Market If Touch Orders (MIT)

[Plaket]

Hi,

I would like to know if this kind of order is available to work developing strategies in NinjaScript.

If the answer is yes, I would appreciate any information to know how to use them.

Thank you in advance.

[NinjaTrader_CalH]

Hello Plaket,

Thank you for your note.

Market If Touch orders are not supported in NinjaTrader 7.

You can build your own logic to simulate a MIT order but there is no direct order for MIT.

Let me know if I can be of further assistance.

[Plaket]

Thank you for the reply Cal,

Could you tell me how can I do that in NinjaScript, please?

Must I work with the unmanaged method?

Thank you.

[NinjaTrader_CalH]

Hello Plaket,

I don't have an exact sample reference for this. What you can do is take a look at how MIT order works and then work that same logic into the script and submit Market Orders.

So, if the market price hits a set price for the order it would submit a Buy Market Order and vice versa for a Sell Market Order

http://www.investopedia.com/terms/m/marketiftouched.asp

[koganam]

Hi,

I would like to know if this kind of order is available to work developing strategies in NinjaScript.

If the answer is yes, I would appreciate any information to know how to use them.

Thank you in advance.

From continued observation, in NinjaTrader, StopMarket orders work as MIT orders: they do not trade through before being triggered; triggering instead as soon as they are touched. Then again, I work in only very liquid markets, so maybe my observation may not quite be valid. If you work in illiquid markets, your mileage may vary.

[NinjaTrader_CalH]

Plaket,

Additionally, we have a strongly considered enhancement request and are looking into this for NinjaTrader 8.

Let me know if I can be of further assistance

[ToMer_K]

Hi,
Even though this thread is not active lately I have a quick question.
If the NT order issued with the following SubmitOrder method is not market if touched than what is it?

SubmitOrder(0, OrderAction.BuyToCover, OrderType.Stop, entryOrder.Filled, stopPrice, stopPrice, "OCO" + nOrder, "St" + nOrder);

As koganam stated, by observation it does seem to act as market order when a price is touched.

[NinjaTrader_ChelseaB]

Hello ToMer_K,

Below I am including a publicly available link to Investopedia on Market If Touched orders.
http://www.investopedia.com/terms/m/marketiftouched.asp

The key difference is the direction the market will be travelling when the order is placed.

A Stop Market Order would be placed on the buy side above market, on the sell side below market.

A MIT order would be placed on the buy side below market, on the sell side above market. Then become a market order when touched instead of a limit.

[ToMer_K]

Thanks for the quick answer.

So, to make sure I understand, when I issue a stop loss like I wrote the order is waiting in the exchange (not in my NT platform or broker) until the price is touched and exit with a market order?

In case I use stop limit, as soon as the price is reached I am inserted to the limit queue as last?

Just to clarify I am aiming at the futures in the CME with NT brokerage.

[NinjaTrader_ChelseaB]

Hi ToMer_K,

That is correct. When a stop loss is used, this submits a live working stop limit order that is working on the exchange.

A Market If Touched order would not be working on the exchange until the price is hit and at that moment would submit a Market Order.

A regular Stop Market Order (not the Stop Limit used in the stop loss) is also working on the exchange where a MIT order would not be.

[ToMer_K]

The order I talked about is a regular stop (= stop market order), not StopLimit:
SubmitOrder(0, OrderAction.BuyToCover, OrderType.Stop, entryOrder.Filled, stopPrice, stopPrice, "OCO" + nOrder, "St" + nOrder);

Is that the stop market you were talking about?

[NinjaTrader_ChelseaB]

Hello ToMer_K,

I was just meaning to be specific. When using SetStopLoss or when using a stop loss in an Atm Strategy, a Stop Limit Order is used and I wanted to be specific about the behavior of both a Stop Market and a Stop Limit.

A regular Stop Market Order (not the Stop Limit used in the stop loss) is also working on the exchange where a MIT order would not be.