Globex Stop Limit Orders

[donaldduke]

Anyone know what the allowed difference between the stop price and limit price for
a Globex Stop Limit order?

If i have a buy stop limit, with the stop at 1150 for say ES, whats the largest value for the limit
part.

Either Globex or IB seem to reject orders if the difference is too large.

What kind of difference do you use when using Globex Stop limit orders?

 

[pradin]

I usually use one point for the mini's

On your example id place
Buy 1150.00 stop limit 1151.00
With the size of the volume on each side you should have no problems.

I have never have had using that size limit.
If thers a number coming out ill widen it to 2 points.

 

[frugi]

Donald I think the max is 12 whole points for ES and 60 pips for EUR/USD future.

I use the widest possible for stop losses (in case of news shock when away from PC) and tailor the entry gap according to which system I am using.

 

[donaldduke]

Thanks Frugi,

Any idea what the figures are for GBP and NQ?

Ive mailed IB customer support to see if they know but havent got a reply back yet.

 

[sidinuk]

It's preset to 3% but you can alter this in the options.

 

[josbarr]

You place a Buy stop 1150.00 limit 1150.25

Sell stop 1150.00 limit 1149.75

 

[sidinuk]

It's in Configure/Order/Order Defaults. Click on Fut and change the percentage from 3 to say 10.

 

[donaldduke]

sidinuk,

You are talking about is a setting in TWS.

Globex and IB may have their own limits which could be less than that.

I know ECBOT have a bust range, if you limit order is outside they bust your trade and fine you $1000.

Anyway i got my reply from IB, which was completely useless as usual, dont know why i bothered:

They said the "limit price has to be within the days trading range."

 

[sidinuk]

Ok, that's fair enough.

Personally, for stop-limits I use 20 pts on NQ, 10pts on ES, 5 pts on ER2, .005 on EUR and .005 on GBP and never have a problem.