Support Board
Date/Time: Fri, 04 Jul 2025 20:20:28 +0000
Post From: Where does a Triggered Limit Entry Order reside?
| [2018-01-31 00:56:34] |
| patrader - Posts: 92 |
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At the risk answering my own questions (having played with it in SIM mode) I think the answers are a) yes, b) yes, and c) in the Trade Window's "Set" tab for Stop-Limit Order Limit Offset (using a positive number for ticks). A few things noted: 1. It seems to have been codified in Auto-Set such that the price you click is the limit price not the trigger price. I posit this is counter-intuitive. Suppose the ES is trading 2826.00. You want to buy if the market trades higher to 2828.00 using an offset value of 3 ticks. You'd have to mentally think about your trigger price and then count backwards to actually place your order at 2827.25. The bigger the offset the greater the mental effort to know where to place the order. By contrast, if you know your offset is always 3 ticks and the price you click is the trigger price you don't have to perform such mental calculations. It also confuses a trader to mentally place an order at 2827.25 when in fact the "event" that triggers the order doesn't occur until 2828.00. I propose changing it such that price you click is the Trigger price would be more intuitive. Let SC do the calculation backwards for where the limit order would be. 2. By placing the Auto-Set value in the "Set" tab for Stop-Limit Order Limit Offset this means that any plain vanilla Stop-Limit Order is going to be affected by a change in that value. If the trader wanted to use the Triggered Limit Order for one trade and a plain vanilla stop-limit order (with 0 ticks offset) on the next trade, the trader would have to remember to go into the setting and change the value. It would optimal to separate the two different offset values under different tabs for the different types of orders. Traders are creature of habit. I use 0 ticks offset for plain vanilla stop-limits and 1 tick (negative) offset for Triggered Limit Orders. When pushing a button for either type of order it'd be good to know that the correct offset will be used without thinking "do I need to go change the value before I send the order?" 3. Using drag and drop to change the price seems to have a strange outcome. The two components (trigger and limit) get merged into one price. Makes it hard to understand what is happening. 4. When the 'wrong' type of order is placed on the wrong side of the market - lets say a Sell Triggered Limit is placed above the market, it will result in a plain limit sell being placed. Arguably the trader's fault for being silly but perhaps a message saying "triggered limit sell can only be placed below the last price" or similar would keep a few people from errors. Thanks for working on this! |