Difference between EnterLongMIT and EnterLongStopMarket

[uday12]

Hi,

What is the difference between EnterLongMIT and EnterLongStopMarket? Aren't both converting a Order to Market Order once the StopPrice is reached?

[NinjaTrader_ChelseaB]

Hello uday12,

EnterLongMIT is a Market If Touched order which is a simulated order that is not submitted until touched.
https://ninjatrader.com/support/help...terlongmit.htm

EnterLongStopMarket immediately submits a working stop market order.
https://ninjatrader.com/support/help...stopmarket.htm

[uday12]

Hi Chelsea,

Just to clarify what you write, let me know if this is correct.

Both EnterLongMIT and EnterLongStopMarket will have the same intended effect, but the method differs. The EnterLongStopMarket will send out an Stop order to the broker right away, which subsequently the broker's algorithm will convert the stop to a market when the stop price is reached, while EnterLongMIT will only directly send an market order to the broker after NT detects the Stop price to have been reached.

[NinjaTrader_ChelseaB]

Hello uday12,

Your understanding is correct.

Also, the orders go on opposite sides of the market (e.g. buy stop goes above market, while a buy mit goes below market).