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Direct MessagesDate/Time: Fri, 03 May 2024 08:19:48 +0000
Force market close of the position.
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| [2020-05-26 18:25:39] |
| User940666 - Posts: 6 |
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Dear Support, Sometimes when use OCO stop-loss and take-profit, I drag the either of these to the price level where my position should be instantly closed at market. However, this does not happen and I get an error instead. I guess this is due to the fact that the system thinks I want to enter a separe position, and I do not have margin requirements for it. When I use Sim trading, everything works well - as expected. Is there any way to impliment what I am looking for in live market? (forced close position) Thank you. |
| [2020-05-26 19:21:40] |
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We need to see the order rejection message in the Trade Service Log. Instructions: Support Board Posting Information: Providing Lines From Trade Service Log 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: 2020-05-26 19:22:14
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| [2020-05-28 19:22:33] |
| User940666 - Posts: 6 |
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Dear Support, here is what I see when try to move Stop-loss oco order in the position where my position should be closed at market. Order modification failed | SC Futures Order Routing/Data order update (Order cancel/replace reject). Info: Order modification failed | Order Modification Reject. Text: Sell order stop price must be below last trade price. Text: Attached order. Parent: 3643. Tag: SimpleBracket.twconfig. Internal Order ID: 3645. Service Order ID: 1518994. Symbol: ESM20_FUT_CME. Account: | 2020-05-28 22:16:03.067 * Is there a way to force market close of the position by moving the OCO stop-loss (sell market) above the last traded price? Thank you. |
| [2020-05-28 20:09:41] |
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You cannot move the Attached Stop order to close out the position. Instead you need to move the attached Target/Limit order instead. That rejection you are getting comes from the exchange itself. 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 |
| [2020-05-28 21:05:43] |
| User940666 - Posts: 6 |
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Dear Support, thank you for explaining to me.Now I understand that the issue comes from the exchange. It makes perfect sense for unique stop orders which are supposed to get you into a position. It also makes perfect sense that target/limit order work the way they do now. However, that's unfortunate in case of OCO stop-losses. I know that your platform is highly customer-oriented and extremely customizeable, so please let me explain why I think this issue is worth paying attention to and suggest a potential solution. 1. When the position is in the negative, your eyes are concentrated between the current price and OCO stop-loss order. You may not even have the target/limit order visible on the screen. Sometimes you come up with an idea that you want to be out of the position instantly at best possible price. It may be sudden news came out on the squawk, rapid change of the order flow, etc. 2. So you want to be out for a loss, which is expected to be less then if the stop-loss order is hit at it's current position. 3. To my mind it feels very natural to move the OCO stop-loss order above/below current price expecting execution at market, begging to get you out of the trade. At times like this you do not have time to scroll the chart, grab the limit order, etc. 4. As of now, when you move live account's stop-loss above/below market, you get a message log opened up which confuses even more and steals essential time to think on how to behave next. 5. By the time you realize what happened, you are out for a full stop-size with potential slippage (happened to me twice today, couple of times before). Suggestion: a feature for the update, possibly configured in settings, called something like "Force OCO sell-stop". What it should do, is when exchange provides the reply that we are discussing, the platform would automatically send a market order to the exchange, getting the user out of the position. It is possible, that only user and platform would know this was actually a stop-loss order. I am sure the operation will not take much time because the TT routing through Sierra is taking no time. Finally, what I suggest is actually the way it works in Sim trading, which people like me use to familiarize with the platform and get to know how it operates. Because what I explained feels natural when trading from chart, some other platforms have this as default, but Sierra is the best and I am sure we will find a solution. Thank you for your time. Alex. |
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