Buy Stop on Globex = Mkt or Limit

[LG]

I need some clarification on Buy Stop orders and I can’t find it in Help Guide. (I’m trying to bracket an entry using OCO by placing a buy stop above/sell stop below the market -- to buy at market after price increases to that level. I am using “Middle Mouse Button is Stop Market” to place the order in DOM using middle mouse click at desired price.).

I don’t know whether this Buy Stop is treated the same as a Stop Loss.

I have DOM properties set to “Use Stop Mkt for Stop Loss Orders”
But I know that “This property is ignored … for Globex where Stop Limit is used.”

Question 1: So when I place a Stop Market order on the buy side, on Globex (ES), above the current market price, is it treated as a Stop Market or a Stop Limit?

Questions 2: Is it considered inadvisable to use this type of order during heavy volume such as announcements? (Similar to advice re Simulated Stops?)

Question 3: It seems like the term “Simulated Stop” in the Help Guide applies to two different things: (a) a stop loss order that is contingent upon a certain volume being met and (b) an order that is contingent upon a certain price being reached. (See Submitting Orders and Simulated Stop sections of Help.) Is this a problem/contradiction in the help guide or am I missing something?

[NinjaTraderEcosystem_Ryan]

Hi LG:

Thank you for your post.

1. Stop market orders are supported by the Globex. If you submit a stop market order on the Globex, it will be submitted as a stop market order, not converted to a stop limit.
2. Depends on your trading style. Please note that a stop market order will get filled, but possibly at an undesired price since it will fill at the market price. A stop limit order will only get filled at the price specified, but does not always gaurantee a fill if the market trades directly through the limit price during periods of high market volatility.
3. This is not a contradiction, to clarify, simulated stop loss orders require a breach in volume trigger and can only be used as part of a stop strategy. A simulated stop order can be placed where the limit price is better than the stop price and can be used for entry and exit orders.

Best regards,

[LG]

RE:
Q1. Then either (a) I must be putting in a Stop Limit instead of a Stop Market. If I have the properties set to "Middle Mouse Button is stop mkt", and I get a pink box that says STP, isn't that a Stop Market order? (I can attach a screen shot if you tell me how to do it here -- or email it to you.)
Or (b) there is some problem in NT6 because these orders are showing up as Limit orders when I look in Orders in the Performance Tab.

Q2. Yes, I understand the difference between a Market and Limit order. But if you read the bullet points titled "Avoid SS Orders" under Simulated Stops in the Help Guide it cautions about additional things. To what does this apply and why? Would it also apply for Buy Stops at Market?

Q3. I'm still confused. So are you saying a Simulated Stop Order to exit is different from a Simulated Stop Loss Order?
You say "A simulated stop order can be placed where the limit price is better than the stop price" -- I understand that with a Stop Limit, the stop and the limit can be at different prices. But I'm trying to place a Stop-Market at a WORSE price than market, that won't be filled until the price gets to that point (i.e. buy at market at a price higher than current mkt price, sell at market at a price lower than current market price.)

Thanks for your help.
Linda

[NinjaTrader_Ray]

1) If this property is set to "True" then a stop market order is submitted. If set to false, then "Stop Limit" is submitted. I suspect this property is set to "True".

2) We can't comment if its advisable to use a stop market or stop limit during high volume times. We can say that you risk higher slippage when using a SS order during volatile times.

3) No contradication here. Your understanding is correct. Both "a" and "b" need to be met in order for the stop to trigger. For clarification, if you have sell SS set to a volume of 500 at a price of 1000. The bid price must be at a price of 1000 AND the volume at the bid must be less than 500 for the sim stop to trigger.

[LG]

1) Yes it is set to True. So it is supposed to submit a Market order for BOTH stop loss (exit) or buy stop (entry long)? Because when I look at Order Type, under the Performance tab, all of the orders are shown Limit, Stop, or StopLimit.

I am trying to sort out what happened when I had multiple orders filled within seconds and one of my stops was rejected. I am using a bracketing strategy that worked wonderfully for 3 months in sim acct and doesn't seem to work in real acct.

Let me just email you from the help tab and give you my account records and screenshots.

[NinjaTrader_Ray]

It will submit a stop market (stop order type in performance tab) for any order manually placed with the middle mouse button. Automatically generated stop loss orders based on your ATM strategy are always submitted as Stop Limit for Globex. You can't override this.