Placing Limit Order on Candle close

[kujista]

Hello,,

I have strategy running on RB5 time frame and I want to place order on CLOSE of candle..
E.G.
I want enter long ... price closes on 1000 - how should I place order... Price can open on next candle on 1001 or 999 - how to handle if price is below 1000? Will EnterLongLimit work good?

What would you suggest?

Thanks Kujista

[NinjaTrader_Jesse]

Hello kujista,

If you want to enter on the close of a candle you can use OnBarClose processing to do that. For a specific priced order you would need to use a limit or stop limit type order.

[kujista]

i want enter market if open od next candle is below close of previous and want place limit if not. i use calconeachtick and do logic on firstickofbar of 1tick tf. i do not know what limit place if price is one tick above close of previous candle… and price may quickly get under desired value of enter limit long

[NinjaTrader_Jesse]

Hello kujista

To do that you would need to make a condition that checks those prices. If you want to do something on the open you need to add a condition to check if its the first tick of the bar.

The price you make for your order is up to you, you would need to calculate that however you wanted the order placed.

Limit orders are not guaranteed to fill so that is a risk you take by using that type of order.

[kujista]

well that is what i was talking about.. what happens when price is 1001 on bar open. i place enterlimit long on 1000 and price goes meanwhile to 999.. what happens then ? is there some way how to guarantee, that order gets filled market when it gets below my limit market? or how to prevent error?

[NinjaTrader_Jesse]

Hello kujista,

If the price you specify does not happen then the order wont fill. That's the nature of limit order. If you want to guarantee a fill you need to use a market order.

[kujista]

well what happens when the price is 999 and i entrelonglimit @ 1000 ? does this shutdown strategy or makes fill @ 999?

[NinjaTrader_Jesse]

Hello kujista,

If you submit a limit order at a specific price the order is resting at that price, that does nothing to the strategy and the order waits to fill. If you need a guaranteed fill you need to use a market order.

[kujista]

so if i want to go long at 1000 and price si below ... 999 e.g. it waits until it hits 1000 and then it places long order?? I think i had some troubles when placing limit long @ 1000 when price was 999

[NinjaTrader_Jesse]

Hello kujista,

If you are not sure how the order types work I would suggest looking at public trading resources like investopedia, they provide details on the trading order types and examples of their uses. https://www.investopedia.com/terms/l/limitorder.asp