Orders-rejected

It was probably rejected because you were trying to place two exit orders for the same position, one limit and one market close. In cases like this I hold off on placing the market close. Then, shortly before market close, if the limit order has not filled, I replace it with a market close order.

Scenario:
Limit and/or Stop order(s) that, if not filled are followed by a MOC order.

Just yesterday I was creating a programming pattern to automate this scenario with At-Close Processing. I'll post the solution when I have confidence that it works.

Thanks so much guys!!

I was actually going to create a topic about this today myself, but in a slightly different form. I had 2 orders filled, and now I’ve got a limit and a MOC order standing. The problem is that if the first one gets executed, then at market close I’ll end up with a short position, which is much worse. Although during the backtest the second one will be cancelled.

The behavior depends on the broker, it’s certainly something to carefully monitor.

@www5 - the difference is that you're trading a margin account.
Multiple orders for the same shares aren't allowed in a cash account (unless they're OCO).

As it relates to OPPW, we want to prevent placing the MarketClose order with the Limit order on "Friday". Here's the solution that works for me.

First, depending on which version of OPPW, you'll have 2 blocks of code with this snippet. The variable NextBarIsLastDayOfWeek might be also bars.TomorrowIsLastTradingDayOfWeek(idx). It's the same thing.

CODE:
               if (NextBarIsLastDayOfWeek)
               {
                  Backtester.CancelationCode = 642; 
                  PlaceTrade(bars, TransactionType.Sell, OrderType.MarketClose);
               }

Replace that block (2 places) with this:

CODE:
CheckExitAtClose(bars, idx);

And add this routine to the script:

CODE:
      // 1. Prevents the SellAtClose on Friday morning
      // 2. Exits at Market with At-Close Processing
      private void CheckExitAtClose(BarHistory bars, int idx)
      {
         bool flag = false;
         if (idx + 1 < bars.Count)
         {
            if (bars.TomorrowIsLastTradingDayOfWeek(idx))     // the condition to trade "At Close" *tomorrow*
               flag = true;
         }
         if (flag)
         {
            PlaceTrade(bars, TransactionType.Sell, OrderType.MarketClose, 0, "Sell AtClose (Market)");
         }
      }

1. Save the Script.

2. If you have a Workspace with this running in the Strategy Monitor, Deactivate the Strategy, right click, "Refresh Selected Strategies...".

3. Configure... enable At-Close Processing at least 5 seconds before the close, but if you have a broker that's slow to activate orders, you might need to make that 15 or even 30 seconds.

4. Activate and Save the Workspace.

5. In the Data Manager, make sure you have a provider at the top of the Historical Provider list that can return a partial bar for TQQQ.

6. Since the CancelationCode doesn't change, the AtClose process will cancel the Active Limit order and Place the Market order.

As long as the Limit order cancels quickly enough, it should work! Make sure you're there on the first day it happens to verify it. If it doesn't, you'll have to take a little slippage post-market.