Is there a reason why you do not support Limit On Open orders?
The reason I'm curious about this is that I'm wondering how to trade the opening price, after the previous day's market close, if I don't place a simple market order or a MOO.
As an example, I am thinking of (overnight) gaps, down or up. This can be covered with stop and limit orders (I think). With the difference that the LOO is only valid at the opening price and is discarded afterwards (please correct me if I am wrong).
I ask differently, how can I map the above example so that the limit or stop order is executed in terms of a LOO (valid for the opening only) ?
Maybe someone from the community can give a tip on this topic too.
The reason I'm curious about this is that I'm wondering how to trade the opening price, after the previous day's market close, if I don't place a simple market order or a MOO.
As an example, I am thinking of (overnight) gaps, down or up. This can be covered with stop and limit orders (I think). With the difference that the LOO is only valid at the opening price and is discarded afterwards (please correct me if I am wrong).
I ask differently, how can I map the above example so that the limit or stop order is executed in terms of a LOO (valid for the opening only) ?
Maybe someone from the community can give a tip on this topic too.
Rename
It needs to be a feature request, and then integrated with every broker that supports it.
Basically, a LOO would execute only if the Open is at or better than the limit price. To backtest it right now, you'd have to peek at the next bar's opening price and compare it to the limit price. If the Open is at or better than the limit price, then PlaceOrder().
Basically, a LOO would execute only if the Open is at or better than the limit price. To backtest it right now, you'd have to peek at the next bar's opening price and compare it to the limit price. If the Open is at or better than the limit price, then PlaceOrder().
I turned this into a #FeatureRequest.
Ok, I understand. Would the LOO need a timer when emulated in live trading, or is it like a special order type that is automatically cancelled if the limit is not reached. Is there a general consensus with the brokers you support? Anyway, in the backtest I can simulate the LOO first by doing a look ahead.
Thanks Cone.
Thanks Cone.
If we were to integrate LOO, it would be a new OrderType enum: OrderType.LimitOpen. You place the LimitOpen order before the opening bell (you need to place it with the exchange probably 5 minutes before the open or it won't be accepted) and it either executes at the primary market opening price or it's canceled. No timer involved. It would work the same way in a backtest.
Since this is the top most requested wish list item now I want to gauge current interest in this. Personally I don't see ever using an order like this.
Why would I want to abandon the order if it does not hit the limit price right at the open? I would just want to leave the limit order in effect in case price moves to hit the limit that day. Otherwise that would just leave me with a hanging position. What's the use case or value for a LOO order?
Why would I want to abandon the order if it does not hit the limit price right at the open? I would just want to leave the limit order in effect in case price moves to hit the limit that day. Otherwise that would just leave me with a hanging position. What's the use case or value for a LOO order?
If there's no further interest in this request I'm going to decline it.
Hi Glitch,
please consider:
* there are 12 votes on this #FeatureRequest, so there was some interest in the past. probably these people don't read the forum these days.
* The LOO order is a valid order type (at least with IB). It could be a USP if WL supports that order type in backtests (and realtime trading)
* I am sure the LOO type can provide some advantages. It is hard to demostrate this as long as it is not available in backtests however.
Long story short: Please make LOO available!
please consider:
* there are 12 votes on this #FeatureRequest, so there was some interest in the past. probably these people don't read the forum these days.
* The LOO order is a valid order type (at least with IB). It could be a USP if WL supports that order type in backtests (and realtime trading)
* I am sure the LOO type can provide some advantages. It is hard to demostrate this as long as it is not available in backtests however.
Long story short: Please make LOO available!
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