Enterlonglimit execution price

[Delta007]

For backtesting. When using EnterLongLimit(0,true,100,GetCurrentAsk() + (TickSize*10),"Entry");

Isn't this saying Enter at the Ask(I know it's Last price for backtesting purposes) if possible but not more than 10 ticks above the Ask? When looking at the executions it seems to just always enter 10 ticks above the last price. It's acting more like EnterLongStopLimit() order it seems.

[NinjaTrader_Bertrand]

That would just be a marketable limit order then in real life, in backtesting on our default fill algorithm you would get your price as specified (never better) though, however fills could not occur outside of your bar.

[Delta007]

So your saying that if it was Live it would attempt to give the closest to the Ask as intended and worst case 10 ticks(10 cents) higher?

[NinjaTrader_Bertrand]

Correct, that limit order would be marketable then. The current price is the better price (compared to what you spec'ed to use).

[Delta007]

Can you give more detail on what you mean by "Marketable"? Are you saying that the order would be hanging out there for anyone to grab giving me a potential worst case fill even though there might be a better price currently available, therefore it would not be a good idea to use this method?

I'm just trying to avoid a fill any worse than 10 ticks above, so maybe instead I should use a condition for the spread something like Ask < last + 10 ticks.

[NinjaTrader_Bertrand]

Delta007, any limit order with a price equal or higher than the Ask (for buys) is marketable, in the sense immediately executable (this price or better, so triggered for a fill, no need to hold it). Some traders prefer this over true market orders, as they had quicker fill experiences especially if a market maker / specialist in involved. You can monitor the current spread as well, but this could of course change in the time your order is routed to the exchange, so spec'ing a limit price in will give you more control than a true market order.