Forex Market if Touched

[CMillz]

I am a little confused on what triggers a MIT order. I am using the simulated forex feed and continue to see MIT orders not being filled, which seem like they should be filled.

I have attached a screenshot of a position I was in with a MIT sell order. Notice in the shot the MIT is in-between the bid and ask. My thought would be that once the ask is equal to or greater than my MIT order, that order should have sold at the bid. Why did it not?

I have seen the same thing on MIT buy orders, where the bid will equal my MIT order but won't fill.

What am I missing here?

[NinjaTrader_KennethD]

Greetings,

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[NinjaTrader_KennethD]

Greetings,

With FOREX orders, buys fill at the ask, sells fill at the bid. This MIT order is a sell and is above the bid. There would not be a fill until the bid reached the MIT order.

Please contact us if we may be of any further assistance

[otislauwaert]

Hello,

What about Futures orders? Does it work the same way as Forex orders or do Futures orders get filled by Last price instead of the Ask/Bid?

[NinjaTrader_ChelseaB]

Hello otislauwaert,

Yes, with all instrument types, all buy orders will fill at the ask and all sell orders will fill at the bid.

To buy a contract someone has to sell this to you. The ask is what they are asking for the contract.
To sell a contract someone must buy this from you. The bid is what they are offering to buy this at.

The Last price is the last exchange to occur on the exchange. This will occur at either the ask or the bid.
The last price is only tracked when there is a centralized exchange to track this on which forex instruments do not have but equities and futures do.

[otislauwaert]

But do MIT orders on Futures get triggered by the Bid/Ask? Or do they get triggered by the Last price and then directed to the Bid/Ask?

[NinjaTrader_ChelseaB]

Hello otislauwaert,

Yes, all order types on all instrument types are filled at either the bid or the ask.

The Last price is the last transaction to occur on the exchange which occurs at either the ask or the bid.

There is no directing to last.

The Last is the bid or the ask, whichever was the last to update.