can a system enter within 2 ticks of a bar close?

[JImJinNJ]

I know nothing about ninjascript coding. I have someone doing a auto trading script for me for a system I trade manually for several years.

I use 25K volume chart of mini SP , RTH.
when a certain 2 bar formation occurs I want to enter at (long) 2 ticks above bar close or (short) 2 ticks below bar close. I do this successfully every day using ChartTrader. so the core logic is: when a bar closes, enter on a stop at 2 ticks beyond that close.

My programmer tells me a script can't do that because the exchange will not an order that near the bar's close. So the system ends up getting fills that are 4 ticks away from the close of the bar rather than 2. Is this correct? is there a way to have an auto system enter closer to the close of the bar?
Thanks for any clarification of this.

[NinjaTrader_PatrickH]

Hello JImJinNJ,

Thank you for your post.

It is possible however, there is a good chance that the market moves fast enough to make the order invalid and thus rejected. I would check with your broker to ensure such an order is possible as well.

Please let me know if you have any questions.

[JImJinNJ]

Hello JImJinNJ,

Thank you for your post.

It is possible however, there is a good chance that the market moves fast enough to make the order invalid and thus rejected. I would check with your broker to ensure such an order is possible as well.

Please let me know if you have any questions.

thanks, Patrick-
just a bit more detail--
I will check with my broker (AMP). I understand about the fast market. But setting that aside, why would an autotrade routine suffer this restriction/limitation when ChartTrader does not? is order processing and routing somehow different between these two aspectgs of NT?
Thanks again.

[bltdavid]

My programmer tells me a script can't do that because the exchange will not an order that near the bar's close. Thanks for any clarification of this.

This sounds like hogwash, or, at the very least, incomplete.

A buy order LimitPrice cannot be placed above current price.
A sell order LimitPrice cannot be placed below current price.

If LimitPrice is within 2 ticks of current price but on the correct side for the direction of your trade entry, that should not be a problem.

It works the other way, too. For example, if you anticipate going long but your desired entry price is 2 ticks above current price, you'd use a buy stop order, setting StopPrice to your desired entry price. (A buy order StopPrice below current price would be rejected)

If the market is moving so fast that even these entry prices result in rejected orders, you can handle the rejection any way you see fit, but only if you're using Unmanaged mode.

[JImJinNJ]

thanks so much for you comments. I think you've hit on the issue--he is using a StopLimit order whereas when I trade this manually I use a Stop order. I am willing to live with but seldom get slippage--and then it is 1 tick.

[bltdavid]

thanks so much for you comments. I think you've hit on the issue--he is using a StopLimit order whereas when I trade this manually I use a Stop order. I am willing to live with but seldom get slippage--and then it is 1 tick.

Couldn't your programmer use a Buy Stop order as well?

Why the Buy StopLimit vs the Buy Stop?

[NinjaTrader_PatrickH]

thanks, Patrick-
just a bit more detail--
I will check with my broker (AMP). I understand about the fast market. But setting that aside, why would an autotrade routine suffer this restriction/limitation when ChartTrader does not? is order processing and routing somehow different between these two aspectgs of NT?
Thanks again.

Thank you for your response, JImJinNJ.

I should of been a bit more clear. There is nothing in a strategy that would restrict an order placement price in such a manner without being implemented by the developer. As you said, what the Chart Trader can do the strategy should be able to do. It sounds like the developer is giving you a heads up due to the item I mentioned on fast movements, but as you and bltdavid have detailed it is possible and clearly something you want to have implemented. I would take that information to your developer.

Please let me know if you have any questions.