SELL STOP Limit Order

[jjanguda]

Hi,

I'm new to stop limit order and would like to understand the best way to place my orders with a proper offset setting.

First of all, please take a look at the attached images.

Let me give you a hypothetical example.
I'm expecting a major breakout to the downside below 2905. So I want to place my sell order at 2904.75. Since I want a guaranteed fill at 2904.75 or better, I guess I should use Sell Stop Limit order.



Question 1
What does it mean placing a sell stop limit order at 2904.75 with offset -2(negative)? Does it mean the order will be filled only at 2904,75, 2905 or 2905.25?

Question 2
When I place a sell stop limit order at 2904.75 with offset 0 but later I want to change to 1. In this case, should I cancel the order and place a new order with offset 1 or is there a way to change it easily without cancelling the existing pending order?

Question 3
From the above scenario, what is the best way to place sell order in advance to get filled at 2904.75 or better? Sell stop limit order at 2904.75 with offset 0 or negative?

Question 4
What exactly will happen to my sell stop limit order at 2904.75 with offset 0 when current market price drops from 2905 to 2904.75? sell stop limit order will become sell limit order at 2904.75?

Question 5
All limit orders are placed first come first served based. Is there a way to find where my stop limit order is standing in queue?




By the way, I do not use predefined stop limit offset for chart trader (it's unchecked)



Thank you for your support.

[NinjaTrader_EricB]

Hello jjanguda,

Thank you for your post.

Glad to assist. To clarify, a positive value would result in a standard stop limit order. A negative value will submit a simulated stop order. For 1, a simulated stop would be submitted with the limit price two ticks from the stop price. For 2, a new order will be needed for the new offset setting. For 3 & 4, only the initial stop price will fill the order-2904.75. For 5, the SuperDOM does offer a APQ - Approximate Position in Queue column that accomplishes this. See below for more on this column.

https://ninjatrader.com/support/help...nInQueueColumn

Let us know if we may assist further.

[jjanguda]

Thank you for your prompt response.
Simulated order was exactly what I've been looking for.

Thank you