Order fills question MIT

[johntraderuser2]

1. As I understand it the MIT buy/sell entry is a Limit order and all filled orders should be at the limit price or better correct?
2. The stop is a market order and is only triggered when price ticks to your market order price and never before this correct?

As a side note in demo it appears the limit orders sometimes don't get filled at the limit price but before the limit price is reached which must be wrong right? (Real order can only be filled at the limit price or better as in q 1 above, perhaps demo has some delay?)

Thanks

[NinjaTrader_Clayton]

Hello johntraderuser2,

Thank you for the message.

1. You are NOT correct.

• MIT stands for "Market If Touched" - as in Market order if the price is touched.
• This is essentially a Market order that you can "Pre-place" at a specified price. Then if the market touches the specified price, the platform submits a Market Order to have it fill as soon as possible.
• Since this is fundamentally a Market Order, it doesn't care what price it actually fills at and its only goal is to fill as soon as possible.
  • Since the Market Order hops in a line of other orders placed right before it, it is possible for the market to experience a few to multiple ticks of slippage in your favor or against you depending on market conditions at the time.

2. When using an ATM Strategy, the Stop Target will be a Stop Market order by default. If you expand the ATM Strategy settings - "More" menu, you can switch the Stop to use a Stop Limit Order instead.

• A Stop Market order will only trigger once the market price has reached the Stop Price.
  • Then it submits a Market order on your behalf to fill as soon as possible as described above.
• A Stop Limit Order consists of Two parts, a Trigger Price and a Limit Order/Price
  • The Trigger price would be when the order hops in line and starts trying to get filled.
  • The Limit Order/Price is the absolute worst price the order would still try and fill at. If the market goes beyond that before your order is filled, it will remain active and waiting to fill until the market comes back up to your limit price or better for long enough to make it to the front of the line and get filled.
    • It is possible the market never comes back to your limit price which would leave you in a position that needs to be manually exited.

3. It sounds like you might have some Rendering Delay causing the charts to fall behind the current market price.

• If you look at the Last Traded Price on the chart and compare it to the Ask and Bid prices in the Chart Trader panel, are they within a tick or two or are they multiple ticks/points away?
  • If they are multiple Ticks or more away from each other, then you are Experiencing Rendering Delays and need to reduce the complexity of your workspace.
  • If this is the case, please search the NinjaTrader forum for "Rendering Delays" as this has already been discussed a few times.

If you ever have questions about an order or its fill, go to the Order or Executions Tab of the Control Center and make note of the specific Order ID.

Then, use the following steps to send your log and trace files to the support team directly from your NinjaTrader Platform so we may investigate this behavior further:

• Within NinjaTrader, go to the Control Center > Help > Email Support...
• To: Set this to "Platform Technical Support"
• Subject: Provide a relevant subject for the situation
• Attach: Attach a file, picture, or compressed file to share multiple files/pictures
• Body: Include the Order ID, Date, and Time of the order in question so we may find it within the files and analyze it further
  • Please also include a description of what happened and what we are looking for so that we can provide further insight.
• Make sure 'Log and Trace files' is checked to include the requested files
  • Send the email

Please let us know if we may provide any further assistance.

[johntraderuser2]

Hello johntraderuser2,

Thank you for the message.

1. You are NOT correct.

• MIT stands for "Market If Touched" - as in Market order if the price is touched.
  

• Well that's probably why it seemed to fill at worse price (I'll check in demo once I understand what order to use), understood, thanks.
  
  

2. When using an ATM Strategy, the Stop Target will be a Stop Market order by default. If you expand the ATM Strategy settings - "More" menu, you can switch the Stop to use a Stop Limit Order instead.[LIST][*]A Stop Market order will only trigger once the market price has reached the Stop Price.

When you say 'will only trigger once the market price has reached the Stop Price' this means the price has to 'tick' (that you can always see visually on chart) to the stop price for it to trigger, correct?

So what is the correct order for me, I want a limit entry order with a set stop market order and a limit target all in the same order once activating trade?

Thanks

[jabowery]

The regular ATM does that. Place a limit order and the stop is automatically a stop market order, and the profit target is a limit order.