Buy and Sell Orders

[Dope63]

I am using Strategy Wizard to build a strategy on the “ES” with Range Bars and I’m not sure how to accomplish what I’m looking to do. This might be an easy issue.

At the close of the bar, a Market Order fires off a buy or sell order if all the conditions are met. When this happens, I am getting in 1 tick away from where I want to get in. So I want to change the Market Order to a Limit Order at the close of the bar when the order fires off.

So here is the question. At the close of the 0 bar when the order fires off a Limit Order, I can choose (when buying) the Bid Price, however is it on the new 0 bar open, or should it be on the 0 bar close + 1 tick?

[NinjaTrader_Josh]

Dope63,

When you submit the order you do not know what the bid price would be on the next bar. All you can do for the limit order is submit it at a price relative to the information currently available to you on the closing bar. This means you do not have the open price and 0 refers to the closing bar.

[Dope63]

Okay, so if I understand correctly.

• At the end of the 0 bar all the conditions are true I will be at the Open of a new bar because I’m using Range bars.
• So if it fires off a Limit order at the Bid that should be one tick lower than the open of the new bar Right? Of course if it doesn’t go down one more tick then it won’t fill.

[NinjaTrader_Bertrand]

Dope63, correct orders are placed on the next bar then, with + / - a tick you should be able to get the open value of the new Range Bar.

[Dope63]

Thank you!