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Thankyou for your reply. There is no such menu that i can find in NT8 though.
What is the default slippage set to in NT8 and how can i change it would be my next question??
Still a contradiction putting slippage on a limit order. Market order yes or market when limit hit but not a pure limit order. Either fill/partial fill at exact price or not at all.
You are right, there is no such thing as slippage with a "Limit" order. Might you be referring to a "Stop Market" order? If that is the case, this has nothing to do with NinjaTrader as your order is resting at the exchange. If you reach out to our customer service team, they can help you identify what's going on.
Disclosure: This communication is sent to you by NinjaTrader, LLC, a software development company which owns and supports all proprietary technology relating to and including the NinjaTrader trading platform.
The word from Ninja trading/order team is that a 'stop limit' does not sit on the order book and can get slipped up to 20 ticks in my case. He didn't know how to change or if i could change the 20 tick limit and pointed me to platform support email.
Is this now correct that my stop limit is not really a limit order as such but an order with a 20 tick slippage attached to it and if i'm really unlucky and the price blows through my 20 tick limit i wont get filled?? Doesn't sound right..
Stop-limit orders are activated when an order's trigger price is traded in the market.
For a bid order, the trigger price must be higher than the last traded price.
For a sell order, the trigger price must be lower than the last traded price.
After the trigger price is traded in the market, the order enters the order book as a limit order at the order limit price. The limit price is the highest/lowest price at which the stop order can be filled. The order can be filled at all price levels between the trigger price and the limit price. If any quantity remains unfilled, it remains on the order book as a limit order at the limit price."
concluding, a stop limit is not a limit order on the order book. It is an order that becomes a limit order once price hits it. Hence it doesn't neseccarily need to be filled under certain conditions. The slippage control(or limit price) is the max deviation for worse your allowing it to take (which looks to be set to 20 tick on NT8 with no way of changing.) So in effect it's a market order with limited slippage. i.e. you will get slippage.
You are confusing a Stop Market order with a Stop Limit order. What you just described above is how a Stop Market order behaves. With a Stop Market order the potential for slippage is unlimited, certainly not limited to just 20 ticks, it could be 40 ticks or 100 ticks. You are assured a fill, but are not assured of the fill price.
A Stop Limit order will place a Limit order into the order book at the Limit Price specified when the Stop price is touched. In some cases price can move past the limit order before it is filled in which case the limit order will be left in the order book. In this case you are assured the order, if executed, will fill at the limit price or better, but are not assured the order will ever be executed or filled.
I believe there is more to it as have experienced regular slippage on these orders. Possibly due to the differences in the "trigger Price" and "limit Price"
*edit* Balanar was correct. There is indeed a stop limit offset setting in chart trader properties. Without this checked it must default to 20 i guess.
Another word from the Ninja team for anyone who cares about this stuff:
Eurex does not support stop limits if you trade them even although you can submit via Ninja. Something more involved happens between your platform and the Eurex exchange.
If your using an ATM strategy the pre-defined stop limit offset does not apply even if you have it set. It defaults back to 20.