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Direct MessagesDate/Time: Fri, 26 Apr 2024 23:49:58 +0000
Limit Touch Chase triggering before the touch
View Count: 1495
| [2019-06-20 02:25:21] |
| Yoda - Posts: 106 |
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I would like to enter a trade short and allow SC to chase it down for 50 cents once price breaks to a new low. For example, a stock is trading at $101. I want to short the stock only once price moves down to $100 and then allow the system to chase it down to $99.50. I've tried using Limit Touch Chase, but the order fills immediately at $101 even with a limit price set at 100. I realize that SC thinks it is getting me a "better" price, but I don't want it to trigger until it breaks the $100 level. I have the same issue with SC not waiting until price touches the limit/trigger area with Limit if Touched and Market if Touched. Interestingly, Market if Touched-Client and Limit if Touched-Client both work perfectly (i.e. I can place as sell order at $100 and I'm not automatically filled). However, I would like a chase factor and I don't want to use client side orders. I have this issue using the SC Trade Window and also in ACSIL. I'm using v 1936 and working in the SC Trade Simulation Mode. Any ideas why Limit Touch Chase, Limit if Touched and Market if Touched are not working the same as Market if Touched-Client and Limit if Touched-Client? And more importantly, how can I get Limit Touch Chase, Limit if Touched and Market if Touched to wait until the limit/trigger price is hit before trying to fill the order? |
| [2019-06-20 21:14:04] |
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Those order types do not work in the way that you want. They are working as intended. Interestingly, Market if Touched-Client and Limit if Touched-Client both work perfectly (i.e. I can place as sell order at $100 and I'm not automatically filled). We would have to look into why there are differences.
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 |
| [2019-06-20 21:14:04] |
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Those order types do not work in the way that you want. They are working as intended. Interestingly, Market if Touched-Client and Limit if Touched-Client both work perfectly (i.e. I can place as sell order at $100 and I'm not automatically filled). We would have to look into why there are differences.
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 |
| [2019-06-20 22:42:17] |
| Yoda - Posts: 106 |
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Those order types do not work in the way that you want. They are working as intended.
I need to figure out a way in ACSIL to place a sell order below the market and a buy order above the market that will wait until the market breaks out past a set limit amount and then chase price by a specified amount. Is there any way of doing this SC? If not, would you please consider adding it. |
| [2019-06-20 22:47:01] |
| Yoda - Posts: 106 |
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Rereading the documentation, I'm also confused why you say that the types do not work in the way I want. The Limit Touch Chase docs state: 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 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.I'm also This seems to be exactly what I'm looking for, except the order type is not waiting until its Limit price is touched. SC should not care whether the price is above or below the market. |
| [2019-06-25 01:58:30] |
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I need to figure out a way in ACSIL to place a sell order below the market and a buy order above the market that will wait until the market breaks out past a set limit amount and then chase price by a specified amount. Have a look at using the Triggered Limit order:Order Types: Triggered Limit Not exactly what you want but close. And we have updated the documentation for Limit Touch Chase to explain more technically how it works. It is functioning correctly. 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 Date Time Of Last Edit: 2019-06-25 01:58:47
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| [2019-06-25 03:52:28] |
| Yoda - Posts: 106 |
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Have a look at using the Triggered Limit order
Thank for the suggestion. You are correct, it's close but unfortunately it appears to have two issues: 1. It's client side (which I could probably learn to live with) and 2. There is no chase variable. Would it be possible to add a chase variable to the Triggered Limit Order? Brief background why I need this. I'm a break out trader. i.e. 15 minute Opening Range Breakout. Therefore as soon as the 1st 15m candle is set, I require SC to place a long order at the high of the candle and a sell order at the low of the candle. Since I'm trading breakouts, there can be significant slippage if I simply use a market order. Alternatively, using a limit order results in me missing a lot of trades. I therefore need a way to set the orders with with some wiggle room where SC can enter a trade as soon as the high of the 15m candle is broken at any price up to a set maximum (i.e. High + say 10 cents above the high) and the opposite for the short trade. |
| [2019-06-28 14:42:54] |
| Yoda - Posts: 106 |
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I'm wondering if you have given my request above in post #7 to add a chase variable to the Triggered Limit Order any consideration?
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| [2019-06-28 14:48:52] |
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What we recommend you do is to modify the Triggered Limit study to meet your requirements: Order Types: Triggered Limit Order Entry Study 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 |
| [2019-06-28 15:35:16] |
| Yoda - Posts: 106 |
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What we recommend you do is to modify the Triggered Limit study to meet your requirements
Thank you for your suggestion, but that study will not work since: For a Buy order: The Buy Limit order price must be below the Trigger line.
For a Sell order: The Sell Limit order price must be above the Trigger line. I require the ability to set the: Buy Limit x number of ticks above the Trigger line (so the buy order will fill once the trigger line is hit at an amount less than or equal to the limit amount), and likewise Sell Limit x number of ticks below the Trigger line (so the sell order will fill once the trigger line is hit at an amount greater than or equal to the limit amount) Ultimately, I also need the ability to add this option to my ACSIL trading study. |
| [2019-07-28 23:12:04] |
| Yoda - Posts: 106 |
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I noticed that version 1954 included a new Triggered Limit with Chase order type. Using the trade window, it looks like this new order type is exactly what I'm looking for. However, I could not find any documentation or an ACSIL example and the following ACSIL code is not working: NewBuyOrder.OrderType = SCT_ORDERTYPE_TRIGGERED_LIMIT_WITH_CHASE;
NewBuyOrder.MaximumChaseAsPrice = 5 * sc.TickSize; Any assistance you can provide would be greatly appreciated. |
| [2019-07-28 23:46:05] |
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It definitely works properly for us testing under 1960. Although we would expect 1957 to work fine as well. Here is an example order entry code: s_SCNewOrder NewOrder;
NewOrder.OrderQuantity = 2; //NewOrder.OrderType = SCT_ORDERTYPE_TRIGGERED_LIMIT; NewOrder.OrderType = SCT_ORDERTYPE_TRIGGERED_LIMIT_WITH_CHASE; NewOrder.MaximumChaseAsPrice = 5 * sc.TickSize; NewOrder.Price1 = sc.Close[sc.ArraySize - 1] + sc.TickSize * 10;// Limit price NewOrder.Price2 = sc.Close[sc.ArraySize - 1] + sc.TickSize * 20;// Stop price NewOrder.TimeInForce = SCT_TIF_GOOD_TILL_CANCELED; int Result = (int)sc.BuyEntry(NewOrder); The order was submitted, the stop price got triggered, and the limit chased the market. However, reading what you wrote above, we think that still this is not exactly what you want. The behavior of this order type is going to be like the Triggered Limit Order entry study. 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 Date Time Of Last Edit: 2019-07-28 23:48:49
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