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Order Defaults for Contracts |
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You can specify default values that is used when placing orders for
each contract defined in AutoTrader. For each contract, you can specify
the default value for the follwing parameters:
Item |
Description |
Use SmartTrack
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if you
have a limit order that is a few ticks away from the current price
(usually one or two ticks, or the typical bid ask spread for the
symbol), you can make AutoTrader automatically adjust your order for
you in case the price moves away from your order price. This is useful
for entering a position without losing the spread. Note that it may be
a lot harder for an order to fill using this method, but there are
certain symbols where this method would be a good fit.
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Max Ticks to Track
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SmartTrack
is in a way, automatic chasing of a price. The price is moving away
from your order price, and AutoTrader automatically updates the order
to keep up with the new price. However, you do not want to make this
chase unlimited. So you specify up to how many ticks you want
SmartTrack to follow the new price, after which the order is cancelled
if it does not get a fill.
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Stop Trigger
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Stop
orders can be triggered by the Bid or Ask price matching your stop
trigger price, or the last price matching your stop trigger price. The
default is to trigger on last price. If the market for the symbol is
liquid, there should be no problem keeping the stop trigger on last
price. However for symbols with low liquidity (few trades occuring),
the bid ask price can move several ticks away without a trade occuring,
hence the last price would stay the same even though the bid and ask
price have moved quite far already. In this case, you want to make the
stop order trigger on Bid/Ask.
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Close Position Using
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Select
Market Order or Limit Order. When the Close Position action is
triggered, the target order is modified to close the position
immediately. It can be submitted either as a limit order or a market
order. Depending on the symbol, one may be more appropriate than the
other.
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Limit Order Buffer Ticks
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The number of ticks to add to Buy at Ask or Sell at Bid limit orders to make sure the order will be filled.
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Stop Order Type
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Select the appriopriate stop order type to be used for your postion exit stop order.
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Time In Force
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The time in force to use for orders.
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All or None
| Defaults to false. If this is set to true,
your order will not get a partial fill. Not all symbols and exchange
combinations allow this option. In case where this option is not
allowed, an error will be displayed and this option will automatically
be turned off and you can simply submit the order again.
| Override Pct Constraint
| If you specified a percentage constraint in
your TWS configuration, then setting this option to true will override
that setting and allow your order to be submitted even if it exceeds
the percentage you specified in TWS setup.
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These are the parameters that applies to orders that you generally set
once for a particular symbol and use it for all your trading for that
symbol. There are other parameters, such as stop and target offset,
that you will change more frequently, even from trade to trade. These
are available in the Position Exit section and you can change the
values on the parameters while the positiobn is still open and the
change takes effect as soon as you accept the new value.
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