StopLimit orders

[andrius]

Hello,

I would like to make sure I correctly understand *StopLimit orders, let's take ExitLongStopLimit. Do I understand correctly limitPrice and stopPrice: when stopPrice is touched, Long position will be closed with limitPrice ExitLongLimit order? Is that correct?

Let's take ES: at previous bar we set: ExitLongStopLimit with stopPrice=1200, limitPrice=1200, Close[1] was 1200.25, stop price is below market, all OK. Now say during Close[0] price falls, and hits 1200, long position is terminated with Limit 1200 order.

Is it OK to have both stopPrice and limitPrice set to the same value?

[NinjaTrader_Matthew]

Hello,

A stop limit order is essentially a combination of both a stop order and a limit order. This is to help control slippage.

The actual stop order is going to be at the stopPrice, however the limitPrice will control how many ticks away you are willing to be filled should you not get filled at the stopPrice.

Yes, it would be terminated at a price of 1200 in that example.

If you use the same value for the stopPrice and limitPrice, then there would not be any offset, both the stop and limit will be working at the same level. This is saying that you are only willing to be filled at this price.