OmniTrader Archives
OmniTrader 2018 Technical Support
Broker Stop not working
12 replies, 1315 viewings
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OmniTrader Archives
OmniTrader 2018 Technical Support
Broker Stop not working
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Last Activity 5/11/2020 10:43 AM 12 replies, 1315 viewings |
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LSJ Legend  Posts: 515 Joined: 8/17/2006 Location: Citrus Springs, FL  User Profile |
I pick my own prices for stop and profit target and enter them as actual values as limits and stops when I use the trade plan and then submit. The buy order immediately appears in IB. Occasionally once the trade is filled the IB order will show the stop but I can't confirm that in IB until there is a fill. For the open trade that should have stopped out, by right clicking on a chevron in OT and selecting orders the trade plan comes up with the right prices but the broker stop is not checked. What am I doing wrong? [Edited by LSJ on 11/14/2018 4:51 PM]  Attached file : TP broker stop.jpg (140KB - 603 downloads) Attached file : Actual TP.jpg (135KB - 532 downloads) Attached file : IB chart.jpg (57KB - 574 downloads) | ||
| Jim Dean Sage   Posts: 3022 Joined: 9/21/2006 Location: L'ville, GA User Profile |
I’ve encountered “less than consistent expected” performance from OLang Stops that use “ExitLevel=N” settings (ie virtual level stops) with broker orders. After many discussions with N about it, I finally sort of gave up on them and decided to stick to menu-driven stops (ie using the options on the Orders Pane Tab) for Broker orders … until N gets around to doing some housecleaning on the entire TP engine. I can’t say for certain whether this inconsistent performance with virtual broker stops applies to their standardized canned stops or not - but possibly there is some connection. Fortunately, your two fixed-level stops in your straightforward TP are fairly easy to duplicate using just the Orders Tab menu options (offset below/above “prior”). Maybe you should give that a try. I hope this helps. | ||
| LSJ Legend Posts: 515 Joined: 8/17/2006 Location: Citrus Springs, FL User Profile |
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| Jim Dean Sage Posts: 3022 Joined: 9/21/2006 Location: L'ville, GA User Profile |
To be clear: I think that N’s TP concept and architecture are really innovative and flexible. It’s a great platform to design-into … its flaw is inconsistent / spotty functionality. “A gem in the rough” so to speak. [Edited by Jim Dean on 11/15/2018 7:46 AM] | ||
| LSJ Legend Posts: 515 Joined: 8/17/2006 Location: Citrus Springs, FL User Profile |
As you say it is a very innovative but options that don't work as expected should be removed. Maybe a text block that would pop up if you hovered over a chevron that showed all the stops, limits, fill or order price and duration or another place that could be accessed for a quick overview of orders and open trades. As it is now I see my resting order in IB and wonder what it is going to do after a fill. Right-clicking a chevron and opening orders is a little slow, and at this point misleading knowing that the broker stop probably won't work. I do have two open trades though that do show the stop in IB. It was confusing to have some work and others not. Going forward I will use the above/below prior and see how that works. | ||
| Jim Dean Sage Posts: 3022 Joined: 9/21/2006 Location: L'ville, GA User Profile |
1. “Prior” refers to the FILL PRICE of the PRIOR STEP. For a two step TP, “prior” in the second step means the entry price of the first step. For longer TP’s (scaling in &/or scaling out), “prior” means the fill price of the order that was executed by the last step in the TP that ran. 2. Another thing that surprised me a bit is that the user has no control over how many Steps possibly might execute on a single bar. The need for >1 steps per bar is obvious since traders want to activate a protective stop immediately after an entry (ie on the same bar). However, for various types of scaling in/out logic, the inability for the user to designate an option to require that Step N+1 *must wait* for a new bar after Step N has fired an order, is a severe limitation. Imho, scaling in (adding on to the initial entry after the move has been verified by subsequent bars) and scaling out (partial exits due to minor adverse price action, or a moderate profit spike) are valuable tools for the trader. I’m trying to develop reliable workarounds for this using SDK custom stops. But it would be better if N built it in to the TP mechanism. | ||
| LSJ Legend Posts: 515 Joined: 8/17/2006 Location: Citrus Springs, FL User Profile |
I believe I will now just manually translate that to IB and place and manage my trades there where I have a certainty of how stops and limits will respond. It is sort of like when you first learned there was no Santa Claus >:) | ||
| Jim Dean Sage Posts: 3022 Joined: 9/21/2006 Location: L'ville, GA User Profile |
[Edited by Jim Dean on 11/15/2018 9:38 AM] | ||
| Vinay Elite   Posts: 640 Joined: 12/9/2011 Location: Planet Earth User Profile |
Originally written by Jim Dean on 11/15/2018 7:51 PM Keep in mind that for more complex multi step TP’s: 1. “Prior” refers to the FILL PRICE of the PRIOR STEP. For a two step TP, “prior” in the second step means the entry price of the first step. For longer TP’s (scaling in &/or scaling out), “prior” means the fill price of the order that was executed by the last step in the TP that ran. This is very confusing. The OT Help file doesn't give any explanation for the various options available in the Orders Tab of Trade Plan. Even the "Automating Trade Management with Trade Plans" course conducted by Angela in the Omni Trader University don't have any mention of these options. There is total lack of any information on what these options means and how to configure them. We urgently need some clarity on this. [Edited by Vinay on 11/15/2018 10:12 AM] Attached file : TP.jpg (44KB - 462 downloads) | ||
| Jim Dean Sage Posts: 3022 Joined: 9/21/2006 Location: L'ville, GA User Profile |
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| Vinay Elite Posts: 640 Joined: 12/9/2011 Location: Planet Earth User Profile |
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| Jim Dean Sage Posts: 3022 Joined: 9/21/2006 Location: L'ville, GA User Profile |
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| LSJ Legend Posts: 515 Joined: 8/17/2006 Location: Citrus Springs, FL User Profile |
This is the kind of assurance I would like to see with trade plan orders. [Edited by LSJ on 11/15/2018 12:02 PM] Attached file : limitandstop.jpg (60KB - 420 downloads) |
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