Assume a Buy At Limit order for the discussion, but it applies to all combinations of Buy/Sell/Short/Cover at Limit or Stop.
When price opens below the limit price, the broker should execute at market. However, if the price is too far away, the order will be rejected - the limit price is too far above the market.
The request is to create 2 mutually-exclusive preferences:
☑ Use Market orders when triggered
If selected, the stop/limit order is converted a market order when Quotes triggers the order.
☑ Improve Stop/Limit Price on Open
For the scenario described above, the limit price would be adjusted automatically to the [lower] opening price. This option carries the risk of missing the trade if price rising immediately.
When price opens below the limit price, the broker should execute at market. However, if the price is too far away, the order will be rejected - the limit price is too far above the market.
The request is to create 2 mutually-exclusive preferences:
☑ Use Market orders when triggered
If selected, the stop/limit order is converted a market order when Quotes triggers the order.
☑ Improve Stop/Limit Price on Open
For the scenario described above, the limit price would be adjusted automatically to the [lower] opening price. This option carries the risk of missing the trade if price rising immediately.
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