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Types of Orders to select in an Order Block

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Damon created · Jan 25, 2018 at 06:36 PM
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What I have created here is an example to show you three different ways you can submit Buy Orders using the Order Block.

First you can see I have set up the Instrument Block , QTY, and Ticks all as User Defined Variables. This is so that you can easily change these values on the fly from the Algo Dashboard User Defined Variables window. I also set some of the order values for EXPORT Variable functionality. This way you can also easily monitor these output values while the algo is running in your Algo Dashboard.

Now…. The three types of Order Blocks you see here: Buy Market Order , Buy Stop Market Order, and Buy Limit Order.
- The Buy Market Order is a setting inside the Order Block for “Type”…. you select Market. So, once you have this selected….. all you need is an Instrument and Qty input to have the order submitted. You can see in the screen shot….. the Market Order was submitted at Price: 284175 QTY: 5

- The Buy Stop Market Order is a setting inside the Order Block for “Type”…. you select Stop Market. So, once you have this selected….. you select an Instrument, Qty, and a Stop Trigger Price. You can see in the screen shot….. the undisclosed Stop Market Order has a Trigger Price: 284275 QTY: 5

- The Buy Limit Order is a setting inside the Order Block for “Type”…. you select Limit. So, once you have this selected….. you select an Instrument, Qty, and a Limit Price. You can see in the screen shot….. the Limit Order has a Price: 284025 QTY: 5

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avatar image adampap90 · Jan 26, 2018 at 12:02 PM 0
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Can I protect my Market order against the huge slippage with this logic?

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avatar image Damon ♦ · Jan 29, 2018 at 04:10 PM 0
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You are pulling Time n Sales data to extract Trade QTY, Price, BUY or SELL. You then calculate the BID/ASK Trade Volume to trigger your IF THEN ELSE condition to pull Trade Price, and add your Max Slip setting. If this Price is Greater than or Equal to the Ask Price……. Then Trigger the Buy Market Order for the stated QTY.

avatar image Damon ♦ · Jan 29, 2018 at 04:10 PM 0
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I would also add in Alert Blocks to record the Market Data and trigger conditions when DELTA condition is TRUE. And also when your ON/OFF condition turns TRUE as well. Have the snapshots of the related Market Data values print out in your Audit Trail so you can monitor the behavior and performance.

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Types of Orders to select in an Order Block

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