trailing order downward

KyleReed · 2020-12-09T23:55:37+00:00

HI all, I’m wondering if something has already been written whereby one can initiate an order above a price and will trace it down to the lowest point-ish – say for overnight trading where if the price drops more than X percent drop then place an order, and if the price keep dropping, cancel and place a new order at a lower position 😉 The issue with traditional orders is that if the order is placed at say 3250 but the price dropped to 2810, either the stoploss is hit or the position is in negative territory when back at the desk.

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12/10/2020 at 12:55 AM #153148 quote

KyleReed
Participant

Junior

HI all,

I’m wondering if something has already been written whereby one can initiate an order above a price and will trace it down to the lowest point-ish – say for overnight trading where if the price drops more than X percent drop then place an order, and if the price keep dropping, cancel and place a new order at a lower position 😉

The issue with traditional orders is that if the order is placed at say 3250 but the price dropped to 2810, either the stoploss is hit or the position is in negative territory when back at the desk.

12/10/2020 at 2:41 PM #153227 quote

GraHal
Participant

Legend

If I understand correctly … you’d need a very tight stop loss (near to tradeprice) to exit and place a new order at a lower level?

02/03/2021 at 6:35 PM #160280 quote

KyleReed
Participant

Junior

Hi, thanks for the reply and apologies for the delay’d response:

I’m referring to placing one order(not executed trade) for the day and let that order track the price as it drops.. and when the price action turns up, the order remains at last position and then open the trade

or place an order at a position and as the price drops, close the order and open a new oder at a lower position – simulating a trailing order

02/03/2021 at 7:29 PM #160286 quote

robertogozzi
Moderator

Legend

There’s no automatic tracking.

Since pending orders only last one bar and must be placed again and again if needed, you can easily track them yourself candle after candle.
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