“Open price must be set to at least X points different than market price” - page 2
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I admit that I haven't tried those four math equations you provided and those might be appropriate solution I am looking for. Obviously I cannot test those equations now because it is saturday and trading hours are OFF but will do this first thing on monday. Is there a guarantee that those four equations will really put entry price and current market price (the horizontal lines) as close as possible (minimum possible distance) together to still avoid error in New Order window? I don't know how I haven't thought about those four equations before but they look ''promising'' and thank you again for saying them. Will try on Monday first thing in the morning.
Is there any tool to be implemented (i don't think i could call this tool ''indicator'') which shows prices using X (definition of ''X'' and where ''X'' is located is shown in third paragraph of my first message above) value in real time for any trading symbol i need, regardless of instrument type? The tool that would show those four prices instantly telling me what do i need to type in New Order window if i want to use either of four pending orders - obviously respected must be the ultimate goal (minimum distance).
There are a number of approaches you can take.
You could have 4 different scripts (one for each type of pending order) which does the calculation and places a pending order at the minimum distance. Assign a hotkey to the script, or drag onto the chart when ready to use.
Or, you could have an indicator which displays the appropriate prices in the corner of the screen, constantly updating as price moves.
More adventurous still, have an EA that places Market Orders when price reaches the level of your choosing. That eliminates the need to worry about stops levels altogether.
Regarding your second paragraph: It would be better only 1 script for all four prices (four types of pending orders) and not 4 scripts (one script per one type of pending order) but indicator you have mentioned in third paragraph is even better. I wish and hope that your four equations will solve the problem with error messages saying about invalid data entered in New Order window. Said error is basically showing that entered Entry Price is too close to current market price. Although you haven't answered if four equations really define entry price (the one to be typed in New Order window) being as close as possible (minimum still allowed distance to avoid error and to successfully execute pending order) to current market price but I believe they, all four, do.
I will do some research about such script/indicator. If you know any existing one, a suggestion would be appreciated.
Regarding EA in your last paragraph: No, I don't like this. I am strictly against automated opening of orders including pending ones. This is for safety reason because via human eyes vision (manual work of adding the order) something can be seen based on which i change my mind and Not open/execute a position. Automated tool might not ''see'' that and automatically adding the position when it shouldn't be added may result into disaster on trading account balance. So big ''no'' to automated opening of positions but this is just my own opinion and actually offtopic to the current discussion.
Regarding your second paragraph: It would be better only 1 script for all four prices (four types of pending orders) and not 4 scripts (one script per one type of pending order) but indicator you have mentioned in third paragraph is even better. I wish and hope that your four equations will solve the problem with error messages saying about invalid data entered in New Order window. Said error is basically showing that entered Entry Price is too close to current market price. Although you haven't answered if four equations really define entry price (the one to be typed in New Order window) being as close as possible (minimum still allowed distance to avoid error and to successfully execute pending order) to current market price but I believe they, all four, do.
I will do some research about such script/indicator. If you know any existing one, a suggestion would be appreciated.
I know you have chastised some of the other contributors for not reading your posts thoroughly... perhaps if you read some of the documentation in the links people have provided to you it will explain where those formulas came from and therefore how reliable the information is
It is an unusual request to want a pending order placed at the absolute minimum distance, as usually this is just a few pips away from a market order. So I would suggest you would be looking at bespoke / custom code. Here is the standard boiler plate answer, which will give you some extra links to explore:
Forum on trading, automated trading systems and testing trading strategies
Welcome,
Good luck.
'' New Order window, for orders Buy Stop, Sell Stop, Buy Limit, Sell Limit, I see the following warning message at the bottom "Open price must be set to at least X points different than market price" where X is quantity of points. I don't know if X is dynamic value or static. Dynamic value means that for one trading symbol the X is different than for same identical ( ! ) trading symbol next hour or next day or new week or in the past. So X varies. Static value obviously means it is all the time the same. So I repeat that I don't know if the X is dynamic or static, it might even depend on particular trading symbol. Anyway, this is NOT my question.I would like to open a pending order of either of four said types. I am not using TP SL values. Only entry price value. Please note that I want to have entry price as close as possible to the current market price so the minimum possible distance.''
did you figure out what is X value or not?
honest_knave:
@Tammy0 to avoid going around in circles: the responses you are receiving are presuming you intend to write some code.
I think perhaps you are not intending to write any code.
In which case, you can manually check these values:
You can then use it in conjunction with the table I linked in my previous post:
StopLevel Minimum Distance Limitation.
A trade operation will not be performed if any of the following conditions is disrupted.
This was really helpful. thanks