Error on market orders when market opens
Author: Gamba
Creation Date: 3/23/2012 8:54 AM
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Gamba

#1
After market opening there is no data available with Yahoo provider.
It is delayed, I guess 15 minutes. So market orders in Order-View
are in state error after market opens.

Only limit orders stays active. I think market orders should stay active too
until there ist data available. At the moment I have to edit the market order
and place it again after 15 minutes and after I get data in Quote-View.

Thx
Gamba
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Cone

#2
I assume we're talking about Paper Trading. Even without the 15 min delay, listed stock openings on the NYSE are often staggered, so the system should not expect to get quotes immediately at the market open. I'd agree that the orders should not error out. Please create a ticket so we can investigate if something can be done.

If you're really paper trading though, Y! streaming is a pretty affordable.. only about $131 per year... the hard part is to find where to sign up... maybe look for "Yahoo! Premium Real-Time Quotes"
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Eugene

#3
Actually, signing up is easy (and there's a 30 day free trial): Data Manager > Yahoo! Data tab > click "More info on Premium accounts".

Regarding the problem, let me just second Cone's verdict.
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Cone

#4
Okay, I had found the billing page, but I just couldn't find a page to start a new subscription - it doesnt' exist if you're logged in as a subscriber!
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Gamba

#5
I've created a support ticket regarding this issue.
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Eugene

#6
Got it, thanks. We'll check what happens during the first 15 minutes next week.
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Eugene

#7
As AtMarket orders should execute immediately, I do not think that they should stay active. An error means just that: an error occurred, an "no quote available" is a perfect error - not a normal condition. The system does not have to know when the market actually opens i.e. what's the delay for a symbol, is it 10 minutes, or 15, or maybe this data provider has a 20 minute delay? Not every data feed return this information, and Wealth-Lab must abstract from that.
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Gamba

#8
Eugene, I cannot agree with you. I think a market order should wait for first tick or minute of data
from the provider. After that the error could occur but not before. Otherwise it doesn't make sense
to me that I can place a market order before market opens. In this case I have to check every few minutes
if data is availabe and I have to submit the order several times again ...

Maybe the order could stay placed for 30 minutes after market opens, this time should be enough
to get data from all providers. After this time the givn error is fine because after this time span
there could be another problem.
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Eugene

#9
I get your point. Maybe it should be waiting for the first tick instead of waiting for the first minute as it is doing now. Any fixed delay is doomed and is a bad practice of making an assumption.
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Gamba

#10
Ok, first tick would be fine. If you have this information this would be more
efficient and nicer than waiting for a fixed time.
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