order type and states

[soulfx]

Hello i have a quick question on order states for the different order types for clarification.

Is it true that only buy/sell limit orders go into the 'working' order state in ninja (Not MIT)
any others ie buy/sell stop and buy/sell stop limits and limits set to MIT market if touched only reach the 'Accepted' state in the order state changes ?
thanks

[QuantKey_Bruce]

Is it not the case that a market order (MIT would be the same once it is touched) would not be "Working" for very long if at all, UNLESS there is no bid/ask on the other side to execute against. This would be very unusual during normal market operations. Once a market order is issued, it would be matched immediately so you shouldn't see Working or only for so short a time you probably won't catch it.

See also: https://forum.ninjatrader.com/forum/...g-order-status

[NinjaTrader_Jesse]

Hello soulfx,

You can see how each type of order works by printing the order.OrderState from OnOrderUpdate. Some types of orders go into a working state while others may stay at accepted until actioned.

[soulfx]

Sure i can do that and have done in my code - and observed the changes in the Log file coming through - i will check over again for specific order types - but wondered if there was a general note regarding the different order types.
A buy stop limit for example - does it actually go into a limit state or the limit part defines the minimum price (or better ie lower depending on liquidity) to be paid in the result of a fill.
Ie it doesnt convert to a limit when touched or does it ?

[NinjaTrader_Jesse]

Hello soulfx,

There are not any general rules that NinjaTrader provides, the order state is just what the broker has supplied back as the status of the order. Orders like market orders fill nearly instantly so you won't see those states on those type of orders. Other orders will have either an accepted state to let you know it was accepted by the exchange or a working state to know its working as an active order.

To find out how each order type works on an exchange we suggest using public trading information websites like investopedia https://www.investopedia.com/terms/s...limitorder.asp

[soulfx]

ok thanks i will check that out - for me i am just trying to get a more exact deeper understanding as i handle for different strategies

[NinjaTrader_Jesse]

Hello soulfx,

If the purpose is to add handling a good approach to that is to submit each type of order and print out the state that the platform sees for that order through its full lifecycle. That would give you the expectation on how the platform is going to report each OrderState so you can add conditions. The only other status an order might have would be the ones listed in the help guide here: https://ninjatrader.com/support/help...sub=orderstate

For your purposes it would depend on what you are trying to handle, in most cases you only need to check for PartFilled, Filled, Rejected or Cancelled to drive strategy logic. Knowing if an order is accepted, working, change pending etc is generally not used to drive logic and is mainly just used in the UI so you know the status of what's happening with the order.