Stop Market orders

[pai074]

Hi,

When I put an stop order and the price is higher than the stop (for example because of a gap) there is an error and the order doesn't execute.

How can I do to execute this order at market? Is there any way?

I explain with number to be clearer.

I put a buy stop order at 100 and the price opens at 105. Then the output window give me an error and the strategy stops executing while what I want to do it's to buy at market.

I'm using NT 7. Thanks

[NinjaTrader_Jason]

Hello pai074,

Unfortunately this is as expected. You cannot submit buy stop orders below the market price. You will need to submit a market order instead.

The same applies for sell stop orders above the market price.

[pai074]

Thanks,

Do you know if it happens the same in NT 6.5?

[NinjaTrader_Jason]

Yes, the same applies in NinjaTrader 6.5.

[pai074]

And is it a bug that you have to fix it or is it for ever?

Because it happens very frecuent and it's a big problem when you do automatic trading.

You should study a way to correct this important bug.

[NinjaTrader_Jason]

Unfortunately, stop orders cannot be submitted that way. If you submit a market order instead, it will fill right away at the price the market is trading.

[pai074]

You'd take a look to Tradestation, Multicharts, Visualchart.. They don't have such a big problem.

When you automate a strategy does not know where it will be the price when the order is released, therefore it is logical that if the price has already been exceeded the order executes at market.

Thanks anyway.