Stop Limit Order

[njmeyer713]

Hello All-

I just want to make sure I understand a stop limit order correctly.

I am having issues with my entries orders appearing on the chart and filled. There is a delay in when the price gets hit and when the order gets submitted and then filled. I was told earlier that there is a known issue with Rithmic so I downgraded to version 25 to hopefully resolve this.

That being said, when I do get in a trade and my stop loss is placed, if that stop loss gets hit, the order gets executed quickly as I would expect. I am wondering if this is becuase the order was submitted to Rithmic already and is sitting there waiting for the price to hit it.

To over-simplify my NInjascript, I want a buy order to appear 1 tick above the previous bar's High as soon as that previous bar closes and the new bars opens.

I am thinking that the Stop Limit Order is what I should use. I want to order to get filled only if the price moves above the High[1]. The main question is, is the stop limit order being submitted to Rithmic once the previous bar closes or is it staying on the Ninjatrader platform and being sent once the stop price is hit?

Hopefully that question makes sense. I basically want that buy order to be waiting for the price to hit 1 tick above High[1] in the hopes that it will improve my order submission time.


Thank you,

Nick

[NinjaTrader_ChrisL]

Hi Nick, thanks for writing in. The page here describes where your orders reside when they are resting at a price level:

https://ninjatrader.com/support/helpGuides/nt8/NT%20HelpGuide%20English.html?where_do_your_orders_reside_.htm

If your strategy is running OnEachTick, there is a detailed forum post here on using 1 tick data to add intrabar grainularity to your backtests:

https://ninjatrader.com/support/forum/forum/ninjatrader-8/strategy-development/94098-isfirsttickofbar-vs-onbarclose-for-backtest-live

Kind regards,
-ChrisL

[njmeyer713]

Chris,

Thank you for a the response.

I feel like i knew this at one point or saw it in the help guide but I cannot find it now, but is Rithmic a brokerage or an exchange? Do you have a link describing the different parties involved in getting an order triggered by my algo through getting filled?

Thank you,

Nick

[NinjaTrader_ChrisL]

Hi Nick, Rithmic is a brokerage. I do not have any information past sending the order from NInjaTrader to your Rithmic account, which is on their servers.

Kind regards,
-ChrisL

[bltdavid]

I feel like i knew this at one point or saw it in the help guide but I cannot find it now, but is Rithmic a brokerage or an exchange?

Neither.

Rithmic is a broker technology company. Rithmic customers are brokers,
and the brokers lease the Rithmic provided data feed and order feed
services of Rithmic to connect their human customers to these feeds.

That's why you usually see Rithmic mentioned with the broker, such as
TopStep/Rithmic,
Leeloo/Rithmic,
Apex/Rithmic,
NinjaTrader Brokerage/Rithmic,

CQG and Continuum are also broker technology companies.

The broker technology company provides NinjaTrader with software
which is generally called an 'adapter'. It is this adapter that needs
your Rithmic credentials -- NT holds these credentials in what it calls
a 'connection', and when you connect to Rithmic, the connection
credentials are sent to the adapter as part of the connection
process.

-=o=-

To connect to more than one adapter at a time, you will need a Multi-
Broker license. Otherwise, you have a Single Broker license and the
one adapter type you're allowed to connect to is kept on file with
NinjaTrader's license servers.

The terms 'Multi-Broker' and 'Single-Broker' can be confusing, since
they are a bit of a misnomer. These terms refer to the underlying
'broker technology' of the connection adapter, not the actual
brokerage firm itself.

[njmeyer713]

Thank you David-

That clears up quite a bit of questions I had about the different connections etc.