MIH8
- ago
Immediate-or-cancel (IOC) orders attempt to execute immediately and cancel any unfilled portion.
IOC orders only require a partial fill, and may be designated as limit or market orders.
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MIH8
- ago
#1
Ok, imho it is clear what the main advantage is. The speed of execution is relevant.
That is more important in the lower time frame of course, like 1-3 minute. While it is irrelevant for backtesting, trading is sensitive. While WL is already a strong backtesting tool this might be an interesting order type for auto-trader in short time frames, so trading becomes more attractive.
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Cone8
 ( 28.32% )
- ago
#2
You prefer to cancel an order that doesn't get executed immediately, for what reason exactly? Execution speed? How is that relevant to strategy trading? Why would I care if the order is filled 2 seconds after the end of the interval or 30 seconds after?

Currently, this only increases the odds that the hypothetical trading in a strategy will become out-of-sync with the live account. The only way an order like this would be practical with Auto-Trading is if the Strategy logic actually synchronizes with the live account. That's would be another feature request, if one doesn't already exist for it.
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MIH8
- ago
#3
Ok, your argument that the synch mechanism gets more complex needs to be considered. The ordner is not cancelled completely. The status changes from partial filled into filled, so the rest will be cancelled. So, there will be one price executed and the order is ready for sell.

The AON will be excuted with one price and will be filled completely at the cost of a delay. In contrast the IOC has no delay but takes what it gets.

Thinking of a breakout situation the IOC would be a good choice.
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