OrderRejected cause of 'Order price is outside bands'

[DarthTraderson]

Today I got the following rejection message of an order, when trading NQ with one of my fully automated strategies. I never saw it before and broker and feed seems to be ok and there was no error on their side. So it must have something to do with exchange, but I don't know what to do, to avoid the error:

24.03.2011 14:31:01|1|32|Order='0HA5Y3380/5555316240' Name='Initial-Stop' New state=Working Instrument='NQ 06-11' Action=BuyToCover Limit price=0 Stop price=2288,5 Quantity=3 Type=Stop Filled=0 Fill price=0 Error=OrderRejected Native error='Order rejected: Broker or exchange option

From Gateway: Cancel reject received for order 0001LGT3.  EX: Order price is outside bands 'Difference between stop and limit price is larger; Order Quantity'
24.03.2011 14:31:01|0|32|Velocity - TT, Order rejected: Broker or exchange option

On monday, three days ago the same strategy, same market, same broker, all worked fine. The stragy is not new. It runs for over 6 months and never had such an error.

Thanks
DT

[NinjaTrader_RyanM1]

Hi DT,

The "native" designation means that it is provided from the broker or API. Unfortunately we do not have the specific details for this error message. You broker should be able to assist with any native errors.

[DarthTraderson]

My broker says that I must explain it directly to the exchange. I can reporduce the error when setting manually a stop-price for an order ... without a limit ... and then changing the stop-price on this active order.

I'm trading with Velocity Futures. With Dorman/Zen-Fire there was never a problem. I'm using the same strategy for all my accounts than more than 5 months.

Nobody else has this error? Do I need to use stop-limits with my strategies ... with these orders the change of the stop-price works well with NinjaTrader order mask.

[NinjaTrader_RyanM1]

We have not seen similar reports of this. You will have to work with broker / exchange to track down the cause of the message. Please let us know anything you are able to find out.

[DarthTraderson]

Exchange said, that in case of using my strategies the limit-price was not ok. My broker sends an limit-price with two additional zeros. I don't know why, and I don't think that it comes from my strategy ... because I can reproduce the error manually ... I will post again if I have further information

[NinjaTrader_RyanM1]

OK - Thank you for the update. Can you send in your log / trace files and indicate the time this manually placed order occurred? We can look into the formatting of the order sent by NinjaTrader. To send, use Help > Mail to support feature. In the subject write: Attn RyanM 457353.

As a general fix, you may consider resetting the instruments in case there is an issue with how they're setup.

To reset your instruments please: go to the Tools menu, select the Options menu item, select the Data tab, and then click on 'Reset Instruments'.

[DarthTraderson]

I sent you logs and traces and in addition an image from my broker (Velocity with TT-Feed) which shows the two additional zeros on limit price, although I only typed in a stop-price. limit-rpice was zero. I could reproduce the error yesterday and a few minutes ago at 07:58:30 GMT+2.

Velocity - TT, Order rejected: Broker or exchange option

From  Gateway: Cancel reject received for order 0001MQS3.  EX: Order price is  outside bands 'Difference between stop and limit price is larger; Limit  Price do affected Order: Buy 1 Stop @ 1,4185

[NinjaTrader_Bertrand]

DT, we got your files - thanks. I have replied to you directly via email.

[DarthTraderson]

Any news about this issue ... ?

[NinjaTrader_Bertrand]

Hi DT, Velcity and TT are looking into it currently - I'll update you when I got new info.

[rmarcos]

mething to do with exchange, but I don't know what to do, to avoid the error:

24.03.2011 14:31:01|1|32|Order='0HA5Y3380/5555316240' Name='Initial-Stop' New state=Working Instrument='NQ 06-11' Action=BuyToCover Limit price=0 Stop price=2288,5 Quantity=3 Type=Stop Filled=0 Fill price=0 Error=OrderRejected Native error='Order rejected: Broker or exchange option

From Gateway: Cancel reject received for order 0001LGT3.  EX: Order price is outside bands 'Difference between stop and limit price is larger; Order Quantity'
24.03.2011 14:31:01|0|32|Velocity - TT, Order rejected: Broker or exchange option

DT

You are using limit orders , the price of the limit order is worse price than the actual price (you expect to automatic convert to market order but get this error), look this case (using if) and use a market order or get te actual price and use it as limit price if you want to avoid slippage.

This error is raised as well if the price not Exists or not is a right price (example:US Bond) , round the price to the minmove and take care about the pricescale of the symbol.