Limit outside previous bar

[dbooksta]

I am putting in EnterStopLimit orders for the next day's open based on the current day's close. How can I get around the following rule which apparently doesn't realize that gap opens are commonplace?

**NT** A Buy order placed at '1/3/2014 16:00:00' has been ignored since the stop price is less than or equal to the close price of the current bar. This is an invalid order and subsequent orders may also be ignored. Please fix your strategy.

[NinjaTrader_CalH]

Hello dbooksta,

Thank you for your note.

You are placing an order that is on the wrong side of the market price. You get this rejection message from both broker and our simulation engine if using Sim101.

You would want to handle this by detecting the rejection in OnOrderUpdate() and then submit a market order instead of the Stop order. This will sit over night until open and get filled.

Below is how you would use the RealtimeErrorHandling -
http://www.ninjatrader.com/support/h...orhandling.htm

Let me know if I can be of further assistance.

[dbooksta]

I don't believe that's what we want, or what should happen in this case.

Suppose the close is 100. I want to put in a stop-limit order for the next open with a stop of 99.5 and a limit of 99.75.

Suppose the next open is 99.25: we would not want the order to execute. Only if the stock trades up through 99.5 does the order become a buy.

Likewise, if the next open is 99.8 we would not want the order to execute, because although the stop condition to "activate" the order is satisfied we have exceeded the limit price, so in that case the order should immediately cancel.

[koganam]

... Suppose the close is 100. I want to put in a stop-limit order for the next open with a stop of 99.5 and a limit of 99.75.

(emphasis mine)

Is the issue. No exchange allows you to place a Stop entry order of any kind behind the market, at any time. It is not a NinjaTrader issue: it is a broker/exchange issue.