@Nicolas, et al.,
This is from an automated long-only system that runs on stocks on a daily timeframe. CFD, not spreadbetting account.
PRT checks the buy conditions at the end of the close of the daily candle, and if met, then tries to place a limit order on the open of the next candle (open of the market the next day) – PRT default/only way of operating (enter/place order at next bar open).
The problem seems to be that if the ask/bid move below the level where I want to place the order (for example during the premarket auction), when PRT tries to place the order, it is rejected if the limit order level is above the ask/bid level as it no longer meets the definition (criteria) of a limit order. It looks like PRT then keeps on sending the order, and as soon as the ask/bid move back above the limit level, the order is accepted and placed.
I don’t care so much about the order being rejected and resent, but for some reason PRT then (sometimes) sees this as a significant enough problem to then stop the trading system.
I don’t know how to code around this – I do not think it is possible. PRT checks the conditions on the current candle, and then tries to place the order on the next. So, whatever I code will be checked on the previous (incorrect) candle. Agreed?
If I could place an order by specifying a level, without specifying whether it is a limit or stop order, then I don’t think this would happen. Unfortunately, PRT does not accept BUY x CASH at price, without specifying LIMIT or STOP.
Basically, I want a buy order that is triggered if the price trades through a specific level. I do not care if it trades up through the level, or down through the level.
Any ideas?
Stef
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