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.
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