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.
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