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ScottB
2006.07.27 21:30
Is there a way to construct a stop limit order. I want to buy on a stop using a
pending order but limit the price I will pay in case of a spike. I thought of using
slippage but since with a OP_BUY I am issuing a market order I will pay whatever
the Ask price is with no limit (or so it seems).
Any help will be greatly appreciated. |
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ququr
2006.07.28 04:57
Believe you could write it so when target price is hit (like a stop) you could open
a pending limit order. So, if you set the 'stop' at 1.8000 and when that is hit,
you place a limit buy at 1.8010, then you should get a fill at the market price.
If the market spikes past to 1.8020, and you miss the fill, and you'll have a normal
limit buy below the market.
I still think that the slippage does this for you. The stop does open as a market order, but a slippage value puts a sort of limit on things so it won't trade further away from your order and you'll just miss your fill. |
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ScottB
2006.07.28 15:02
ququr wrote: Believe you could write it so when target price is hit (like a stop) you could open a pending limit order. So, if you set the 'stop' at 1.8000 and when that is hit, you place a limit buy at 1.8010, then you should get a fill at the market price. If the market spikes past to 1.8020, and you miss the fill, and you'll have a normal limit buy below the market. I still think that the slippage does this for you. The stop does open as a market order, but a slippage value puts a sort of limit on things so it won't trade further away from your order and you'll just miss your fill. Thanks for the idea, I am trying to test the various options but I am new to MQL4 and it is taking some time. What you describe is termed Market if Touched in the futures world but depends on being able to place a limit order that close to the market (which is what causes the problem in the first place). I am a very experienced programmer and have the syntax down pretty well (it is basicly C as far as I can tell) but I am still learning the functions and their nuances. |