Canceling the order if market passed the Stop price

[wellborn]

It's been a long time that I am thinking of a very simple Strategy that should be implemented to Ninja Trader originally
I would like to place a Stop Buy limit order or Stop sell limit order on Ninja trader however if the market passed my Stop limit order and my order does not filled I would like the NJ cancel my Stop order Automatically
In another word to be able to tell the Ninja Trader to Cancel my Stop order if it does not filled when the marked touched the price and passed it
I dont want my stop order become a buy limit order , i wand to cancel it on the spot
let me now please if there is anyway I could achieve this, please, or anyone can help me to achieve this simple but overlooked option in Ninja Trader
thanks
Wellborn

[NinjaTrader_Bertrand]

Wellborn, welcome to our forums and thanks for sharing those thoughts - so you would be looking for a MIT (market if touched) order entry?

A stop limit order would work this way, it would place a limit order at your designated price once it's triggered by the stop component.

[wellborn]

Not MIT , i mean Stop limit order , when you place an order on DOM by pressing the middle button on your mouse you can Buy or sell on a specific price , however if the price goes over your Stop and your order does not fill then the order would become a Buy or sell limit order and would fill when the price get back to that point ,
what i would like is to cancel the order when the price passed the stop point suddenly in the result of a fast movement of the market and my order become a buy or sell limit order instead of a Stop buy or Stop Sell limit order
i hope my explanation would make it clear
thanks

[NinjaTrader_Bertrand]

Sorry, I don't follow you - if you're working with a stop limit order, then you always place a limit order to buy after the stop part triggered it. You're not executing on a stop order here, but a limit order. If you wish to cancel it after the stop triggered it then there's no point to place the order to begin with.

If you're working with Stop Market order, then the stop part triggers a market order - this could also not be cancelled as it's immediately routed for best execution.

So I'm unsure when you wish to cancel the entry order, after a spike through your entry order price?

[wellborn]

Ok , let me describe it exactly :
for example , Oil is trading at 88.70 i would place a Stop Buy limit order at 88.80 ( I want to be fill at exactly 88.80 ) but sudenly oil would leap from 88.77 to 88.84 now my SLM order at 88.80 became a LMT order , now when ever the price get back from 88.84 to 88.80 my order would fill ?

i dont want this scenario ! what i need is to have my order fill when the market is going up (from 88.75 to 88.84 ) i dont want to get filled when the market price is getting back from 88.84 to 88.80

So , I want the NJ cancel my LMT order when the price jumped over my SLM order and didnt get filled , becasue i dont want to get filled (buy) when the price came back

let me know please if my explanation was clear

thanks a lot

[NinjaTrader_Bertrand]

wellborn, the thing is - the actual order to get a fill then is always a limit order at 88.80 - there is no change then in ordertype, the stop just triggered the placement of your actual limit entry order.

Since a feature to cancel the limit order automatically if not filled within a certain amount of bars it not available, I will add this to our product development feature tracking lists for consider it for a future version.

What you could use now is a Stop Market order for example, this will trigger a market order and you would not 'miss' the move targeted, a downside would be potential slippage on the execution side.

[wellborn]

THanks a lot Bertrand , is there any hope to have this option within NJ any soon ?
regards
Wellborn

[NinjaTrader_Bertrand]

You're welcome, we appreciate your input shared on how to further advance our NinjaTrader platform.

Unfortunately I could not offer an ETA or commitment at this time, but this thought has been added under # 1913 to our tracking and you can inquire on status updates in the future if you like.

All the best,

[koganam]

Not MIT , i mean Stop limit order , when you place an order on DOM by pressing the middle button on your mouse you can Buy or sell on a specific price , however if the price goes over your Stop and your order does not fill then the order would become a Buy or sell limit order and would fill when the price get back to that point ,
what i would like is to cancel the order when the price passed the stop point suddenly in the result of a fast movement of the market and my order become a buy or sell limit order instead of a Stop buy or Stop Sell limit order
i hope my explanation would make it clear
thanks

You would just have to program it exactly as you have described. Check the current price against the order price, and CancelOrder() as necessary.

[wellborn]

still waiting after two years :-)

its been two years passed that I have been written :

"when you place an order on DOM by pressing the middle button on your mouse you can Buy or sell on a specific price , however if the price goes over your Stop and your order does not fill then the order would become a Buy or sell limit order and would fill when the price get back to that point ,
what i would like is to cancel the order when the price passed the stop point suddenly in the result of a fast movement of the market and my order become a buy or sell limit order instead of a Stop buy or Stop Sell limit order"

and still I could not find a solution as i am also could not program Ninja trader manually , just wondering if this feature implemented in NT 8 ?

thanks

[koganam]

its been two years passed that I have been written :

"when you place an order on DOM by pressing the middle button on your mouse you can Buy or sell on a specific price , however if the price goes over your Stop and your order does not fill then the order would become a Buy or sell limit order and would fill when the price get back to that point ,
what i would like is to cancel the order when the price passed the stop point suddenly in the result of a fast movement of the market and my order become a buy or sell limit order instead of a Stop buy or Stop Sell limit order"

and still I could not find a solution as i am also could not program Ninja trader manually , just wondering if this feature implemented in NT 8 ?

thanks

I originally overlooked that you were speaking about manual orders on the DOM. You cancel orders on the DOM in the same manner at all times.

ref: http://www.ninjatrader.com/support/m...ing-Orders.htm

[wellborn]

Thanks for your reply , but you still have not got what i mean , let me clear again :

imagine pressing middle button ( scroll wheel ) on the mouse on a price to put a Stop limit order with ATM strategy , now you leave your desk and suddenly market moving and passing the price point that you wanted your order to get filled , naturally you missed the movement and you are not in front of the computer to cancel the order manually , then few muintets later market would retrace and then would fill your order , now you got ATM strategy with a stop order in which will get hit and you will end up with a loss instead of profit , in another word MIT order would become your killer with conjunction of ATM strategy if you are not in front of the computer when market moving and your order not get filled then suddenly the MIT order would become stop order !
if you still havent got that I can make a video to showcase the scenario , I am sure anyone using middle button of the mouse to put order with ATM strategies knows what i mean

[NinjaTrader_Bertrand]

Thanks for checking in wellborn, that's still an item actively tracked as enhancement request. As of now it would be a manual monitoring of the order and canceling when you not wanted to be filled anymore, i.e. on the retrace.

[carlosavellan]

MIT for System trading

Here's my dumb question. For Backtesting purposes and Live Trading as well (systematic trader), a StopLimitOrder with the same Stop and Limit prices, seems to be getting filled or working as an MIT.
Am I correct to assume that this approach is equivalent to an MIT order?

Something like this:

EnterLongStopLimit(0,true,1,EntryPrice,EntryPrice,"Bullish");

Please advise. I am not too experienced but seems to make sense if you want to get in at a particular price (lower or higher than current).


Thanks!

[NinjaTrader_PatrickH]

Hello carlosavellan,

Thank you for your post.

Not necessarily, the Limit Price is still going to try to fill you at that price or better. There is no true Market If Touched order in NinjaTrader 7.