DAS Range orders trigger

[Julien Maisan 4]

@KyleK29

Hi all, 

I have an issue regarding range orders in DAS because I noticed that when it touches your target, it automatically cancels your range order (with your stop and target) and creates a limit order for your target. 

Today, for the 1st time, my target was touched to the penny so the range order was cancelled and my limit order was not filled. Then the stock tanked against me and I could have lost much more than intended if I did not come back to watch my screen.

Did anybody experience that before ? Is there a way to cope with that if I have to leave my computer for a while and set range orders ? 

Thanks a lot for your answers.

PS :  @KyleK29, I tagged you after asking in the chat ; and Bryan W told me you would be the person to ask that question !

[Justin 261]

Make your range order a triggers order. The stop will only be placed after you enter a trade.

 

[Julien Maisan 4]

Thanks Justin for your prompt answer. Actually, I think my question was not clear enough.

My issue is when I am already long in a trade and I want to set a range order to leave my trade station (with a stop loss and a target in DAS). And when I did that today, I noticed that if the target is touched to the penny, it is transformed in a limit order and the range order is automatically cancelled at the same time. After that, there is a risk that the limit order is not filled (that's what happened to me today) and the stock tanks beyond my expected stop since my initial range order was automatically canceled.

Can you better see my point now ? 

I hope it is clear and that you can help me out

 

[Sean R. 0]

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.

[Julien Maisan 4]

12 minutes ago, Sean R. said:

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.

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

[Sean R. 0]

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 [email protected] 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.

[NikkiB 22]

Not that it accomplishes the same thing, but when I have to leave my computer for a bit, I set a trailing stop loss.  I haven't had a problem with it working correctly (yet?).