Hi
My question is re : Build 75 and converting limit orders to market if quote exceeds limit price. Why would you do that? If I have a limit order to buy at 95.00 and the quote is 97.00 I do NOT want to buy at market. I want to only buy at 95.00.
Thanks and regards
Rod
My question is re : Build 75 and converting limit orders to market if quote exceeds limit price. Why would you do that? If I have a limit order to buy at 95.00 and the quote is 97.00 I do NOT want to buy at market. I want to only buy at 95.00.
Thanks and regards
Rod
Rename
You will buy at 95.00.
But if the market opens at 85.00, the order would likely be rejected. For the scenario the market opens below your limit, the option will convert the limit order to a market order.
Update -
With the option enabled, it will actually convert to market if the market ticks below your limit price. For this reason, it's a good idea, when using this option, to set a Threshold below 100% so that the limit order is triggered before the price ticks below the limit price so that the order remains limit.
But if the market opens at 85.00, the order would likely be rejected. For the scenario the market opens below your limit, the option will convert the limit order to a market order.
Update -
With the option enabled, it will actually convert to market if the market ticks below your limit price. For this reason, it's a good idea, when using this option, to set a Threshold below 100% so that the limit order is triggered before the price ticks below the limit price so that the order remains limit.
btw, this was a long-standing feature request:
https://www.wealth-lab.com/Discussion/Limit-too-far-from-current-price-convert-to-market-7112
Just a history lesson :)
https://www.wealth-lab.com/Discussion/Limit-too-far-from-current-price-convert-to-market-7112
Just a history lesson :)
Of course, if you always want your orders to be place At Limit (at the risk of an order being rejected for price too far away from the market), just don't use the preference :)
Thank you team!
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