Click Chart Price Limit Order Hotkey

[Phil 3]

Hey Justin,

You're my hero man.  I someday hope to have anywhere close to the familiarity with hotkey scripts that you do!  I used both of these trading in sim this morning and they worked great!  Thanks so much for your help with this.  

It's funny, I end up liking both the original limit order script you made as well as the trigger order script, above.  This new one is great for the "set it and forget it" move above a key target area, but there's a chance that you don't get filled if price moves too fast.  The one click limit order is nice because it will get you in at any price better than what you're asking for, so you're basically guaranteed a fill, but with the risk of getting in before a key level is broken and taking a hit in the wrong direction.  The Stop market order at $150 (or whatever you want) is great for these quick moving stocks.  I was out way before the stop order in every trade that didn't go my way today, but it's nice to know that it's there for a really violent surprise move.  

Really appreciate all of your help with this, again, and it's awesome being part of a community like Bear Bull Traders where folks help each other out like this.  Thank you!

- Phil

[Justin 262]

It's an absolute pleasure Phil! This is what the community is all about!

[Phil 3]

Hey Justin,

So I have one more question to pose to you (as if I haven't asked enough already).  Finally went live today with the scripts, and one thing that I noticed was that all of the Stop Trigger Limit orders (the orders that will not get you in until price reaches the level you selected), unfortunately failed to trigger as price just breezed right past them.  This didn't just happen once, it happened 3 or 4 times.  So it seems like this type of trade entry just might not be fast enough to get me in when price breaks and shoots off above or below a certain level.  That said, would it be possible to have these be more marketable limit style orders that still wait for price to get to at least the price that has been selected, but then give you an entry price of say +$0.05 of your trigger price (for long, -$0.05 for short).  I'm not sure why I'm having such a hard time getting filled otherwise, and an order like this seems like it would increase the odds of a fill.  What do you think?

- Phil

[Phil 3]

Quick update on a minor change I made to get closer to what I described in the above post.  I just changed the STOP order type to a market instead of a limit.  This guarantees a fill when price reaches my level or above (vice versa for short), but doesn't guarantee a fill below a certain limit (ie. no more than $0.05 above stop price).  So it still scares me a bit due to the possibility of a bad fill on a really quick pop, but I'll play around with it to see how it is in simulator, and how often I get unacceptably bad fills.

 

- Phil

[Justin 262]

Hey Phil, looks like you found the answer I came back here to say. Definitely riskier (especially with low float stocks you are trading with). So maybe give it a shot in simulator for a bit before using it live?

[Alam 3]

Hi Justin and other,

Thanks for great answers on hotkeys. Trying to set up following hotkeys but they are not working or have question

 

1. Placing a limit order, where the price is picked up from mouse click and share size from the Montage

 

ROUTE=SMRTL;Price=price ;Share=Share;TIF=DAY+;SELL=Send

 

This is not working, it is picking up both price and share size from montage

 

 

2. Close position (does not matter irrespective of long or short)

 

ROUTE=SMRTM;Share=Pos;TIF=DAY+;Send=Reverse

 

This is working, but would not it suppose to flip (reverse ) the position? Though it is working properly and closing the position without flipping the position.

[Justin 262]

On 6/14/2020 at 8:11 AM, Alam said:

Hi Justin and other,

Thanks for great answers on hotkeys. Trying to set up following hotkeys but they are not working or have question

 

1. Placing a limit order, where the price is picked up from mouse click and share size from the Montage

 

ROUTE=SMRTL;Price=price ;Share=Share;TIF=DAY+;SELL=Send

 

This is not working, it is picking up both price and share size from montage

 

 

2. Close position (does not matter irrespective of long or short)

 

ROUTE=SMRTM;Share=Pos;TIF=DAY+;Send=Reverse

 

This is working, but would not it suppose to flip (reverse ) the position? Though it is working properly and closing the position without flipping the position.

Alam, I'm sorry I didn't respond to this. I'm not sure how I missed it.

1. You need to make sure that "Double-click to trade" is on. Right click your chart, Configure, and check "Double-click to trade".

2. It would not flip your position because the "reverse" simply stands for the opposite of BUY or SELL. So if you're long (buy) 100 shares, then the reverse in that script is (SELL). And as you are only telling it to SELL your Pos (position), it will only SELL 100 shares netting you at 0. I haven't tried this, but my assumption is if you did ROUTE=SMRTM;Share=Pos*2;TIF=DAY+;Send=Reverse, that would flip your position.

[Alam 3]

Thanks Justin, appreciated.