- ago
Hello, only for clarification, is it true for my understanding, when I use "BUY AT STOP ABOVE HIGH" with WL8, this order will automatically executed as MARKET ODER with IB (and also in WL8), when the open price is higher as the BUY AT STOP ABOVE HIGH level, correct?

This question is only for my understanding how WL8 works here, because different brokers used only the pending BUY STOP order, but do not execute the order as market order if the open price is higher as in this pending order during an up gap.

Regards Chris
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Glitch8
 ( 13.75% )
- ago
#1
It will be submitted as a Stop order to IB. Generally Stop orders work on the broker side by having them turn into Market orders once the price hits the stop. Another option is the StopLimit order which the broker turns into a Limit instead of a Market order.
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- ago
#2
Yes I understand, but the question was more for WL8, do WL8 in the backtesting also these steps? A saw this in my backtesting and for me it is correct, but I want only the confirmation, that WL8 works in the same way in the backtesting as the broker uses this pending order and execute it as market order.

Regards Chris
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- ago
#3
With IB I know how to open the BUY STOP LIMIT order, but in WL8?

I found only the option BUY at Limit OR BUY at Stop, how could I do this in WL8, only with C#?

Transaction t = PlaceTrade(bars, TransactionType.Buy, OrderType.StopLimit, 360);

But with building block?

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Cone8
 ( 23.56% )
- ago
#4
The blocks will never have all the capability offered by C# code... just not going to happen. And, in this case, a hypothetical backtest result for using Stop or StopLimit is the same. But, if you have the need to use a StopLimit order for trading, you'll have to push the code to C# and modify it (we can help if you need it).

I consider using StopLimit somewhat of an advanced feature because in some cases the limit will cause the Strategy to be out of sync with the Live account, which opens up another bag of worms that depends on the Trading Preferences for Portfolio Sync.
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- ago
#5
Hi Cone, thanks for your comment. It is fine for me to use the block function and I am also familiar with C# coding. I want only to understand the backtest logic with buy stop order and how WL8 works when the open price is higher. Unfortunatelly my broker is not IB and did not support stop.limit oders, but I can live with the solution to use the buy stop in the block.
Chris
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Cone8
 ( 23.56% )
- ago
#6
For a Stop order If the price opens above the stop, the order turns into a Market order at the open...

... but I was wrong when I said the backtest result would be the same. The gap scenario will give different results between Stop and StopLimit if the gap is beyond the limit.

Maybe we could look at this for blocks and provide a simplified way (percentage based) to add a the limit price. Let's make it a feature request.
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