Buy stop Limit order help

[Ryan Lewis]

Hi everyone,

In MT5 a buy stop limit order will only be placed if your limit order is below the stop price (This type of order is known as a limit if touched order with some other brokers I have used).

With a lot of other brokers I have used using a buy stop limit, the limit order can be placed above the stop price.

Does anyone know how or if there is any EA where I can execute a buy stop limit order where I can place my limit order above the stop trigger price.

Cheers

[Alain Verleyen]

Ryan Lewis:

Hi everyone,

In MT5 a buy stop limit order will only be placed if your limit order is below the stop price (This type of order is known as a limit if touched order with some other brokers I have used).

With a lot of other brokers I have used using a buy stop limit, the limit order can be placed above the stop price.

Does anyone know how or if there is any EA where I can execute a buy stop limit order where I can place my limit order above the stop trigger price.

Cheers

Placing a BUY above a trigger price is called a STOP ORDER in MT5, not a limit order (or stop limit).

[kdufgh]

Ryan Lewis:

In MT5 a buy stop limit order will only be placed if your limit order is below the stop price (This type of order is known as a limit if touched order with some other brokers I have used).

It's broker-configurable. The minimum distance between the stop price and the limit price is controlled by SYMBOL_TRADE_STOPS_LEVEL. If that is zero, then you should be able to set the limit to the same price as the stop, for an immediate fill in most cases. What you can't do under any circumstances is to have the limit higher than the stop, effectively saying "I'm prepared to accept negative slippage up to the limit price".

[Ryan Lewis]

kdufgh #:

It's broker-configurable. The minimum distance between the stop price and the limit price is controlled by SYMBOL_TRADE_STOPS_LEVEL. If that is zero, then you should be able to set the limit to the same price as the stop, for an immediate fill in most cases. What you can't do under any circumstances is to have the limit higher than the stop, effectively saying "I'm prepared to accept negative slippage up to the limit price".

Yesh I have noticed I can set the limit price equal to the stop, which I can utilize.

In fast moving markets during a breakout i like to set the limit a few ticks higher than the stop trigger price - just to ensure I get filled. Its not possible to edit the SYMBOL TRADE STOPS LEVEL?

Thx