New Order price modality

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1

Imported from previous forum

2

Hi all!
Does anyone know what field should I use in the New Order ‘D’ message to indicate that

  • the order price is the current price of the market.
  • the order price is any price
  • there is a limit on the price of the order
  • the order is a stop order (=executed if it goes through a defined threshold)
  • the order is a stop-limit order (=executed if it is between two prices)

I think I have found some of these fields but I want to be sure I didn’t make a mistake, so if any FIX expert can help me there, thanks a lot!!!

3

[ original email was from Ian Orford - ian.orford@drkw.com ]
> Hi all!
> Does anyone know what field should I use in the New Order ‘D’ message to indicate that

> - the order price is the current price of the market.
OrdType(40) = Market(1)

> - the order price is any price
Dont understand how this is different from market

> - there is a limit on the price of the order
OrdType(40) = Limit(2)
Price(44) = the limit price

> - the order is a stop order (=executed if it goes through a defined threshold)
OrdType(40) = Stop(3)
StopPx(99) = the stop price

> - the order is a stop-limit order (=executed if it is between two prices)
OrdType(40) = StopLimit(4)
Price(44) = the limit price
StopPx(99) = the stop price

4

> > Hi all!
> > Does anyone know what field should I use in the New Order ‘D’ message to indicate that
>
> > - the order price is the current price of the market.
> OrdType(40) = Market(1)
>

For order price = market price, it might imply a order pegged to the market - ordtype = ‘P’ (pegged order) and ExecInst = ‘P’ (pegged to market)

> > - the order price is any price
> Dont understand how this is different from market
>
> > - there is a limit on the price of the order
> OrdType(40) = Limit(2)
> Price(44) = the limit price
>
> > - the order is a stop order (=executed if it goes through a defined threshold)
> OrdType(40) = Stop(3)
> StopPx(99) = the stop price
>
> > - the order is a stop-limit order (=executed if it is between two prices)
> OrdType(40) = StopLimit(4)
> Price(44) = the limit price
> StopPx(99) = the stop price
>
>
>
>