Slippage on AMP Broker limit order?

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96758
24
96758  
This is on Metatrader 5.

I entered a position today at 2394 and placed a limit to close at 2292.75. The price hit my limit but my order was filled at 2393.25. I was watching DOM and saw other orders being filled at 2392.75 so I know there was plenty of volume at that level.

Is this common on MT5? I thought limits were filled at the price you want or better.

Amp reponded by the following statments :

( If you use order type, SL or TP the order is working locally on your MT5, then once last trade price touches the SL/TP level it triggers the order as a market order to the exchange.


If you want your orders to be working on the Exchange - you should use straight STOP or LIMIT order type. )..


Is this true ? If i use Straight stop and limit order in MT5 , does my SL or Limit order cancel when either of them are filled... Please help


 
Alain Verleyen
36042
Alain Verleyen  
96758:
This is on Metatrader 5.

I entered a position today at 2394 and placed a limit to close at 2292.75. The price hit my limit but my order was filled at 2393.25. I was watching DOM and saw other orders being filled at 2392.75 so I know there was plenty of volume at that level.

Is this common on MT5? I thought limits were filled at the price you want or better.

Amp reponded by the following statments :

( If you use order type, SL or TP the order is working locally on your MT5, then once last trade price touches the SL/TP level it triggers the order as a market order to the exchange.


If you want your orders to be working on the Exchange - you should use straight STOP or LIMIT order type. )..


Is this true ? If i use Straight stop and limit order in MT5 , does my SL or Limit order cancel when either of them are filled... Please help 

This is confusing. Did you use a limit order (so an independent pending order) or a SL/TP attached to your position ?
96758
24
96758  
Alain Verleyen:
This is confusing. Did you use a limit order (so an independent pending order) or a SL/TP attached to your position ?

Hi Alain, 


Thanks for the response.


After the buy or Sell order triggers at the Market order, EA is using the SL/TP as per the developer. Any inputs is very much helpful as i am losing a lot of pips. 


Is there a option in MT5   ,which can close my Order  at the exact Target limit price or Exact SL price rather than closing the order with few pips difference.


Please help me with your experience.

Alain Verleyen
36042
Alain Verleyen  
96758:

Hi Alain, 


Thanks for the response.


After the buy or Sell order triggers at the Market order, EA is using the SL/TP as per the developer. Any inputs is very much helpful as i am losing a lot of pips. 


Is there a option in MT5   ,which can close my Order  at the exact Target limit price or Exact SL price rather than closing the order with few pips difference.


Please help me with your experience.

SL/TP are not limit orders.

In place of the TP you can use a limit order (you will get this price or better).

In place of the SL you can not use a limit order directly, but a stop limit order for example.

Of course all of that is not so easy as just using a SL/TP (and is harder to code).

Nguyen Nga
14310
Nguyen Nga  

Use Limit order is better to open order at exact price,  but it is not good if price reverse fast.

Alain Verleyen
36042
Alain Verleyen  
Nguyen Nga:

Use Limit order is better to open order at exact price,  but it is not good if price reverse fast.

What do you mean ?

Nguyen Nga
14310
Nguyen Nga  
Alain Verleyen:

What do you mean ?


say buy gold have TP at price 1350, and sell limit at 1350

when price touch 1350, and next tick price is 1349.9. position will close at 1349.9, and sell limit not trigger.

Alain Verleyen
36042
Alain Verleyen  
Nguyen Nga:

say buy gold have TP at price 1350, and sell limit at 1350

when price touch 1350, and next tick price is 1349.9. position will close at 1349.9, and sell limit not trigger.

Why to use a TP and a limit order ?

This topic is about MT5 on a netting account, aren't you talking about MT4 ?

Nguyen Nga
14310
Nguyen Nga  
Alain Verleyen:

Why to use a TP and a limit order ?

This topic is about MT5 on a netting account, aren't you talking about MT4 ?


It use to compare about TP vs limit order.

No, AMP MetaTrader 5.

Alain Verleyen
36042
Alain Verleyen  
Nguyen Nga:

It use to compare about TP vs limit order.

No, AMP MetaTrader 5.

Ok but it's normal, in your example, the TP is triggered by the Bid price, the Sell limit by LAST price.

So it may happens the first is triggered and not the second. Both can also be triggered, depends of the Market.

I was wrong here. The TP is also triggered by last price.

Nguyen Nga:

say buy gold have TP at price 1350, and sell limit at 1350

when price touch 1350, and next tick price is 1349.9. position will close at 1349.9, and sell limit not trigger.

So I don't see how it's possible, both orders should be triggered at the same time. Where did you see that ?
rudysemail
55
rudysemail  
I just experienced this so thanks for posting. I was going to contact amp and ask them why that happened.  I can’t believe mt5 executes a tp as a market order. I want my 2 ticks back. 
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