Stop Limit order execution

[jackson]

Currently if I set a buy SLM order at 10, with offest of 1, then I will be filled at 10 or 11 as a market order when price moves through.

What I would like is to be filled as a limit order at 10 or 11. Is this possible in ninjatrader? I know that it is filling as a market order, because it has an effect on commissions.

If that is not possible, then is it possible that when price hits 10, a limit order is placed at 10, and chases price up, if price moves to 11 etc. How would this be done?

[NinjaTrader_Jason]

Hello jackson,

A stop limit order will submit a limit order once the stop limit price is reached, hence the name stop limit order. If you submit a stop market order, a market order is submitted when the stop market price is reached.

If you setup commissions in NinjaTrader, they will apply to all order types.

You can use the Auto Chase function to automatically adjust limit orders once the market moves away from it. Please see the link below for information to use this function.

http://www.ninjatrader.com/support/helpGuides/nt7/auto_chase.htm

[jackson]

Hello jackson,

A stop limit order will submit a limit order once the stop limit price is reached, hence the name stop limit order. If you submit a stop market order, a market order is submitted when the stop market price is reached.

If you setup commissions in NinjaTrader, they will apply to all order types.

You can use the Auto Chase function to automatically adjust limit orders once the market moves away from it. Please see the link below for information to use this function.
http://www.ninjatrader.com/support/h...auto_chase.htm

Thanks for the response Jason. Then this means that it is not working correctly. I am trading forex with MB trading, which pays if you execute a limit order, and charges if you execute a market order. I have set SLM orders several times with a positive offset, and every time when I am filled, I am being charged commission, i.e. MB Trading is saying that it is a market order.

I assumed this was because of the offset, and that it fills me at any price within my acceptable limit, i.e. it fills me as a market order at 10 or 11 but not higher. It correctly does not fill me at higher than my offset, so it is not a stop order.

[NinjaTrader_Jason]

I see - thank you for clarifying. I suggest to submit limit orders instead of stop limit orders and check if you will get charged.

Could it be forex limit orders are charged as well?

[jackson]

I see - thank you for clarifying. I suggest to submit limit orders instead of stop limit orders and check if you will get charged.

Could it be forex limit orders are charged as well?

Limit orders get executed as limit orders, and MB trading recognises this and pays me commission for those. That's all working fine.

It's only with the SLM orders.

Could you explain how the SLM orders are supposed to function? So it hits a trigger price (10 in my example), then does it submit a limit order at 10, and if it moves higher it shifts the limit order to 11, or does it try to execute at market at 10 or 11, but withdraw the order if it reaches 12?

[NinjaTrader_Jason]

I suggest to contact MBTrading and ask clarication why stop limit orders get charged commissions.

[jackson]

I suggest to contact MBTrading and ask clarication why stop limit orders get charged commissions.

Ok I will do Jason. Thanks for your help on this.