is there a way to force a stop order within 2 ticks on MES?

Discussion in 'Order Execution' started by IronFist, Oct 5, 2021.

  1. So let's say you're trying to go long one tick over the close of a candle. The current candle is about to close at a new high, so you put a stop order one tick higher. Except this gets sent as a limit order, and gets filled two ticks below your desired price. This is fine, except you didn't want to be filled at this price, even if it's lower. You wanted to be filled at the specific price.

    I'm told that you cannot place a stop order closer than 3 ticks on the MES. Is this true? Like even if I tap stop order, it will place it as a limit order. So depending on what the bid and ask are doing, you might get filled right away even if price hasn't gotten there yet. I kept getting the craziest fills today and when I checked the blotter these were LMT orders not STP orders, but I pushed the Stop Order option. Then I called the broker to ask why, and they told me you cannot do stops under 3 ticks away. I won't doubt this is true, I just want to know if there's a way to default it to a stop order anyway, like some kind of precise code or something. Can I transmit an order to the exchange that says "yes, I know a limit is normal here, but I want a stop anyway, I do not want a fill below my buy price."

    Placing stops more than 3 ticks away is functioning normally. It's just harder to do because I must wait until the last second.

    Is there a way to make it be a stop order regardless? I want to be filled at a specific price. I want to be filled one tick over the high of the previous candle. When the previous candle closes at a new high, seemingly this isn't feasible. I do not want to be filled below the high of this candle.