The guy said that if the software (i.e. NinjaTrader) does not send a specific stop limit price with the trade, then they (Globex) automatically set it to some value. In the case of gold, this default value is $5 (or 50 ticks). However, he also said that it is possible for the vendor (i.e. you guys) to send a stop limit order at up to $12 away on gold (120 ticks), if you specify it that way. (This is the maximum that they allow, according to him.)
My question is this:
Since orders marked as "stop market" in NinjaTrader are in fact actually stop limit orders being sent to Globex, are you guys actually specifying the maximum allowable limit ($12 for gold), or are you just sending a "default" value (which they would then set to $5 on their end)? This is actually a serious issue, because gold can spike very far under certain conditions, and a 50 tick stop limit might not be enough to ensure that you actually get out.
I am asking this in the NT 7 beta forum because if you do currently just send the default, perhaps you could consider adding an option for us to specify manually what we want for this setting. If you are already sending the maximum allowable distance away from the market, then that's fine.
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