Possible to set more order types?

Is it possible to have more order types set in the future.

1) Allow the system to issue actual limit order targets or just touch order targets.

For example, you seem to have currently set C2 to issue a market sell order when my limit price is touched. In Ninja Trader, I am able to set pure limit orders so that you are only gotten out of the order at that price. Sometimes that does mean that price may need to move slightly past the limit price for limit orders to get filled.

Can this be done as a choice either for the auto-trader and/or the system creator to choose as an order type in C2? Also, to prevent issues with for example the limit gets hit and for example the system may be out of the trade, but the auto-trader is still waiting for his or her limit order to get filled, you could have a setting to have stop automatically moved up to break even so that either the auto-trader gets their limit target filled or at worst case they get out at break even.

Also same for limit orders to get into a trade. For example, a setting of just touched or having a setting of waiting for the actual limit price to be activated.

Stop and market orders are not problems because a market order will get someone in or out of a trade at the market price while a stop is always converted to a market order as soon as it it is hit. However, as far as I can tell C2 does not handle limit orders correctly and does not give a choice to handle them like any other broker in the world currently has in that a limit order means I want to get to in or out of that price at the “exact” limit and NOT convert the price to a market price.

Now you may suggest that the issue is that a system may issue an order that is not filled by the subscribers and then get out at a target that is not filled by the subscribers. However, since C2 only reports actual subscriber data, then you could just not count that as a real trade. Now, let’s look at another possible issue, the system gets into a trade without subscriber and issues either a limit order to close or stop order to close. Since these are closing orders not opening orders, the system will not by mistake get a subscriber into a trade with a closing order.

Why do I ask for this feature? The benefit is really the difference between having to accept the bid vs ask. Whenever you do a market order, you have to accept 1 tick of slippage. In a fast moving market, its worth it to get into the trade with a market order since you know its going in the direction to your target and you don’t want to miss out in being filled by issuing a limit order. However, in a more slow moving market, the ability to get in and/or out of a trade using limit order is useful to make a little extra profit per trade.

Now you may say, but having many subscribers can prevent you from getting the correct prices and/or if someone is trading penny stocks there is no way to get the shares requested since there is not enough volume. But you don’t take into account say for example the ES futures market where you can easily trade 100 contracts at a time without affecting price.

I would like to just have this option either for the system creator and/or the subscribers. Please let me know what you think. Thanks in advance.

Actually, I thought of an easier solution that you could just apply to ES futures (this is probably where the issue is anyway) for now. I believe this is the solution that Ninja Trader uses for its demo trading to simulate realistic fills.

If someone sets a limit to close sell or buy order, your data engine issues the limit order to subscriber accounts. You only consider for a system the limit order to be completed if the market goes 1 tick beyond the limit price set. If the market has moved 1 tick beyond the limit price and for some strange reason, a subscriber has not had their target hit, then a market order buy or sell close is issued to the subscriber so that he or she stays in sync with the system.

Let’s use an example, a limit sell close order is issued for the price of 1373.25. The subscribers are all issued that price. Only if the market moves to 1373.50, should the limit price of 1373.25 be counted as the price the system got out as its target for both systems with subscribers and for systems without subscribers. As for systems with subscribers if for some reason 1373.50 is reached and they have not gotten filled in their limit orders at 1373.25, you could issue a market close sell order.

The problem with ES futures is that it usually has bid / ask difference of 1 tick. So in reality most traders who use limit orders and trade real money must have the market move 1 tick past the target limit price.

What are the benefits for Collective 2 by making this change? You would have more realistic trade logs for systems without subscribers that trade ES futures. You would have less to no slippage for systems with subscribers that use limit orders. I also think it would improve profitability for ES future systems.

I’m afraid we’re not going to be able to make the changes you propose, for a variety of technical reasons. For now, C2 treats limit orders as limit orders, until the price is hit anywhere in the marketplace, at which point they become market orders.