stop market if touched for futures?

Discussion in 'Index Futures' started by shortorlong, Mar 18, 2008.

  1. is such an order possible? I read somewhere that globex had stop-limit only.

    I am using NinjaTrader with Mirus Futures and Zenfire datafeed.

    Does anyone with this configuration trading the ES know how to setup stop-market-if-touched orders?

    The reason I ask is because I was just simming the ES and YM, I was in a trade with the standard 10-point take profit, 20 point stop-loss that I always run. Suddenly price jumped upwards in a straight spike, but my stop didnt trigger. Good thing it was only a sim..

    There must be some protection against this that I don't know about.
  2. lol .... sure thing that stop order you can use for futures, if this spike you are talking about would be in real account you would be filled and with slippage, it depends on how strong the move was
  3. MIT orders are available but it is broker/platform specific. Ninja does not support these last time I looked. Open ECry does. Just depends on the platform/broker.
  4. stop MIT is a misnomer...
    stops are activated when mkt trades at stop price or is bid or offered at stop price..

    Mit .. like a limti order.. buy mit placed below mkt and sell mit placed above mkt.. the opposite of stops...

    a stop should activate when the mkt hits your stop price..
  5. You can set up NT stop if touched BUT I have saved loads using their sim stop function it is brilliant for keeping you in the trade where in the old days you would get low or high ticked with the market then reversing
  6. vetten


    I had it too that my MIT order didnt activate.

    say your stop price is 12609 and the market goes 12607, 12608
    and then jumps to 12610, 12611 and on and on, then your stop price has never been touched and your order is still sitting there.:mad:
  7. ts888


    2 separate issues in this thread and here are your definitive answers:

    1. Yes, you can change Ninja to do a stop market rather than stop limit. Do this in the properties of the dome. This is for exiting orders.

    2. For entering orders, Ninja Trader does not currently have MIT order capability. They have a "Chase If touched" feature which activates your entry when the level is touched but it enters a limit order that will chase price in different ways depending on how you set it. There is not traditional MIT order where once price was touched you are saying you want in the trade at the market and are willing to accept slippage.

    above comments solely for Ninja trader which was what OP asked.
  8. Depends on what you are trading. Your reference here is the YM and that may skip levels due to such small liquidity. Not such an issue on the ES.