My stop was 1 cent below day-low

Discussion in 'Order Execution' started by TraderSU, Apr 21, 2009.

  1. My stop was 1 cent below day-low but still my broker filled the order :-(

    SRS stop @ 29.40 got executed at 4/21/2009 12:21:01 PM :confused: and day low is 29.41 :confused:

    What is wrong here?

  2. I also want to post the screenshot but then broker name will be revealed. Can I face a lawsuit for posting the transaction details?

    Anyway - just curious if something like this is common in brokerage industry.

    Someone please reply.

  3. If the stop is based on the orderbook (bids/offers) instead of the time and sales (prints), it's entirely possibly the best bid could have been .40 for a moment so your order got executed, but by the time it hit the exchange a bid had already been sent at .41, thus the price improvement. It's also possible that the best bid was .40 but there was an invisible bid at .41.
  4. What price were you filled at? And was your order for less than 100 shares?
  5. zdreg


    do not overestimate your importance.i t will help you with your trading to keep a proper perspective.

    the explanation given by nyobscalper was quite detailed and complete.
  6. Yes, it was a odd lot (40 shares) and my fill was at 29.429 (2.9 cents better).

    May be their stop logic is using BID in place of expected LAST price.

    FYI. I know that odd lot are pretty much hated on ET but I trade with small $$$ lot size.
  7. Looks like this was exactly the case. Fill was 2.9 cents better than STOP.

    Thanks for the clarification. Everyday is a learning.
  8. if you call them do they say the stops are based on the bid / ask or the actual prints.

    I never heard of a stop being triggered by the bid / ask. Also, I could be wrong, but I aren't stops placed on the exchange rather than held w/ the broker. If that's the case I'm pretty sure the exchanges use the prints to determine if a stop order should execute
  9. To my best knowledge, STOP or TRAILING STOP (or any advance order) stays with broker. Only market and limit order goes to exchange/ECN.

    I called the broker and support staff was unable to explain it. He put me on hold to investigate the issue but hung-up without saying anything. May be some technical issue with phone system. I did not bother to call again.

    My other brokerage account (OptionsHouse) has option to set STOP based on ASK/BID/LAST :)

    But this broker in discussion is pretty basic - does not support complex orders like trailing-stop. I've this for backup.
  10. dloyer


    I belive that lots less then 100 shares are not reported on the T&S and dont move the daily low or move the national bid/ask.
    #10     Apr 23, 2009