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Date/Time: Fri, 29 Mar 2024 07:50:34 +0000



Setting up OCO on the fly

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[2019-02-15 08:11:32]
User19165 - Posts: 346
I'm not sure if this is possible with SC. I've read through the attached orders documentation and it looks like it is not, but I want to be sure.

I will initiate trades via the DOM for a variable number of contract quantity. Currently, I have it set to have the stop loss order as an attached order and I am putting my targets out there manually. This is all fine if my target is filled first, but in the cases where my stop is filled first, this means I have to manually cancel all to remove the targets. All of this is no problem unless my Internet just happens to go down. If the internet goes down and fills my stop, I would be unable to cancel the target. If I was trading all in / all out, this would easily be solved by just using an OCO, but I am mostly trading all in / scale out and with varying numbers of scales and contract quantity. I would love to reduce this risk through always using OCOs.

Is this currently possible in Sierra? If not, could it be possible to add a target manually and then right click on it so the user can assign it to be grouped with the already submitted stop loss as an OCO?
[2019-02-15 18:35:09]
Sierra Chart Engineering - Posts: 104368
No, this is not supported.
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:
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[2019-02-16 00:02:30]
User19165 - Posts: 346
OK, would you consider this as possible to implement? This would be a lot safer given my contract size variable trading.

Or perhaps you can think of another way to protect me from the risk of dangling orders left hanging in the rare case of Internet outage as described above. I could perhaps set up an OCO with a stop and target and click the button 3 or 5 times to get separate OCO groups out there but the reality is that this is an extra thinking layer and it is easier for me to plan the lot size before the trade and just click the button once. Then once the trade is on, set the targets up and ideally assign the OCO groupings through the DOM then.

I've used 2 order entry platforms before that allow this sort of feature - button trader and zeroline trader.
[2019-02-21 00:54:41]
Sierra Chart Engineering - Posts: 104368
A feature like this is not even possible to work when the OCO is managed on the server.
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
[2019-02-21 01:05:16]
User19165 - Posts: 346
You could behind the scenes cancel the associated stop and re-submit the stop with the newly attached target as an OCO group - all completely transparent to the user. Since it is a stop order there is no queue priority being lost through the cancellation and re-submit.
Date Time Of Last Edit: 2019-02-21 01:06:29
[2019-04-13 20:50:37]
seandunaway - Posts: 212
NinjaTrader has a really neat "OCO Order" keyboard shortcut (Ctrl-Z by default if I remember correctly) where you can create OCOs "on the fly" from the DOM or chart.

I also realize that I leave dangling take profit limit orders out there; a potential disaster if I ever lose connection.

It would be a really helpful feature..

However, CME does indeed use FIFO for stops on most products (equities and treasures) and so you would lose your place in queue when re-submitting the orders after each modification.

Logistically, how would it work?


edit: My personal use case would be initiate a position with a -4t stop attached child, and then later I could add a take profit limit order, perhaps by holding down a modifier key, which would cancel the existing child and resubmit the two as an OCO. On the fly balancing could be tricky.. for example what if my existing stop is 4 ticks but I add 8 ticks worth of limits?
Date Time Of Last Edit: 2019-04-13 20:59:01
[2019-04-14 21:39:01]
Sierra Chart Engineering - Posts: 104368
You can submit OCO orders with Sierra Chart by keyboard as well. This is fully supported. You can submit the preconfigured Attached Orders.
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
[2019-04-14 23:25:48]
User19165 - Posts: 346
Support,

I don't think you appreciate how fast real-time day trading can be for discretionary traders.

My lot size, scale-in / out decisions happens within a second and needs to happen within this timeframe or else the opportunity is often lost.

Wouldn't it be a lot simpler for me as the trader to click the DOM to join the bid to buy 5 lots (or some other amount determined in the moment) and then manually attach targets and stops of different amounts, for example 2 lots risk reduction target, and then stagger 1 lots at various other targets - all OCO.

vs.

Set up the attached OCO in the DOM but because want scale-out flexibility and execution speed I have to leave this set to 1-lot. Now in the heat of the moment I need to click that 5 times at the same price in the DOM. And now move the targets / stops around.

The former is a lot simpler for me, as a trader.
[2019-04-15 03:10:59]
Merlin - Posts: 81
User19165, how about this:

Set up separate trade window configurations for each of your potential entry quantities - 1-contract entry, 2-contract entry, 3-contract entry, etc.
For each of these configurations, set up a separate OCO group on the "Targets" tab for each individual contract.
For example, if you're entering 3 contracts, set up the attached orders for that configuration as 3 separate OCO groups, each with its own single-contract stop and limit order - so you have a total of 3 stops and 3 limits attached to the trade - each controlling a single contract.
You can set these to go wherever you want initially - for example, one target is close, one is at a middle profit target, and one at an extreme profit target that you're not likely to hit, but it's sitting there out of the way until you decide to use it.
Once your entry is filled, as the trade progresses you can drag each of these around to wherever you want them to be.

Or you might just put all the limit orders at a safe distance away, say 2 ticks apart so they're easy to click-and-drag individually.
And then drag each one to where you want it to be once you're in the trade.

Would this work for your scenario?

Merlin
Date Time Of Last Edit: 2019-04-15 03:13:17
[2020-12-05 06:59:02]
Ryan Bailey - Posts: 51
Support: I have a question regarding this topic.

If I have an open position and I want to manually make a OCO bracket to place a stop and a target how can I place these resting OCO orders without executing another trade through the attached order segment of the DOM. Also how can I make them GTC?
Thanks look forward to figuring this out. It's gotta be easy I just can't figure it out
[2020-12-05 10:58:57]
Sierra Chart Engineering - Posts: 104368
Regarding post #10, refer to:
Order Types: Sending Attached Orders from a Chart or Trade DOM
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

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