Stop loss order after WL5 crash or network down
Author: kazuna
Creation Date: 5/5/2009 11:25 PM
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kazuna

#1
If I understand correctly, a stop loss order will be canceled at next bar so that the script has to place a stop loss order every single bar until the position is closed. What happens if WL5 crashes or network down while a stop loss order is placed? Will the stop loss order remain active until I manually cancel it (e.g. Fidelity.com)?
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Cone

#2
QUOTE:
Will the stop loss order remain active until I manually cancel it (e.g. Fidelity.com)?
Yes, but only until the end of the day. If the Orders tool can't communicate with the Fidelity back end, then the order remains live until you cancel it by some other means or Market On Close, whichever comes first.
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kazuna

#3
It makes sense and works for me.
An advanced option providing "Good until Canceled" order would be great.
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Eugene

#4
Please see Programming Trading Strategies > Single-Position Strategies > AtLimit, AtStop Orders > How to: Create Good-Til-Canceled Orders in the WealthScript Programming Guide.
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kazuna

#5
I know how to create Good-Til-Canceled orders in the script but there is no way to make the Fidelity backend orders to Good-Til-Canceled just in case if neither WLP nor myself can access to the Fidelity account. For instance, power outage is more than one day. For this reason, I was wondering if providing "Good until Canceled" backend order option would be great.
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Cone

#6
No "GTC" orders for WLP. If you want to enter a GTC order, you can do that after the market close (when the WLP order is canceled). Call Fidelity with your mobile phone if your power is still out before the next session opens.