How to set offset in a stop limit order

[FaaastEddy]

Hi,

In Chart Trader when I right click and select Buy Stop Limit order, I'm only shown a dialog that asks the quantity. I need to be able to set the offset for the limit order, it looks like the offset is 0 and this is basically just a Buy Marker order. How do I explicitly set the offset value of the stop limit order? I do see if right click on properties that I can have a pre-defined offset, but I need to set it for each individual order that I'm submitting.

[NinjaTrader_ShawnB]

Hello FaaastEddy,

Thanks for your post.

The dialog that asks the quantity is actually where you would specify an offset. When submitting a stop-limit order, a numeric field will appear, allowing you to set the limit offset of the order (the number of ticks away at which you wish to place the Limit price of the Stop-Limit order). Either by using your mouse scroll wheel or clicking on the up/down arrows in the numeric field, set the number of ticks and press the checkmark button to complete the order submission. For example, if you intend to place an order with a buy Stop price of 1000 and a Limit price of 1001 (4 ticks for the S&P E-mini contract), you would set the numeric field value to 4. Following the same example and submitting a sell stop-limit order, setting the numeric field value to 4 would result in a stop price of 1000 and a limit price of 999. Pressing the "X" button will cancel the order submission operation.

Here is the help guide to assist you with Submitting Orders in the Chart Trader window.

Please do not hesitate to contact us for any other NinjaTrader inquiries you may have.

[FaaastEddy]

Hi Shawn,

I gave it a try and I'm still having an issue. Simulated Order works, meaning a negative offsets move my limit order to the right offset from the stop order. However, a positive offset doesn't move the limit order to the right offset from the market order. Instead the order gets filled at the price I set the Stop Limit order no matter what positive offset I provide. I'm testing this out using the Simulated Data Feed. Can you please give this a try and confirm whether or not you are experiencing the same?

Thanks

[NinjaTrader_Melissa]

Hello FaaastEddy,

Thank you for the reply.

Stop Limit orders work a bit different than traditional limit orders. The order will execute at the Stop Price and will only fill if it is between the stop and limit price, rather than filling at the limit price.

The purpose of an offset is that it sets the range in which you are comfortable with this order being filled. Using the same example as my colleague above, if you have a buy Stop price of 1000 and a Limit price of 1001 (4 ticks for the S&P E-mini contract), then the order will fill somewhere between 1000 and 1001, but if the market moves to 1001.25 it will not fill at all. It would be expected that if there is enough volume to do so your order may likely fill at the original price where you placed the order.

Here is a publicly available resource from the NinjaTrader Brokerage that explains this order type:

https://www.ninjatraderbrokerage.com/emini_trading_education/futures/market_order_limit_order

The reason the negative offset works a bit differently is because it turns the order to a simulated stop. A simulated stop is hidden from the market until the price you specify is reached and then converts to a traditional limit order. You can see this in your chart when the simulated stop price is met and the order type changes to limit. This does not occur with positive offset stop limit orders.

Here is some more information about how simulated stop orders work:

https://ninjatrader.com/support/helpGuides/nt8/index.html?submitting_orders4.htm#UnderstandingSimulatedStopOrders

https://ninjatrader.com/support/helpGuides/nt8/?simulated_stop_orders.htm

Please let us know if you have any further questions.

[dadarara]

how can I have this negative offset in stoplimit order in the strategy code ? currently the managed EnterShortStopLimit does not allow the limit to be above the stop price.

[NinjaTrader_Melissa]

Hello dadarara,

Thanks for the post.

This question may be more at home in its own post in the 'Strategy Development' category where other programmers can provide you advice on this topic.

Please let us know if we may be of any further assistance.

[joselube001]

Hi!

Following this thread, how can I preset negative numbers to quickly configure a simulated order? Here I have attached a picture about it.
This window allows only positive numbers, but I need preset negative numbers for simulated orders.

Thank you!!

[NinjaTrader_Melissa]

Hello joselube001,

Thanks for the post.

At this time it is not possible to configure negative values within the preset menu for stop limit orders, instead you would need to either manually set those values or set a single negative value as the default offset.

To do so, right-click on the Chart Trader (or SuperDOM, any order entry window) and select Properties, then check 'Predefined stop limit offset'.

After checking this box, a new 'Predefined stop limit offset value' box will appear, where you may enter a negative value, and then click OK to save the changes.

This would make the negative offset value you choose the default and you would not be prompted to enter an offset going forward, so it may not be ideal for your situation, but I wanted to provide it as an option.

Please let us know if you have any further questions.

[joselube001]

Thank for your reply,

It's ok, can be very useful if we can insert negative numbers in the future, but by now can help this solution.

Thank you very much!