Thank you to everyone who weighed in with constructive feedback.

The subject of this post is something I looked into some time back (I screwed it up somehow). What I remember at the time was SC's documentation stating that you couldn't enter a limit buy above market. That was one of the reason's for my post. As I posted earlier, I want to use this technique in algo trading to control gaps or slippage, and I have been able to buy limit above marker in manual trade entries.

I just did a new search and came up with an answer from the SC support board that confirms what a couple of people have said on this thread, with an interesting detail.

Question put to their board was: How to enter a buy limit order above current ask in a spreadsheet system.

Sierra Chart Engineering replied:

This is going to be easier to do with ACSIL because there is a specific order type that supports this.

Refer to:
Automated Trading From an Advanced Custom Study

Order Types: OCO Buy Limit Sell Limit

Tuglife 

Thank you to everyone who weighed in with constructive feedback.

You actually can just check this yourself. Open a DOM hit "buy market" and look into the Activity log. You will have a buy order without a limit price (order 1 in pic). Then submit a buy above the bid and you will see the order has a LIMIT price but still fills at best bid. (order 2 in pic)

Same with NT

or if you want to test it in ACSIL for yourself here is the code.

 

Code

SCSFExport scsf_AA_TemplateFunction(SCStudyInterfaceRef sc) { // Section 1 - Set the configuration variables and defaults if (sc.SetDefaults) { sc.GraphName = "Limit Test Function"; sc.GraphRegion = 0; sc.AutoLoop = 0; sc.AllowOnlyOneTradePerBar = false; sc.MaximumPositionAllowed = 1; sc.SendOrdersToTradeService = false; return; } if (sc.GetBarHasClosedStatus() == BHCS_BAR_HAS_CLOSED) { s_SCNewOrder NewOrder; NewOrder.OrderQuantity = 1; NewOrder.OrderType = SCT_ORDERTYPE_LIMIT; // <<<<< NOTE Limit order priced above current market NewOrder.Price1 = sc.Close[sc.Index] + 4; int Result = 0; Result = (int)sc.BuyEntry(NewOrder); } }

Trembling Hand 

You actually can just check this yourself. Open a DOM hit "buy market" and look into the Activity log. You will have a buy order without a limit price (order 1 in pic). Then submit a buy above the bid and you will see the order has a LIMIT price but still fills at best bid. (order 2 in pic)

Thanks for the testing tip.

Are you saying that a BuyLimit 3 points above the Market offers the same entry protection as a BuyStopLimit at Market with a Limit Offset of 3 points?

This is esoteric, and would be difficult to confirm.

I've always understood the two to be different:
The BuyLimit above Market immediately fills at Market and offers no entry price protection.
The BuyStopLimit at Market offers entry price protection to its Limit Offset.

This thread inspired me to write a clarifying thread. Nothing fancy, just a scenario to try to clear up a marketable limit order.

Limit and Market order mechanics I was reading a thread where there was confusion around market and limit orders placed above or below the market which can be filled immediately. This seems to be a strangely persistent confusion. This post attempts to clarify some things. A buy market …