Sierra

[Johnny Rotten]

Sorry mate, I meant the stops.

Oh OK. It's just the order type ..wherever that is in the TWS window (I use a front-end product so I've almost forgotten how to navigate TWS!). Wherever you have the choice for Market, Limit, Stop, Stop-Limit.

Anybody considering trading electronic futures should be aware of which order types are "native" (i.e. held by the exchange and shown as colour green) and which order types are non-native (i.e. held on IB servers and shown as colour blue).

It is my advice that people should only EVER use native orders for protective stop-loss orders, otherwise they are taking great risks. Just have a protective stop-loss order not get executed ONCE and lose a ton of money and see how you feel. You phone IB in a rage and say "you people didn't execute my valid order" and they calmy tell you that they had server problems and point you in the direction of the disclsoure forms you signed saying that you can't hold them responsible for anything! Meanwhile you're out $2000 because the market spiralled away. It can and has happened!

IB has a place on their web site which shows which order types are native and which are non-native on every exchange. But here's a quick summary for a few symbols:

GLOBEX exchange (ES, NQ): Stop-limits are native. Stops are not.
EUREX (DAX, ESTX50) Stops are native. Stop-limits are not.
ACE (YM). Stops are native. Stop-limits are not.

Along the same lines, I never use a 'market' order when I want to get in right away. Why? because it's not native and is being 'simulated' behind the scenes by the broker's software. If you want to Buy right away ...just click a buy limit order several prices above the last. It accomplishes the same thing a split second faster because a limit order is native.

 

[JonnyT]

Hi Johnny,

I'm aware of this, but Globex does actually allow a maximum offset. On two occasions I have not been filled despite the maximum offset.

I agree in using SL orders (for the reasons you state) but you simply cannot set and forget as occaisonally you will not get a fill.

All I'm saying is be aware.

JonnyT

 

[Johnny Rotten]

Hi Johnny,

I'm aware of this, but Globex does actually allow a maximum offset. On two occasions I have not been filled despite the maximum offset.

I agree in using SL orders (for the reasons you state) but you simply cannot set and forget as occaisonally you will not get a fill.

All I'm saying is be aware.

JonnyT

I use 20 points as my offset value in the ES and it's never been rejected as being too large an offset. The market would have to blast 20 full index points without a single tick for me not to get filled. That once in a lifetime kind of crazy bedlam. The President just got assassinated or something. To be honest, if that happens, you ain't gonna be better protected by having used a non-native plain stop order. In fact, you'd be worse off because you will be at the very back of the queue. We're all getting creamed if we're in the market during such a freak occurrence. The plain stop guys will just get extra creamed!

But for the other 999,999 times our of a million ...a person is better off sticking to using stop-limits as compared to stop orders (for ES/NQ protective stop-losses that is). Believe me, IB servers and datafeed go down more times than one in a million. Maybe I'm being glib with the numbers but you get the point! We all have to assess the relative risk of using one order type versus another, and decide accordingly.

 

[Johnny Rotten]

To clarify

Hi Johnny,

I'm aware of this, but Globex does actually allow a maximum offset. On two occasions I have not been filled despite the maximum offset.
JonnyT

Jonny,
Just to clarify ...are you sure that it's not your BROKER who is setting a maximum offset value? I know this happens and of course they tell you it's not them, it's Globex. Blah, blah! I use 20 index points which is EIGHTY ticks. It's a huge value and because of this I have never ever experienced not getting a fill on a stop-limit order.

I believe that the only time Globex would reject an order with a large offset value is if the offset value would be beyond the "limit-up" or "limit-down" price. Otherwise your broker is probably playing games with you. If we are approaching Limit-Up or Limit-Down then chances are high that I'm not interested in trading anyway, because volatility (and risk) is probably insane!

I set it at 20 full index points and forget about it. It's never been an issue and I need the peace of mind & security of knowing that my order is sitting on Globex computers not IB's!!

 

[JonnyT]

20 just happens to be the maximum allowed for ES, but I guess you knew that.

I use IB and they allow you to effectively set your own, but I guess you already new that.

My bad experiences have been trading EUR/USD future.

JonnyT

 

[GreyingSurfer]

JR,

Good points about using native orders. However, it's worth bearing in mind that while what you say is true of Globex, the reverse is true of Eurex, which has native stops and synthesised Stop Limits

 

[lockstock]

Anyone sussed out any of the encrypted codes on the custom spread sheet.

Or alternatively anyone set any of their own codes up for alerts ?

 

[madasafish]

My track is cheap compered to esignal but it is consistently unreliable on DAX futures having data outages regularly at least 1/week or worse.


If I could get Esignal at a reasonable price I would switch..

 

[JonnyT]

But IB feed into Seirra is rock solid...

JonnyT

 

[madasafish]

ah but I don't use Sierra

 

[JonnyT]

ah but you posted on a thread titled Sierra!!!

JonnyT

 

[bertie]

SIERRA

jonnyt......ive been having problems with the mytrack datafeed particularly on currencies and indices......is it possibe to subscribe to the ib datafeed withoit opening an account....if so what sort of price are we talking about for a realtime us equities, indices and currencies feed?

thx...bertie

 

[JonnyT]

You need an account at IB and they only provide prices for items they deal. i.e only currency futures from CME.

JonnyT

 

[oatman]

Has Sierra got a DDE out link to go into a spreadsheet?

 

[JonnyT]

Yes.

It supports Excel C/C++ Java and Active X

When you install the API you get a sample Excel sheet with VBA

JonnyT

 

[oatman]

I'm still playing with the demo, is it in that as well?

 

[JonnyT]

You need to have downloaded and installed the API not just TWS.

JonnyT

 

[oatman]

Yes, that's IB, I've got all that .I want to run prices from Sierra

 

[lockstock]

C'mon Oaty,

I've been off line 4 hrs- BT- & you aint sorted that one out yet :cheesy: :cheesy: ( just got your PM )


HELP.


Can anyone tell me the simple formula for a Golden Crossover alert in Sierra?

Would be most grateful for a reply.


Cheers.

 

[oatman]