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OrderLimit support and behaviour
#471441
03/04/18 13:23
03/04/18 13:23
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Joined: Dec 2013
Posts: 568 Fuerth, DE
Sphin
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Does the FXCM API support OrderLimit? If not is there any broker known that does? As far as I know something like this should be prevented by OrderLimit or is it still a matter of slippage? From trade log:
[1158: Fri 18-03-02 14:17:01] (1.37795)
2018-03-02 14:17:55.4555
Asset: GBPUSD_FXCM, Price: 1.37750, Spread: 0.00001, Commission: 0.00007
OrderLimit: 1.37746
[GBPUSD_FXCM::S5254] Short 1@1.37694 at 14:17:55.
Is there a chance to simulate OrderLimit if it is not directly supported by the API or on MT4 accounts? Thanks, Sphin
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Re: OrderLimit support and behaviour
[Re: Zheka]
#471469
03/05/18 16:46
03/05/18 16:46
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Joined: Dec 2013
Posts: 568 Fuerth, DE
Sphin
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Sure? OrderLimit Send a limit order at the given limit price, instead of a market order, to the broker at the next enterLong or enterShort call. This is different to an Entry limit. It does not produce a pending trade, but cancels the order if it is not filled within a few seconds, dependent on broker API. If the broker API supports limit orders, this guarantees a fill price at or better than the limit. [...]
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Re: OrderLimit support and behaviour
[Re: Zheka]
#471474
03/05/18 18:35
03/05/18 18:35
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Joined: Dec 2013
Posts: 568 Fuerth, DE
Sphin
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Logically I would say that if the plug-in does or were to support OrderLimit, then the order would be directly sent as 'limit' to the broker, where it would be subject to the usual limit order handling rules I described above. and If the broker API supports limit orders, this guarantees a fill price at or better than the limit. are not the same. The usual limit behaviour should be already covered by 'Entry', at least it is explained in the manual similar to your description. But who knows.
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Re: OrderLimit support and behaviour
[Re: Sphin]
#471477
03/05/18 19:54
03/05/18 19:54
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Joined: Jul 2017
Posts: 785
Zheka
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If the broker API supports limit orders, this guarantees a fill price at or better than the limit This will normally be true if the limit price is "same or better" than the current. But in this case it was "worse". So, the order - already at the broker - got converted to market BY THE BROKER (nothing Zorro can do about it by then). And in a fast falling market (with liquidity quickly removed on the bid side, i.e.bid price falling even faster) and with latency, you got 'slipped' vs the desired limit price. Change the limit price to bid-ask mid-point. OrderLimit will then work as intended: if not executed quickly, the order will get cancelled and you can resubmit it again to chase the moving price but still guarantee favourable execution.
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Re: OrderLimit support and behaviour
[Re: Zheka]
#471531
03/07/18 18:37
03/07/18 18:37
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Joined: Dec 2013
Posts: 568 Fuerth, DE
Sphin
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Change the limit price to bid-ask mid-point I hope to do it right but there seems to be not the desired effect: 2018-03-06 11:22:39.994 Asset: EURUSD_FXCM, Price: 1.23605, Spread: 0.00002, Commission: 0.00007 OrderLimit: 1.23604 [EURUSD_FXCM::L8224] Long 1@1.23701 at 11:22:40. 2018-03-07 09:17:29.427 Asset: GBPUSD_FXCM, Price: 1.38658, Spread: 0.00002, Commission: 0.00007 OrderLimit: 1.38657 [GBPUSD_FXCM::S6627] Short 1@1.38636 at 09:17:29 Do I have to set also a value for Entry when using OrderLimit? Up to now I didn't.
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