Stop Limit Orders

Discussion in 'Order Execution' started by Etisan, Mar 13, 2020.

  1. Etisan


    Using a Stop Limit (Buy) Order as an example, does any platform allow a Stop Limit (Buy) order that inputs the Limit below the Stop trigger price? On Rithmic RTrader the Limit order has to be equal or higher than the Stop trigger price & cant be below the trigger price.

    Scenario example: Crude is trading at $32.00, if it moves up & trades at $32.10 (the designated Stop price), I want the Limit (Buy) to automatically go in at say $32.05.

    Simply wondering if the above is possible for speed rather than watching for the stop price level to be hit & then manually clicking a normal buy limit myself.

  2. You can do this with Thinkorswim. You've gotta be creative with the advanced order rules. You can set a conditional limit order at $32.05 set to go active only when it hits $32.10.

    Edit: If you need a screenshot of how to set it up let me know
  3. Can also do that with IB with conditional orders and I think stop as well (haven’t tried it in ages)
  4. Yes, conditional order on IB can do that. Kind of a pain to access, interface-wise. You'll set a trigger, and it sets whatever type (stop, limit, trailing) below once the limit is reached.
  5. it's reasonable that the limit order will be higher than the stop order in stop limit buy order. why you should want it to be the opposite ?