Limit Order Question

[jonbig04]

Kind of a dumb question here.

Let's say price is at 1000. I would like to short if price breaks below 999.50. If I right click and place a sell stop limit at 999.50, does that mean it will only short if 999.5 is broken through (kind of like when you have a target set, price has to trade through to fill) and I will get fill at 999.5? How is different from a sell stop? If I use a sell stop limit is there a possibility price could coast through without me getting fill?

[NinjaTrader_ChristopherJ]

Hello jonbig04,

Thank you for your post.

When submitting a Sell Stop Limit at 999.50 you are stating that you are only willing to get filled at this specific price.


When submitting a Sell Stop this is considered a Market Order and once a contract has been executed at this price your order will automatically be sent to Market and filled at the current trading price.

Keep in mind when using a Market Order you are not guaranteed a specific price.

[jonbig04]

Hello jonbig04,

Thank you for your post.

When submitting a Sell Stop Limit at 999.50 you are stating that you are only willing to get filled at this specific price.


When submitting a Sell Stop this is considered a Market Order and once a contract has been executed at this price your order will automatically be sent to Market and filled at the current trading price.

Keep in mind when using a Market Order you are not guaranteed a specific price.

Gotcha. Assuming typical circumstances (price isn't rocketing off on some news) will I typically get fill when price trades through that limit order?

[NinjaTrader_Kyle]

Hi jonbig04,

Thank you for your reply.

Yes, for the most part, that can be expected.

[jonbig04]

Got it, thanks.

[jonbig04]

I'm having trouble figuring out exactly how to work the stop limit orders. This is what I would like to be able to do:

Say price is fluctuating between 1000.50 and 1000.25. I would like to place a short at 1000.25 and get fill at that tick, but only if it breaks down and moves to 1000. If price keeps fluctuating at 1000.5 and 1000.25 and goes up, I simply never get fill.

How can this be accomplished?

[NinjaTrader_ChristopherJ]

Hello jonbig04,

The only option you have for the trade you are describing is to use a negative offset with a Sell Stop Limit Order at 1000.00.

For example if you submit a Sell Stop Limit Order at 1000.00 with an offset of -1 once an execution has occurred at 1000.00 your order will be submitted 1 tick above at 1000.25. But keep in mind your order is submitted at 1000.25 and if the market does not trade at that price again you may not be filled.

I have provided alink below to our Help Guide that goes over Submitting Orders.

http://www.ninjatrader-support.com/HelpGuideV6/ManagingOrders.html

Please let me know if I may be of further assistance.

[jonbig04]

Perfect, I understand now. Thanks.

[jonbig04]

One more thing.

What would happen if I used a 0 offset?

[NinjaTrader_Ben]

Hello,

Jumping in here, but it would be submitted at the price with no offset.