Ensuring a limit order is Buy or Sell only

• 03/23/2020 at 6:46 PM #123040
  bear_hunt

  In TWS, I specify a limit order to be Buy or Sell before placing it on the chart.  if I specify a Buy Limit order and place the line below the current price it commits a buy limit order and if I place the line above the current price, it executes a market order.  I like this operation as I can immediately execute a buy order if price starts to move in my favour.  It also means I don’t accidently execute the wrong direction.

  In PRT, the limit order is either Buy or Sell depending where I place it.  Above price is sell, below price is buy.  Having used TWS for 3+ years, the PRT operation is quite dangerous for me.  If price is moving quickly, a quick spike in price could execute a sell instead of a buy if it happened just at the point I clicked.

  Is there a way to program PRT to replicate the TWS way of working?

   

  

  bear_hunt

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  03/27/2020 at 11:28 AM #123573
  Pierre

  Hi,

  When you place an order from the charts using the ProRealTime platform, your order side (buy/dell) is automatically determined by the price of your order compared to the  bid/ask. Before validating your order, you will notice the the color of the order label will change to show you if are about to place a buy or sell order.

  To help you visualize above/below which level your order will be a buy or sell order, you can  add the indicator “Bid-Ask band (on price)” to your charts (indicator shown in the first image below).

  Here are some other solutions you might consider :

  • Using the Buy/Sell at Market buttons from the top of the charts.
  • Using the 4 Buy/Sell at Bid/Ask buttons to place your orders (displayed at the top of the charts in the image below).

   

  

   

  • Using the order ticket in which you manually confirm if you want to buy or sell.
  • Place your orders further from the price to validate if they are buy or sell, and then move them graphically to the price level of your choice (this requires however more clicks so it’s probably not the best solution).
  • From the vertical order book, go to the settings window, then change the setting shown in the image below to “Enable to place buy limit orders above price and sell limit orders below price”.  This option will allow you to place buy orders one side of the orderbook and sell orders on the other side.

   

  

   

  Hoping this helped.

  Regards.

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  bear_hunt

  

  Pierre

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  03/27/2020 at 11:43 AM #123584
  bear_hunt

  Pierre wrote:

  • Place your orders further from the price to validate if they are buy or sell, and then move them graphically to the price level of your choice (this requires however more clicks so it’s probably not the best solution).

  This is the method I’ve started using that most closely replicates what I do in TWS.

  It would be nice if PRT offered an option in the future to remove the need for the additional mouse click and drag.  I scalp the 1m chart and during volatile times, it is necessary to put a limit on market orders so slippage is capped.  But a market order is still required to ensure a fill.

  

  bear_hunt

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