Temporary override stop order type

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Temporary override stop order type

Post by Eternum » Fri Mar 27, 2020 8:33 pm

I use "temporary override" for the lack of better term. Essentially I would like to suggest a feature that allows to submit buy/sell stop order as stop-limit when TCP stop order mode is set to MKT (or vice versa for that matter).

Let me explain and give an example. Suppose I want to buy one ES futures contract above the market and at the same time submit stop and target brackets. If I submit buy order as stop-market, there is a chance of slippage up during volatile market with much worse fill price. If I simply switch TCP stop order mode to LMT before buying, then there is a chance that my stop bracket might not get filled and I am exposing myself to unnecessary risk. What I would like to suggest is ability to force stop-limit for buy order while keeping TCP in stop-market mode. Say, by using Ctrl+Click (or whatever combination) I am entering buy stop-limit above the market and then, when this order gets executed, TCP submits brackets with stop as stop-market. Another words, I am trying to protect both of my stop orders (initial buy and bracket sell). Hope this makes sense.

Thank you.