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stop orders on the server or the exchange?


#1

I came across the fact that my broker actually keeps the stops on their server. Do you keep your stops on the server as well?

Thank you
Tally


#2

Do you mean a single stop order or some sort of OCO?

Thank you,
Optimus Futures
www.optimusfutures.com


#3

Yes, like being long the ES emini SP and placing a single stop on it.


#4

In this case,yes, we do send the orders to the exchange.

Thank you,
Optimus Futures
www.optimusfutures.com


#5

Can you please elaborate about the OCO orders that you provide? I am curious now because you mentioned it.
Is this something that you guys recommend?


#6

OCO orders are placed where you set Targets and Stops and you wish to have one cancelled when one of the orders gets filled.
BTW, since OCO orders are not native to many exchanges many orders wish to place it on a server.
Its called Server Based OCO. This is because the “Cancel” function would be sent from the sever not one’s own computer.

Thanks,
Optimus Futures
www.optimusfutures.com


#7

Hi Matt,

recently had two issues on server side orders. using Sierra Charts - Rithmic

  1. OCO server side orders get cancelled, when parent position is still open

sierra charts log: read “canceling due to no order update from server”. contacted sierra charts whom state it is a Rithmic problem

  1. GTC server side stop was filled overnight, while I was not logged in. order fill was not updated on my next sierra charts login

Is this known to be a Rithmic issue, where they do not store these data beyond x hours? How does CQG perform on server side orders? What are the implications for me to switch over in terms of sierra chart functionalilty / administrative forms to fill with Optimus Futures (or AMP Futures) / data vendor costs / trade commissions?

Thank you


#8

We apologize for the late response. First, we always suggest using R-Trader by Rithmic which records all the order and executions under the “Recent Orders” tab for the day. This way, you can always know where you stand. Second, every order has a ticket associated with it, so we can check with RIthmic or trade desk ASAP.

Second, if there are other working, you should always have a platform open. Even stop orders might not be filled if we have gaps that surpassed price limits. It is rare but could happen. Again, please make sure you have R Trader open. The Rithmic credentials could be extended to two machines and r trader is free.

CQG also offers Server Side OCOs, and you are more than welcome to try that. We have both CQG and Rithmic users. If you wish to switch from one data feed to another to test it out. The routing at AMP with CQG is 10 cents per side, Rithmic is .25. However, we have noticed that the quality of data and execution depends on your area infrastructure, computer set up and speed of connectivity. At times Rithmic or CQG could be better depending on the factors mentioned.

Thank you,
Matt Z
Optimus Futures
www.optimusfutures.com