Which orders are hidden in the book?

[GLFX005]

Hello staff,

Are StopMarket orders hidden from the orderbook until they're triggred or can other people see them? I know that Limit orders are visible, but what about MIT for an example?

[NinjaTrader_Manfred]

Hello GLFX005,

Simulated orders aside (which only reside on your platform), the answer is unfortunately not quite as quickly answered and depends greatly on your brokerage.

If an order is listed as "Accepted", it currently resides at your Brokerage.
If an order is listed as "Working", it currently is listed on the Exchange and would also appear as part of the Level II data

MIT orders, by default, are the only order type that would be completely hidden from the exchange and would only be submitted (as a market order) once the market touches it.

Based on your brokerage, the MIT order might reside with your brokerage rather than your local platform during this time, if supported. This would still allow it to execute if you lose connection.

Further information on where your orders reside may be found in the following HelpGuide:

https://ninjatrader.com/support/help...rs_reside_.htm

To see if an order is with the brokerage, exchange, or locally simulated you may also use order state definition as listed in your Control Center > Orders tab. More information about the different order states may be found in the following HelpGuide:

https://ninjatrader.com/support/help...efinitions.htm

Please let me know, should you have any further questions!

[GLFX005]

Hello Manfred, thank you for your reply.

Is there a way to have my Stop/MIT orders simulated on the NT platform at all times? And only sent to the exchange as a Market order when touched?
Because MIT can be placed on the same side as a Limit order, but we don't have the option to place an MIT on the other side like a Stop-Market order. Why is that?

[NinjaTrader_Manfred]

Hello GLFX005,

Unfortunately, there is no way to accomplish this without using a NinjaScript-based strategy.

While you could theoretically submit buy and sell MIT orders at the same price, the orders placed in the 'wrong direction' would execute shortly after (depending on market volatility).

As an MIT order works opposite to a stop order, the MIT order would, much like the stop order, only work in this one direction.

A good example of this can be seen by using the Order Entry window and manually submitting orders in both directions at the same price point. In this case, I have used the MICD, as it is a very slow-moving instrument. Once the orders are submitted, the exchange will then fill the two incorrectly placed orders at the current market price shortly after:



As this is a limitation of the order type itself and restricted by the exchange, the NinjaTrader platform limits your ability to place these orders in the 'wrong' direction to avoid incorrect or unexpected executions.

Please let me know, should you have any further questions!