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Date/Time: Fri, 10 May 2024 08:31:05 +0000

Post From: Changing Limit Order Amounts

[2020-04-26 15:52:00] Link To Thread - Link To Post [Go To First Post]
User788984 - Posts: 28
In developing an automated trade algo (CME Futures), I wish to pre-populate the Limit Order Book with several limit orders at successively higher prices (Buy Limit Orders). I also wish to limit my total number of open trades. In an effort NOT to lose my place in the Limit Order Book queue, should the market continue to go up (successfully filling standing buy limit orders), can I modify the "next" limit order from "X" shares to "0" shares? Then, if market slides back down (and executes my Sell Stops), I would modify the Buy Limit Order again back to "X" shares. This would allow me to keep my prior place in the queue and not re-establish new limit orders, sending me back to the end of the line, and conversely, have an order with zero quantity if the market continues to go up (adhering to my max trades criteria).