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Direct MessagesDate/Time: Wed, 24 Apr 2024 13:30:04 +0000
Chart trading / chart DOM triggered limit or other order type?
View Count: 578
| [2022-01-14 02:02:27] |
| Mercrastius - Posts: 26 |
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What I'm trying to do takes a bit of explanation, so apologies for the long question... When entering orders to enter new positions I always use the chart DOM (or occasionally the chart trade menu), typically with a stop-limit order. So to enter LONG I will normally enter the order well above the current price on the chart, then drag it down to an exact price just above the current candle (it's easier to be precise this way rather than clicking the desired price on the chart DOM). My limit order is sent at the same price as the stop (trigger) price. How can I do the same thing, except when my specified price is reached it sends a buy limit order not at the stop (trigger) price, but one tick lower? I believe this is a triggered limit order, correct? So my first question - is this the correct order type to use? And if so, is it possible to enter this type of order using the chart DOM or chart trade menu? I've read the documentation but I'm still unsure how to set up this type of order, and unsure if/how I can submit it using the chart DOM or chart trade option. Thanks in advance for the help. Date Time Of Last Edit: 2022-01-14 02:07:48
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| [2022-01-14 15:35:02] |
| John - SC Support - Posts: 31059 |
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The Stop-Limit will work for what you are wanting to do. Just set the Stop-Limit Order Limit Offset for the Primary Order to -1. Refer to the information here: Order Types: Stop-Limit For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
| [2022-01-14 16:17:33] |
| Mercrastius - Posts: 26 |
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Thank you. Two follow-up questions: It's (-1) for both long and short orders I assume? The limit order would be sent one tick lower than the stop placement for longs and one tick higher for shorts? This setting will be for all limit orders entered on the chart, regardless of which pre-set target/stop group is selected in the trade window, correct? I would have to change this setting to switch to a different offset? Thanks again. |
| [2022-01-14 16:32:01] |
| Mercrastius - Posts: 26 |
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Sorry, one more question: I tried this out on SIM, and once the stop is triggered the limit order doesn't appear on the chart until the limit price is reached and filled. I use chart order lines, and the appearance of the stop-limit order line doesn't change when triggered. Visually there's no way to see the limit order. Is there any way to have the limit order appear on the chart after the stop is triggered? Thank you. Date Time Of Last Edit: 2022-01-14 16:38:36
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| [2022-01-14 20:01:32] |
| John - SC Support - Posts: 31059 |
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It's (-1) for both long and short orders I assume? The limit order would be sent one tick lower than the stop placement for longs and one tick higher for shorts?
Yes. This setting will be for all limit orders entered on the chart, regardless of which pre-set target/stop group is selected in the trade window, correct? I would have to change this setting to switch to a different offset?
Yes. Refer to the Trading Configuration options here: Basic Trading and the Trade Window: Using and Changing Between Different Trade Window and Attached Orders Configurations I use chart order lines, and the appearance of the stop-limit order line doesn't change when triggered. Visually there's no way to see the limit order.
The only option for this is the following setting, which will draw a vertical line from the original Stop order position to where the Limit order is: Global Trade Settings Windows: Limit Line for Stop-Limit Orders (Global Settings >> Chart Trade Settings >> Working Orders >> Working Orders - Display) For the most reliable, advanced, and zero cost futures order routing, use the Teton service: Sierra Chart Teton Futures Order Routing |
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