Quick question on limit orders on the DOM

[:::grimReaper:::]

I place a limit order at price X, then decide I want to change it, so I click on it, then before assigning it a new price, I decide it should remain at price X, and I click it back to price X. Question: Does this process put me in the back of the line for getting filled at price X?

Thanks!

[NinjaTrader_Matthew]

Hello grimReaper,

Based on your description, you have not yet actually modified or changed the order.

If you did not modify or change the order, you will remain in position in the queue.

[:::grimReaper:::]

Question about simulated volume stop market order:

If I put a sell simulated volume stop market order at price X for a volume level of 500, and the bids size at price X thins from 900 to 700 to 550, then the 550 orders are instantly removed and the new bid is at X-1, what happens? Does my sell stop order become a sell limit at price X or do I sell at market, which is price X-1?

Thanks!

[NinjaTrader_Matthew]

Hello,

Is this part an of ATM strategy? Or are these manual placed stop orders?

[:::grimReaper:::]

I'm interested in knowing about both ATM and manual orders.

Also, both as an entry and exit.

[NinjaTrader_Matthew]

Hello,

With an ATM Strategy, the order would be limit at that point. Otherwise if the volume level is breached at the same price level, you would see a market order submitted.

For manual entry orders, you have more control of this depending on the type of order you have placed. For example if you use a stop market order, you would only see this trigger at that price level. However, if you used a stop limit order, you would see the limit order place as long as the price is within the limit offset range.

Please let me know if you have additional questions.

[:::grimReaper:::]

Thanks, but I need a little more clarification. Can you clarify what will happen in the following examples. Keep in mind I have "Use stop market for stop loss orders" set to TRUE. In each example the volume trigger is 500 set in DOM properties.

ex 1:
Manually place a sell stop at 1200 as an entry. Bid volume shrinks: 700, 550, then disappears, next bid at 1199.

ex 2:
Manually place a sell stop at 1200 as an entry, but it is associated with an ATM strategy that'll put out my target and stop loss once executed. Best bid is at 1200, and 1200's bid volume shrinks: 700, 550, then disappears, next bid at 1199.

ex 3:
I'm long at 1205, ATM places a stop market 1200 (not using a Stop Strategy). Price approaches 1200, 1200's bid volume shrinks: 700, 550, then disappears, next bid at 1199.

ex 4:
I'm long at 1205, simulated stop market placed 1200 using a "Stop Strategy." Price approaches 1200, 1200's bid volume shrinks: 700, 550, then disappears, next bid at 1199.


1) And why can't NT use a stop market order for any of the ones listed above?

2) I read that setting the simulated stop volume to some really high volume can hide stop orders; however, I was under the impression that all stop orders are locally held on the pc anyway, and the only orders that rest in the exchange are limit orders. Can you shed some light on this.

Much appreciated, thanks!

[NinjaTrader_Matthew]

Hello,

In all of your examples, nothing is going to happen if the volume disppears and the next trade at the bid/ask comes in at another level. If the volume drops out at that level, you would not get filled. NinjaTrader is not going to change anything for the order. Once the order is submitted, it will remain there until it is filled or canceled by the user.

What do you mean NT can't use stop market for these? NinjaTrader will use whatever order type you have submitted at that point.

I'm not sure what you mean by all orders simulated on your PC - who is your broker?

I'm not sure if the simulated stops are going to work as you are thinking. Can you clarify what you want it to do at this point?

[:::grimReaper:::]

In all of your examples, nothing is going to happen if the volume disppears and the next trade at the bid/ask comes in at another level. If the volume drops out at that level, you would not get filled. NinjaTrader is not going to change anything for the order. Once the order is submitted, it will remain there until it is filled or canceled by the user.

What do you mean NT can't use stop market for these? NinjaTrader will use whatever order type you have submitted at that point.

I'm confused b/c you're first and second paragraph seem to say opposite things: "In all of your examples, nothing is going to happen" and "NinjaTrader will use whatever order type you have submitted at that point."

I'm not sure what you mean by all orders simulated on your PC - who is your broker?

My broker is Mirus Futures, cleared through Dorman Trading.

According to this:

http://www.ninjatrader.com/support/helpGuides/HelpGuideV6/helpguide.html?Overview12

One of the benefits of simulated stops is to "Hide your order from the market place." Correct me if I'm wrong, but as I understand only limit orders route to the exchange, so shouldn't all of my orders except for limit orders be hidden from the market.

Also, if I place a regular stop market order and my internet goes down, that order won't execute, correct?

I'm not sure if the simulated stops are going to work as you are thinking. Can you clarify what you want it to do at this point?

I want to sell short with a simulated stop order at a certain price and certain trigger volume. However, if all of the bids are removed (i.e. my trigger volume is 500, and the bid size goes from 700 to 600 to 550, then the 550 bids are removed/cancelled by the buyers, onto the next price), I want to immediately sell at market, even if it's a lower price. I don't want a sell limit to be placed instead.

[NinjaTrader_Brett]

Hello,

Thanks for patience there.

The help guide is correct in that if volume price must fall below the threshold price.

However if the price passes the stop order and does not fall below NT assumes that its a valid time to take action and immediately submits the order.

If its a stop limit it will submit the limit, if a stop market it will submit the market.


Thanks.