limit entries Dom and Chart Trader

[tonynt]

Hello,

when placing a limit buy below price and a limit sell above price in DOM it seems that it is possible that with an entry the other limit is removed. Correct?

But when placing the limits in Chart Trader it doesn´t work this way.

Thank you for your explanation.

Best
Tony

[NinjaTrader_PatrickG]

Hello tonynt,

Thanks for posting today.

One limit order would not cancel another limit order unless they are linked via the OCO function. If OCO is on a small green "oc" will appear next to the instrument drop down menu on the SuperDOM. If this is not the desired function, please disable OCO mode by right-clicking on the SuperDOM and unchecking "OCO Order", or alternatively using the hotkey CTRL+Z.

[tonynt]

PatrickG,

thank you for your reply. I wrote that it works in Dom. My question was if this can be working also in Chart-Trader.

You replied me that it works in Dom and how one can remove it.

???

Thanks
Tony

[NinjaTrader_PatrickG]

Hi tonynt,

Thanks for the reply.

These functions are identical in Chart Trader. If OCO is enabled in Chart Trader the small green "oc" will appear below the ask and bid prices. You can enable/disable OCO mode in Chart Trader by right-clicking and clicking on "OCO Order", or alternatively using the hotkey CTRL+Z.

[tonynt]

Hello,

another question referring order-handling please (for scripts, not atm).

I´m working with Iorders for long time now in my scripts with what I learnt in the helpguide and from you in the forum.

But now I´m thinking if I do maybe "over-manage" all the orders. Therefore please let me ask this basic question:

* which orders need to be cancelled?

a.) I know that when NOT filled limitorders need to be canceled because of "liveUntilCancelled. But when the limitentry is filled, is there a reason to cancel it in onbarupdate or onorderupdate or onexecution? Couldn´t find a defintion or explanation about this.

b.) is a market Iorder to cancel? Where/when and why please?

c.) is a exitIorder to cancel?

d.) What question I have not done that would make sense in this concern? (J.J. Rousseau said 400 years ago: "one must have read a lot to be able to ask about things one doesn´t know about") Still valid today.

;-)

Thanks
Tony

[NinjaTrader_DaveI]

Hello,

You would only want to cancel an order that has not been filled. If you try to cancel an order that has already been filled, the cancellation request will be sent to the brokerage/exchange, which will then essentially say "we can't cancel this order, because it's already been filled."

When you cancel an order, you are preventing it from being filled. So, if it's already been filled, then there is nothing to cancel, and you can just set your IOrder to null.

One thing to keep in mind (speaking to Rousseau's quote) is that IOrder objects are essentially just interfaces that provide information about an order. The IOrder object is not the order itself, only a collection of information about a real order. So, once an order is filled, the order itself really does not exist anymore, but the IOrder object remains with information related to it.

Can you please clarify your questions B and C? I'm not quite sure what you mean on those.

[tonynt]

Hello,

thank you for your reply.

With b.) I mean if there might be some situation for a market order to be prepared to cancel it from the script (I assume not, but in discussing when to cancel an order I want to have asked everything)

c.) I mean same as b.) to know if some situation when an exitorder need to be cancelled to have correct syntax in script? Maybe "if flat" or...?

d.) Is there something to ask, any question in this concern and I have not done (as I dont know about this with my simple knowledge. What when why to cancel except a non-filled limit?)

Thank you
Tony

Hello,

You would only want to cancel an order that has not been filled. If you try to cancel an order that has already been filled, the cancellation request will be sent to the brokerage/exchange, which will then essentially say "we can't cancel this order, because it's already been filled."

When you cancel an order, you are preventing it from being filled. So, if it's already been filled, then there is nothing to cancel, and you can just set your IOrder to null.

One thing to keep in mind (speaking to Rousseau's quote) is that IOrder objects are essentially just interfaces that provide information about an order. The IOrder object is not the order itself, only a collection of information about a real order. So, once an order is filled, the order itself really does not exist anymore, but the IOrder object remains with information related to it.

Can you please clarify your questions B and C? I'm not quite sure what you mean on those.

[NinjaTrader_DaveI]

Hello,

I see now. I do not believe you would need to do this. The only reason for cancelling a market order would if, for some reason, it's not filled (perhaps a very large order in a very low-volume market), and you check to see if it's been filled within a certain number of minutes, or something like that. This would be an extremely rare case.

The same would hold true for the other order. You will not need to cancel it once it's filled -- only if it has not been filled and you wish to remove it before it is filled. Cancelling orders is not really a matter of proper code syntax -- it's a matter of properly managing any orders out there at the exchange that you wish to prevent from being filled.

I'm not sure what questions you may be missing, but Thomas Berger once said "The art and science of asking questions is the source of all knowledge," so I think he would say that you are on the right track.