Hot key question - Creating a buy order above current price

[Kraken29]

Hi... When using chart trader, I can right click and place a buy order above the current price. I can then click on it and drag it down to a level marked by an indicator I use. The bar then comes up and triggers the order and it's filled. All good. I want to do the same with a hot key. When I set up a custom hot key to do a buy plus say 90 ticks, the order still triggers in immediately. If I do a buy minus 90 ticks, I need to drag the order across the bar and it triggers in before I get to the level where I want it.

This all seems odd to me, what am I missing?

[NinjaTrader_Clayton]

Hello Kraken29,

Thank you for the message.

If you want to place an order on the opposite side of the market, you would need to do so as either a "Stop Market Order" or a "Stop Limit Order".

• So, you would want to edit your Hot Key to use one of those order types instead.

By having the hot key try placing a normal "Limit" order on the other side of the Market Price, it immediately sees a "Better" price and tries to fill.

• A Limit order will fill at the Limit price or better.
• Imagine the market is trading at 1000 and you put a Buy Limit order at 1050, it will fill immidiately.
  • If the concept is to buy in low and sell high for a profit, the Buy Limit Order's logic would be, "I can buy in for an even lower price so let me try and fill ASAP"

So, the Stop Limit and Stop Market Orders would allow you to place orders on the other side as those are more often used as a "Stop Loss" to mitigate losses if the market goes against them.

Please click here to learn more about the different order types to have a better idea of which ones you want to use and when


Here are some additional guides and videos that go over submitting orders from some common order submission windows:

• Chart Trader - Click here for a guide and video demonstration of using Chart Trader to place orders
• SuperDOM - Click here for a guide and video demonstration of using the SuperDOM to place orders

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

Have a wonderful weekend!

[Kraken29]

Well, I should have thought of that. Thanks Clayton, for a quick and complete response.