Hi
I’m needing help implementing a Market On Open order that works with Autotrading. I’m autotrading my own system and testing it out so that it will works effectively for subscribers.
Yesterday I placed a market order out-of-hours through collective2. This then sent a signal to my Tradebullet on my PC at 9:20am EST. This was rejected by my broker also at 9:20am (EST) 14:20 (UTC) with the message "Order rejected for reason: Ordertype not accepted this session."
Talking to MBTrading they accept Limit orders prior to open and Market order after open.
So the Collective2 signal was sent before market opens (by 10 minutes) and rejected. The collective2 website says “Market On Open (MOO) : It’s very easy to place MOO orders on C2. If the market is currently closed, simply type in a market order. The order will be submitted just prior to the market opening, and the price you receive on C2’s Hypothetical Fill Engine will be the market open price.” (http://www.collective2.com/static/info/moo.htm).
Sounds simple. But what actually works? I’m wanting something that actually works for subscribers, not just look good on the C2 equity graph. How do other developers handle a MOO so it works best for all subscribers?
Thanks,
Paul
P.S. I need to place the order out-of-hours with Collective2 due to 9:30am EST being 4:30am where I live!
The log from TradeBullet says:
2011-01-19 03:20:42:861 (2011-01-18 14:20 UTC) Processing new Collective2 order: TB Order TB802697 PLACE BUY 197 MNI MARKET GTC, System: C7Breakout , Signal: 56875496
2011-01-19 03:20:47:901 (2011-01-18 14:20 UTC) TBId#TB802697 (OrderId=TB802697) Initialized
2011-01-19 03:20:47:911 (2011-01-18 14:20 UTC) Sending TB Order TB802697 PLACE BUY 197 MNI MARKET GTC, TradeBulletId: TB802697, System: C7Breakout , Signal: 56875496 , Source: Collective2
2011-01-19 03:20:47:958 (2011-01-18 14:20 UTC) TBId#TB802697 (OrderId=24d0b05c) Pending Submit
2011-01-19 03:20:48:718 (2011-01-18 14:20 UTC) TBId#TB802697 (OrderId=1pc3b01:030z) Accepted
2011-01-19 03:20:48:755 (2011-01-18 14:20 UTC) Order Rejected: TB Order TB802697 **** BUY 197 MNI MARKET DAY, TradeBulletId: TB802697, System: C7Breakout , Signal: 56875496 , Reason: Order rejected for reason: Ordertype not accepted this session. [LINKSYSTEM_56404595]
Hi Paul, in the past I have placed market orders before open which were executed fine. My setup was different from yours though: Gen3 autotrade via OX. Sounds like the problem is not with C2 but with your broker not accepting market-on-open orders.
Maybe you could set a parked order in C2 to be triggered on the open or one minute after?
Hi, Paul:
This is something I can fix on the server side. I’ll make it wait until 9:30 AM ET to send market orders for stocks to MB Trading users for TradeBullet. May be a day until I can get this implemented.
Hi Matthew
Thanks. That seems like the only viable option, to work best for everyone.
