Marketable Limit order?

[RyanP 1]

From the book, when Andrew says "Marketable Limit order".. are you setting up a Hotkey with a LIMIT (+.05), or a MRKT (+.05)? Are you using the same thing for buying Long then selling the long.. and vice versa for Shorts? Or are people using MRKT for selling a position? 

I understand the difference between a MRKT and LIMIT but marketable limit is confusing. I understand the concept of what the objective is  but not sure which type of order exactly to use in the DAS sim. Right now in SIM mine are set on LIMIT + .05 and it seems I almost always get a horrible fill at the +.04 to .05 in the wrong direction or no fill at all in high volume medium to large floats that aren't moving very fast which doesn't seem right? Almost always starting off in a 4-5 cent hole. Connection is fast, using a hotkey, not sure what is going on. 

 

 

Edited May 30, 2019 by RyanP

[Abiel 474]

In Marketable Limit Orders you sell to the bid and buy from the ask, see Andrew´s hotkes:

ROUTE=SMRTL;Share=400;Price=Ask+0.05;TIF=DAY+;BUY=Send

ROUTE=SMRTL;Share=Pos;Price=Bid-0.05;TIF=DAY+;SELL=Send

 

[frontrangeflyer 11]

On 5/30/2019 at 10:14 AM, Abiel said:

In Marketable Limit Orders you sell to the bid and buy from the ask, see Andrew´s hotkes:

ROUTE=SMRTL;Share=400;Price=Ask+0.05;TIF=DAY+;BUY=Send

ROUTE=SMRTL;Share=Pos;Price=Bid-0.05;TIF=DAY+;SELL=Send

 

Hey @Abiel, I'm using the DAS sim that obtained through BearBullTraders. I'm reading on reddit that DAS may not respond quickly enough to fill Marketing Limit Orders on the sim. Is this true?

I really want a true simulation, including use of hotkeys and marketable limit orders.

Thanks,
Buck

[Abiel 474]

Hi Buck, you can test this for yourself, just take some trades, open your trade log: Trade > Trade Log and see the times for SENDING, ACCEPT & EXECUTE (You will see that the 3 steps take 1 second)

 

 

 

 

 

[Kairos 2]

For anyone else finding this thread: Marketable Limit Orders are Market Orders with some price protection (above/below bid/ask). The are not Limit orders with a set price. In DAS Sim/Replay, set them to market if you are getting errors regarding routing (specifically IB routing as I just did).  

[Travis Weirich 4]

Does anyone know how to set these Marketable Limit orders in ThinkorSwim?

Once the Marketable Limit order is placed is an automatic Stop Loss order and Target Profit order placed as well or is this a multi-step process?

Edited May 15, 2020 by Travis Weirich

[TraderWayne 11]

@Travis Weirich, the stop-limit order is what you're looking for. https://tickertape.tdameritrade.com/trading/trading-basics-advanced-stock-order-types-17852

[Emeka Anyanwu 0]

On 9/3/2019 at 12:44 PM, Abiel said:

Hi Buck, you can test this for yourself, just take some trades, open your trade log: Trade > Trade Log and see the times for SENDING, ACCEPT & EXECUTE (You will see that the 3 steps take 1 second)

Hi Abiel, do you know if there is an equivalent of the marketable limit order in Thinkorswim.

Thanks for your feedback.

On 9/3/2019 at 12:44 PM, Abiel said:

 

 

 

 

 

 

[Abiel 474]

18 hours ago, Emeka Anyanwu said:

Hi Abiel, do you know if there is an equivalent of the marketable limit order in Thinkorswim.

Thanks for your feedback.

 

I´m not familiar with Thinkorswim.

[hunterann13 2]

Does selling the bid avoid bad fills that a sell market would get you? Conversely would buying the ask save you a bad fill that buy market would get you?

 

Thanks!