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RECENT POSTS
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Just a head's up that it's possible for range orders in DAS to become open positions with no stop. I use range orders a lot in my trading, and I noticed that occasionally the range order would become a limit order without a stop. This seemed odd to me, so I checked with DAS. They explained that when the price of a stock reaches the target price of a range order, the range order converts into a single limit order with no stop. If that limit order is not filled then you are left with an open, unprotected position. For example, if you have a range order set for $10.00 and $12.00, when the price of the stock reaches $12.00, the range order becomes a limit order for $12.00. This is fine, but the issue is that DAS does not leave a corresponding stop in place at $10.00. If the newly created $12.00 limit order isn't filled and the stock's price reverses, it's possible the price will drop below your intended $10.00 stop. I have seen scenario occur when price briefly wicked up past my target price, or when price touched my target to the penny then immediately reversed. Again, it only happens when you do not get filled, and it does not happen often, but when it does happen it's not fun. With this information in mind, it's probably not a good idea to set a range order and leave your station since there is a small but real chance you will end up in an unprotected position. I have asked DAS to consider changing how range orders work so that this scenario is no longer possible. -
Yeah, I thought I was crazy at first but apparently it's just DAS weirdness. I asked the DAS rep (Jason) to consider changing the way range orders work, since I think many people use this type of order assuming they'll be safe regardless of what happens. The fact that there is a scenario where a trader could end up in a stopless position without knowing it is pretty crazy. Their email is support@dastrader.com if you want to reach out to them. I hear they are often pretty responsive to requests like this from the BBT community. I'm also creating a post in the main forum to make sure people understand how range orders work.
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By Julien Maisan · Posted
Ok good to hear that I am not the only one. I think the only way to use them keeping your peace of mind when you leave your trade station would be to set an alert on your DAS mobile app when your target price is reached on the L1 ; and then, you can see if you limit order triggered or not. I have not done that yet but I will work on it as soon as I plan to leave my tradestation while in a trade. Let me know if you have any different ideas / advice. Thanks -
I had this same issue and reached out to DAS. They confirmed this is how range orders work. Once your HighPrice is reached, the range order is converted into a limit order with no stop. This seems like a dangerous way to handle range orders, since as you mentioned it's entirely possible for the stop side of the range to be canceled even when you still have a position.
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