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Convert to Market Order if Limit Order is Touched

I use the “place order” window to enter resting entry limit orders with attached brackets. Sometimes those resting orders end up being the exact bottom or top of a move and I don’t get filled on the entry. In order to eliminate the possibility of being left behind, I tried using the “convert to market when limit price is touched” option, which works well for the entry but seems to screw up the brackets in an unexpected way.
When the entry fill is converted to market and therefore slipped from the original entry limit order, my stop in the bracket moves from several points away to 1 tick below the originally planned entry and my targets move further away by what seems to be the same amount of points (ex: 3pt stop with 3pt and 6pt target becomes 1 tick stop with 6pt and 9pt targets, roughly). I have brackets set to “static”. I would expect the brackets to remain in their original location so I can’t understand what is actually going on with this.
I realize that using MIT orders instead of limit orders could also solve the issue of missing entries, but most of the time I do actually get filled at my entry limit order, even when it is the low or high tick. Using MIT orders will most likely cause slippage more often so I would rather only convert to market when my limit order doesn’t fill immediately.
Anyone have any ideas how to be able to continue to use the “convert to market when limit price is touched” option without my attached brackets moving?

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Hi @jrh059,

Thanks for your question and welcome to the Optimus community forum.

Do you mind me asking, is this a live account or a paper trading demo?

I have been attempting to replicate your issue using similar parameters that you have mentioned in your post and I cannot seem to reproduce this issue.My brackets have remained in their original location.

Are you placing your bracket/OCO orders using the bracket - Config window? Or are you placing these limits and stops manually after your original entry order?

Please let me know as this will allow me to troubleshoot further. We may need to speak with Rithmic as well after your additional feedback.

Thanks,
Jake
Optimus Futures Support

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Yes this is a live account, using the bracket in the config window. The hard part with replicating the issue is that I have only seen it happen when my limit entry order was the exact low and I did not get filled on the original limit order, causing the “convert to market when limit order is touched” to trigger. If my limit entry order is the exact low but I get filled or if the market continues through my order, thereby getting an exact fill with no slippage, then the issue doesn’t occur.
I have also reached out to Rithmic and am waiting for their response.

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This was Rithmic’s response, not quite sure if this makes sense to me:

Normally our brackets are released based upon the specified number of ticks from the entry fill price. We have a concept of brackets which are static brackets, and dynamic brackets.

By default dynamic brackets are the specified number of ticks from the entry fill price.

Static brackets are the specified number of ticks from the entry limit price.

Are you using Static or Dynamic brackets? If you are using Static brackets, and then modifying your order to market, this might invalidate the Static functionality as your order no longer has a Limit price.

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I think what they are saying is that static brackets only work on limit orders so when the order does convert to market, the bracket no longer functions. I will try it out with dynamic brackets to see if that resolves the issue.

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Thank you very much for your feedback and for letting us know the response you received from Rithmic. This is very helpful.

In my testing, I do believe I was using static brackets as well.

Have you had any luck with this order entry method after receiving Rithmic’s response? Or are you still having issues with this?

Please let us know!
Jake
Optimus Futures

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I’m still waiting for an answer from Rithmic, but static brackets should still work if using a market order. It seems that it’s a bug on their end for why this function isn’t working properly. I will update when I get a real answer.

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After speaking with Jonathan Walden on the phone about this issue about a month ago, he told me that he would speak with developers and get an answer back to me that same day. I never heard back and have asked for an update many times over the past few weeks but never get any response to my emails. Seems they couldn’t figure it out and are just ghosting me. Maybe someone else can reach out as well.

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When a programmer tells you “next day” I suggest not to take it literally :frowning:
We will try to ask them again and point out this specific thread. Maybe that will get their attention.

Please consider Optimus Flow as a platform, and if there are missing features, we will be happy to address them based on customer demand.

Best,
Matt Z
Optimus Futures