Selling after being Long SSR stock

[misterchai 8]

I played SLDB today long, which was on SSR. When trying to exit and sell, I got the error message of "short marketable limit order disabled due to SSR". This was using the Sell All @bid-5c script. But even when I selected a market order from the drop down menu and clicked the red short button on the montage I recevied the same message. I had to Shift+ESC to close the position. Is there a way to simpy sell @ the ask when the stock is on SSR? What order did I end up making when I had to SHIFT+ESC to close the position?

 

Thanks everyone

 

 

[KyleK29 257]

Did you have a stop order already set in the system? If you did and it's the error I think it is, it's because of the way DAS compiles the order. Example [just tested this]:

QCOM is SSR:

QCOM Long, Qty: 50, $69.25
QCOM Stop Order in Place, Qty: 50, $69.00

Sell 25% Position --> Rejected w/ same error.

Clear QCOM Stop Order

Sell 25% Position [same command] --> Order Fills

 

What's happening is that DAS see's the Stop Order as an unfilled (pending) order, any additional order (even one that sells your position) is considered on-top of the pending order. If you add the Stop-Order qty with the Position scale-out qty, you get a SHORT position. DAS rejects this because of the SSR.

A similar thing will happen when up against buying power limits (DAS uses the offset from the Stop-Order qty + Scale-Out qty to reserve more buying power than what is actually needed, rejecting if you don't have enough).

The Fix:
Clear any pending Stop Order and recreate afterwards.

Edited May 22, 2019 by KyleK29

[misterchai 8]

Yup that'll do it. Thanks for the a'ha moment!