Stop or Limit Chase order. When looking at an order modification line in the Trade Activity Log, look at the OrderActionSource field. It will say Auto trail order modification. Trigger price: [price]. The Trigger price is the price which triggered the modification of the order.

Sierra Chart does not support the use of server modified trailing stop orders because the functionality available from the Trading service cannot support all of the needed trailing stop and move to breakeven functionality that Sierra Chart has. The other reason is Sierra Chart works with multiple Trading services and it is impossible to reliably integrate to the limited trailing stop functionality they all have. And none of the Trading services will support all of the trailing stop functionality needed anyway.

Triggered Limit Order Entry Study

Sierra Chart provides a study named Trading: Triggered Limit Order Entry which is a managed order entry study.

This managed order entry study adds commands to the Chart Shortcut menu to provide user interaction. It serves as an example on how advanced order entry based on price action can be achieved with the Sierra Chart Advanced Custom Study Interface and Language.

The strategy implemented is a common entry method in which we would wait for price to reach some level, at which point we would wait for a pullback and enter using a Limit order into what might be the continuation of an existing trend. This entry style is often employed at either resistance / support levels on a breakout or on a pullback within an existing trend.

The source code for this study can be found in the /ACS_Source/TradingTriggeredLimitOrderEntry.cpp file in the folder where Sierra Chart is installed to.

For instructions to work with the source code, modify it and create your own custom version of it, refer to How to Build an Advanced Custom Study from Source Code. Although in most cases it should meet your requirements.

Order Lines

  1. Trigger Line: The price to which price must reach in order for an entry order to be placed.
  2. Order Line: The price at which the Limit order will be placed once the Trigger Line is reached.

Step-By-Step Instructions

  1. Add the Trading: Triggered Limit Order Entry study to the chart. For instructions to add this study to the chart, refer to Adding/Modifying Studies. In the case of when you are using a Trading DOM you need to refer to the Adding Studies on a Trade DOM instructions instead.
  2. Go to the chart and Open the Trade Window.
  3. In the Trade Window, set the Order Quantity. The Limit order submitted by the Trading: Triggered Limit Order Entry study will have this quantity.
  4. If you want Attached Orders to be sent along with the submitted Limit order, then enable Use Attached Orders on the Trade Window and go to the Targets tab on the Trade Window and configure the Attached Orders.
  5. Enable Chart Trade Mode On. This enables the study's custom menus. This is done by selecting Trade >> Chart Trade Mode On on the menu.
  6. Enable Trade >> Auto Trade Enabled if it is not already enabled on the menu.
  7. Set the Trigger Line by right clicking on the chart at the trigger price level and selecting Set Trigger Price on the displayed menu. In the case where you want to submit a Buy Limit order, the Trigger Line needs to be above the current market price. In the case where you want to submit a Sell Limit order, the Trigger Line needs to be below the current market price.

    After setting the Trigger Line you will see the Trigger Price displayed in text format displayed right on the chart and a study Subgraph line appear on the chart representing the Trigger Line.
  8. Set the Order Price by right clicking on the chart at the level you want the Limit price at and select either Set Buy Order Price or Set Sell Order Price on the menu.
    1. For a Buy order: The order price must be below the Trigger line.
    2. For a Sell order: The order price must be above the Trigger line.
    3. To cancel the order, right-click on the chart and select Cancel Order.
    4. Once the Trigger price has been reached, the order is submitted as a Limit order.

Study Inputs

  1. Text - Horizontal Position From Left: Text horizontal alignment.
  2. Text - Vertical Position From Bottom: Text vertical alignment.
  3. Number of Bars Back to Display: Define how many bars back to display the Trigger and Order lines.

Bid/Ask Quantity Triggered Stop Study

The Bid/Ask Quantity Triggered Stop study is a study that is used to submit a market order which is triggered under certain conditions.

In the case of a Buy Stop, it is triggered and submitted as a market order when the best Ask price equals the order price and the Ask quantity is equal to or less than the Bid Ask Quantity Threshold study Input.

In the case of a Sell Stop, it is triggered and submitted as a market order when the best Bid price equals the order price and the Bid quantity is equal to or less than the Bid Ask Quantity Threshold study Input.

Step-By-Step Instructions

  1. Add the Trading: Bid/Ask Quantity Triggered Stop study to the chart. For instructions to add this study to the chart, refer to Adding/Modifying Studies. In the case of when you are using a Trading DOM you need to refer to the Adding Studies on a Trade DOM instructions instead.
  2. Go to the chart and Open the Trade Window.
  3. In the Trade Window, set the Order Quantity. The Market order submitted by the Trading: Bid/Ask Quantity Triggered Stop study uses this Quantity setting.
  4. If you want Attached Orders to be sent along with the submitted Market order, then enable Use Attached Orders on the Trade Window and go to the Targets tab on the Trade Window and configure the Attached Orders.
  5. Enable Trade >> Chart Trade Mode On.
  6. Enable Trade >> Auto Trade Enabled on the menu if it is not already enabled.
  7. Set the Stop order price by right clicking on the chart at the price level and selecting Set Buy Stop Price or Set Sell Stop Price on the displayed menu depending upon whether you want a Buy a Sell stop order.
  8. After setting the price, you will see the order price displayed as a line on the chart. A value label is also displayed for this line on the left side. To adjust the color of the line, other visual properties, and the alignment of the label, modify the study Subgraph settings. Refer to Adding/Modifying Studies.
  9. To modify the order price, left click and drag the order price line displayed on the chart to the new location. You just need to left click and drag at the price level and not necessarily directly on the line itself.
  10. To cancel the order, right-click on the chart and select Cancel Stop Order.

Study Inputs

  1. Text - Horizontal Position From Left: Text horizontal alignment.
  2. Text - Vertical Position From Bottom: Text vertical alignment.
  3. Number of Bars Back to Display: Define how many bars back to display the Stop order line.
  4. Bid Ask Quantity Threshold: In the case of a Buy Stop order this is the best Ask Quantity threshold. In the case of a Sell Stop order this is the best Bid Quantity threshold.

Stop Orders on the CME

A Stop order with a single price submitted from Sierra Chart and placed through to one of the CME (Chicago Mercantile Exchange) exchanges (CME, CBOT, COMEX, NYMEX), will be converted by the CME to a Stop-Limit order. The Limit price will be set to a price, calculated by the CME, which prevents it from filling if the market moves too far away from the Stop price. The limit price will be significantly far away from the Stop price.

When using some Trading services, like Trading Technologies, you will see the order type change from Stop to Stop-Limit after it has been submitted and accepted by the exchange. You also will see the Price2 order price for the order, set to the actual limit price set by the exchange.

Understand that this behavior is all normal and expected and is a safety feature implemented by the CME to maintain an orderly market.


*Last modified Monday, 19th September, 2016.