Limit Order Prices

[ivb73077]

Hello,

I understand that NT does not allow limit orders to be placed "in the money." Long limit orders must be placed at a price above the current market and short limit orders must be placed below the current market.

Is there a way for me to place a resting order to buy at a price at/below the current market other than using market orders? I would prefer to be able to place a resting order.

Thank you.

Isaac

[NinjaTrader_ChelseaB]

Hello Isaac,

From your description you may be looking for a Stop Limit Order.

Below is a link to investopedia on Stop Limit Order.
http://www.investopedia.com/terms/s/stop-limitorder.asp

There are also Stop Market Orders.
http://www.investopedia.com/terms/s/stoporder.asp

[ivb73077]

Yes. I am familiar with the different types of orders. But I am asking within the context of NT and any limitations that may exist.

If I want to place a resting order to buy at a price below the current market, can I use a stop order in NT? Say the market is trading 59.10 and I want to get long at 59 (i.e. below the current level), do I simply place a stop order in NT?

[koganam]

Yes. I am familiar with the different types of orders. But I am asking within the context of NT and any limitations that may exist.

If I want to place a resting order to buy at a price below the current market, can I use a stop order in NT? Say the market is trading 59.10 and I want to get long at 59 (i.e. below the current level), do I simply place a stop order in NT?

No. To trade behind the market, you use Limit Orders. They will rest until the market retreats to fill them. Resting Limit orders MUST be placed behind the market: if you place a Limit Order ahead of the market it will be executed immediately as a Market Order. Your understanding of Limit and Stop orders, as you describe it in your post, may not seem to be quite correct.

Resting orders to be placed ahead of the market must be Stop or StopLimit orders. Resting orders to be placed behind the market must be Limit orders.

[NinjaTrader_ChelseaB]

Hello ivb73077,

Below I am adding how to place all orders on the SuperDOM and where they must be placed. Please find the order type you are looking for based on where you want to place this on the DOM.

To make an Buy Limit Order with the SuperDOM window left-click below the market price on the buy (left) side of the price ladder.

To make a Sell Limit Order left-click above the market price on the sell (right) side of the price ladder.

To make a Buy Stop Market Order hold the 'CTRL' key and middle-mouse-button click (click the mouse wheel) above the market price on the buy side of the price ladder.

To make a Sell Stop Market Order hold the 'CTRL' key and middle-mouse-button click below the market on the sell side of the price ladder.

To make a Buy Stop Limit Order middle-mouse-button click above the market price on the buy side of the price ladder. Optionally add any offset (amount of ticks from the stop you would like the limit placed) in the input field next to the checkmark button. Last click the checkmark button to place the order.

To make a Sell Stop Limit Order middle-mouse-button click below the market price on the sell side of the price ladder. Optionally add any offset in the input field next to the checkmark button. Last click the checkmark button to place the order.

Below is a link to the help guide on Submitting Orders in the SuperDOM.

http://www.ninjatrader.com/support/helpGuides/nt7/sub.htm

[ivb73077]

Seems I was not paying attention when typing my last message....

I place a limit order in NT to buy at 59.10 when the market is at 59. This fills instantly at market.

I want to be able to place the resting order to buy at 59.10 when then market is at 59. Can I use a stop order to enter at 59.10 in NT?

[koganam]

Seems I was not paying attention when typing my last message....

I place a limit order in NT to buy at 59.10 when the market is at 59. This fills instantly at market.

I want to be able to place the resting order to buy at 59.10 when then market is at 59. Can I use a stop order to enter at 59.10 in NT?

That means then that you want to buy ahead of the market. You use a Stop or StopLimit order.