Buy/Sell Stop Limit Order Quantity

[VinnyB]

Hello,

Using static dom and no ATM strategy. Have middle mouse button set to Stop Limit orders.

I'm having trouble figuring out how to use the qty selection dial when middle clicking to set a buy stop above the market or a sell stop below the market.

When I middle click my mouse and the qty dial pops up, it won't let me select any qty other than what my order qty is set to at the bottom of the dom.

I guess this makes sense but then what's the point of allowing it to dial when first entering th order?

What I'd like to be able to do, or thought I would be ABLE to do, is set the order qty at the bottom of the dom to 5 and then choose a lesser quantity should I choose. I know that you can't do this with a regular limit buy/sell and I also know that I have the abilty to amend the order after it's placed but I just don't get why the wheel qty pops up initially when entering B/S stop limits if I can't use it anyway [until after the order is placed].

Hope I explained that correctly.

Thanks
V.

[NinjaTrader_Jason]

Hello VinnyB,

The numeric box that appears upon submitting a stop limit order does not indicate the order size, but the stop limit offset.

You will need to use the Order qty field to set order quantities.

[VinnyB]

Now I'm more confused.

My stop limit offset in properties is set to OFF.

I guess that's why the dial kept popping up, right?

I just changed it to 0 and now the dial won't appear.

Once the order is entered, the dial then does represent the qty that I can change to, correct?

What does the offset do?

If I want to buy at a particular limit price [above the market], where should this offset be set to? OFF, ZERO?

[NinjaTrader_Jason]

Hello VinnyB,

Correct, when it is set to Off in the properties menu, the offset numeric box will appear.

Yes, once you submitted the order, the size marker represents the order quantity, which you can subsequenlty change.

The offset sets the price range the stop limit order can be filled at.

[VinnyB]

Thanks Jason,

I'm sorry to keep on this but I thnk I'm closer to understaning. From the HELP file, it says "range to be filled at".

Does that mean that I can control the maximum away that the order will be filled from my stop?

What if I just want to have a buy stop limit at a specific price and if it doesn't get filled, it doesn't get filled?

Should I set the offset to the number ZERO or set to "Off"?

Thanks again,
V

[NinjaTrader_Kyle]

Hi VinnyB,

Thank you for your reply.

1.) Does that mean that I can control the maximum away that the order will be filled from my stop?

That is correct.

2.) What if I just want to have a buy stop limit at a specific price and if it doesn't get filled, it doesn't get filled? Should I set the offset to the number ZERO or set to "Off"?

In this case, you would set the offset to zero.

Please let us know if you have any additional questions.