Buy Limit Orders above current Ask or Sell Limit Order below current Bid

[uday12]

Hi,

I wanted to check what happens with Market if Touched orders when the Buy trigger is above the close or Sell Limit trigger is below the close. Does it become marketable immediately, or does Ninjatrader reject the order?

If the default in Ninjatrader is to reject the order, what is the easiest way to handle or implement the situations where the Market if Touched order is made immedidately marketable when the Buy Limit trigger is above the close or Sell Limit trigger is below the close?

I think the OrderState is updated to OrderState.Rejected only when the Broker rejects the order or something like that, but is there any other Error type (or method) that can capture when Ninjatrader rejects the Market if Touched order in such cases?

I checked with IB and they make the order marketable immediately. On other softwares like Sierra Charts, they also make the order marketable

[NinjaTrader_ChrisL]

Hello uday12, thanks for your note.

A buy/sell MIT order will fill if it's submitted above/below the market resp. like the other platforms.

[Light]

So why can't stoplimit and stopmarket orders that are submitted beyond their stop prices, simply be converted to limit and market orders, either by NT or at the broker, instead of being rejected? That would solve a lot of problems, especially for programmed methods.

[NinjaTrader_ChrisL]

Hello Light , thanks for your post.

We give full flexibility on the programmer's side to handle order rejections. You can override OnOrderUpdate and set RealtimeErrorHandling to IgnoreAllErrors and you can handle order rejections if they do show up:

E.g. on this documentation page:
https://ninjatrader.com/support/help...orhandling.htm

Kind regards,
-ChrisL

[signalworks]

Hello,
here purely similar question: How does NinjaTrader handle when the EntryLimit is filled during a fast market movement, but the BracketStop price is directly overrun, even before the StopOrder could be filled. Does an OrderRejected occur here or is the order filled with large slippage? Thanks.

best regards,
sw

[NinjaTrader_ChrisL]

Hello signalworks,

If any order is placed at an illegal price level it will get rejected with no exception. So in any case, if an order is placed at a price it is not supposed to be at, there will be an order rejection.

Please let me know if I can assist any further.

[signalworks]

Hello ChrisL,
thank you. Actually, this order should be executed directly market at the current price (with slippage of course) It is comparable to pulling a stop order in the DOM into the current price. To rejected a StopOrder is a very bad solution and costs a lot of money.

best regards,
sw