Trying to understand Hit/Take+ - Order Entry

I haven't been able to find much information on the Hit/Take+ order entry on TS. Or in what circumstances it's best to use this function.
I typically trade very fast moving markets and need an order entry system that get's me into a trade but doesn't kill me with slippage like a Market Order can.
The way I understand Hit/Take+ it is like this:
Let's say I have the increment set to .05 and I'm going LONG, and the stock is currently at 30.00 BID. And the best ASK price is 30.02
When I click the BUY button what price range may I be filled at?
I know the order is based on the best ASK price available but,
is the price I'll get filled at somewhere between 30.02 + .05 (my Hit/Take+ increment). So, a price between 30.02 and 30.07
OR said another way, a Limit Order 30.07 or better.

I want to make sure I understand this before I put it into action.

Thanks for any help.

This link should help:

https://www.tradestation.com/support/whats_new/tradestation_0810.aspx

Once you have a basic plan/idea you can use your simulated account to record where you would have been filled.l Then loo at the trade manager to see how it performs regarding slippage.

Hope this helps

BPV

Thanks Big Point for the reply. I wasn't aware that it would be used in strategy automation and backtesting. I have been using it to place my orders in a rapid moving market with fairly good success.

Your trades will be recordedin the Trade Manager. Hit/Take would not be used in strategy automation and backtesting. By looking at the Trade manager you will see what the effect of placing these types of orders is. i.e. how much typical slippage you get. You can do this with a simulated account and therefore experiment with the price range you will typically be filled at when you go live. It gives you a better "practical real life" feel for things such as.

1. The speed of your internet connection to the US backbone
2. The speed of your internet connection on the day
3. The speed with which your trades are executed.

BUT: There will always be bad fills.

If trading discretionary off T&S and Level II I will only use slower moving stocks because I find there can be a time lag (Maybe a T1 line would solve this). Also I don't have a huge number of charts loaded as it slows TS down. You also have to beware of your number of reference bars if trading from signals off Radarscreen, that slows TS down as well.

BPV