I was trading with an automated strategy and I received an error message that an order was rejected because it was outside the banding limits. My strategy uses ATM with OCO bracket.
Several things happened. So I have several questions.
1. From the chart text and marker, I could see that 3 trades were placed from market open and closed out properly by the strategy. Only 3 trades were allowed by the strategy as Number of trades per day is limited by the Strategy and stops trading . So this not a problem with strategy performance. But 2 more entry orders were placed near the stop loss of the last strategy order and on the Orders page, where there is a column to show the source of an order, called Strategy, was entirely blank! So I cannot find the source of these unauthorized orders. Both were losses and closed out.
Need to know the source of these orders who placed them. The Platform or CME or a Glitch?
2. I checked the CME website link for Banding limits and it says these limits are not valid for stop loss market orders but only for limit orders. My ATM stop loss is only 10 points away on the NQ. So the banding error must apply only to either entry limit order or the profit target. But no valid trade (the first 3 trades) was missed or flattened so it doesn't make sense WHICH ORDER WAS REJECTED.?I was not trading manually, so the only order that can be rejected is a strategy order. But all strategy orders were accounted for with entry and stop loss filled?
3. What can I do to add a protection to the Automated strategy so that iF an ATM order or a OCO order is rejected, the account should be flattened and no more orders are placed from any source. I cannot have unauthorized orders placed.
Any light shed on these questions, is very much appreciated.
Thank you for your support.
sourcem
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