Can one of the existing order types help me do this?

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1

Imported from previous forum

2

Hi,

I’m trying to figure out how to do the following. I’ll base my example on Forex.

Lets say the currenet price of EUR/USD is 1.4500. I would like to set an order to buy at 1.4510 but not higher than 1.4520.

I understand that a market order would be bad because if it gaps,
I’ll get filled at 1.4530 which is too far. And a limit order may not fill at all. Is there a way to say buy as long at 1.4510 or higher but below 1.4520?

Thanks in advance.

3

If I understand you correctly, you are willing to buy at 1.4510 (but not cheaper) and are not willing to pay more than 1.4520. You can use a stop to limit order to trigger your order to become active at 1.4510 and set a limit at 1.4520. After the trigger, you will simply have a limit order in the market with 1.4520. If the price subsequently falls below 1.4510, you should be happy to pay less, or?

More complex scenarios can be designed with the block.

Regards,
Hanno.

Hi,

I’m trying to figure out how to do the following. I’ll base my
example on Forex.

Lets say the currenet price of EUR/USD is 1.4500. I would like to set an
order to buy at 1.4510 but not higher than 1.4520.

I understand that a market order would be bad because if it gaps, I’ll
get filled at 1.4530 which is too far. And a limit order may not fill
at all. Is there a way to say buy as long at 1.4510 or higher but
below 1.4520?

Thanks in advance.

4

[ original email was from John Prewett - jprewett@lavatrading.com ]
Another method would be to supply a limit order of 1.4510 and a discretion of 0.0010. The discretionary amount would be specified using DiscretionInst(tag 388) & DiscretionOffset(tag 389).
Of course this or Hanno’s method requires that the executing venue properly supports these tags.

If I understand you correctly, you are willing to buy at 1.4510 (but not
cheaper) and are not willing to pay more than 1.4520. You can use a stop
to limit order to trigger your order to become active at 1.4510 and set
a limit at 1.4520. After the trigger, you will simply have a limit order
in the market with 1.4520. If the price subsequently falls below 1.4510,
you should be happy to pay less, or?

More complex scenarios can be designed with the
block.

Regards, Hanno.

Hi,

I’m trying to figure out how to do the following. I’ll base my example
on Forex.

Lets say the currenet price of EUR/USD is 1.4500. I would like to set
an order to buy at 1.4510 but not higher than 1.4520.

I understand that a market order would be bad because if it gaps, I’ll
get filled at 1.4530 which is too far. And a limit order may not fill
at all. Is there a way to say buy as long at 1.4510 or higher but
below 1.4520?

Thanks in advance.

5

Please use stoplimit order to achieve this

–Nand

Hi,

I’m trying to figure out how to do the following. I’ll base my
example on Forex.

Lets say the currenet price of EUR/USD is 1.4500. I would like to set an
order to buy at 1.4510 but not higher than 1.4520.

I understand that a market order would be bad because if it gaps, I’ll
get filled at 1.4530 which is too far. And a limit order may not fill
at all. Is there a way to say buy as long at 1.4510 or higher but
below 1.4520?

Thanks in advance.