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Oanda, not cool.

  • #1
  • First Post: May 27, 2010 5:04am May 27, 2010 5:04am
Today I had a limit order to buy GbpJpy at 130.87. It had a 2 pip bound set on it, which normally is fine when there is no news coming out. The order was cancelled due to Bound Violation.

I've been using them for years and I'm happy with them. I've been nailed a few times by widening spreads, but that's part of the game and I just suck it up. This, however, is simply not filling an order. This is not acceptable. The order was cancelled at 13:05:25, it was a screw job if I've ever seen one.

Here's the transcript.

OANDA: Thank you for choosing OANDA. How may I help you?
Bob: HI, I just had a limit order on the GbpJpy cancelled. Why?
OANDA: Is it because it has exceed the expiry?
Bob: I have the default time set for 18 hours
Bob: it was set for 5 minutes
OANDA: What is the ticket number?
Bob: 1 min
Bob: 63332xxxx
Bob: What does BV mean?
OANDA: Please hold on
Bob: ok
Bob: getting water, brb
Bob: are you still there?
OANDA: Konstantin (CSR) PM 05:24 A Bounds Violation occurs when the price an order is to be filled at falls outside the range specified by its bounds. When you enter an order you may specify a range using the Upper and Lower Bounds feature in the order window. If the range requested is exceeded the trade will be canceled due to a Bounds Violation.
OANDA: A Bounds Violation occurs when the price an order is to be filled at falls outside the range specified by its bounds. When you enter an order you may specify a range using the Upper and Lower Bounds feature in the order window. If the range requested is exceeded the trade will be canceled due to a Bounds Violation.
Bob: So, it skipped over my price?
OANDA: So your price falls outside the range you have specified.
Bob: I'm looking at the min/max. It looks to me like the price existed
OANDA: The chart shows the average price.
Bob: The spread didn't widen at that moment. It was a good price.
Bob: So?
OANDA: So if the price falls outside the range you have specified. The trade will not go through.
Bob: Yea, but I'm looking at your min/max chart and the price was good, the spread was good, the trade should have been put on
OANDA: The price might be good but if its outside the range. It will not go through.
Bob: one min
OANDA: Sure.
Bob: im getting the spreads by 5 sec intervals
Bob: The trade was cancelled at 13:05. At 1305 spread was 82-87 At 1305:05 it was 84-88 At 1305:10 it was 84-88 At 1305:15 it was 84-88 At 1305:20 it was 85-88 At 1305:25 it was 86-91 At 1305:30 it was 88-94 At 1305:35 it was 88-94 At 1305:40 it was 90-97
Bob: the buy order was at 130.87
Bob: it should have been filled during that 40 second interval
Bob: it's didn't skip over it
OANDA: May I get the technical team to look into it.
OANDA: And we will rever to you within one business day.
Bob: How will you get back to me?
Bob: and what will you do?
Bob: once they see I'm right?
OANDA: We will revert to you via email, after we have investigated.
Bob: Ok
  • #2
  • May 27, 2010 5:33am May 27, 2010 5:33am
"The order was cancelled at 13:05:25"

What timezone is this refering to?


It probably did what its supposed to do (gapped over the bounds for an instant - thus canceling the order - and then rebound back inside). I don't like that behaviour either, the logical thing would be to not cancel the limit order but let it stay active incase the price comes back inside between limit-price and bound-price, which is sometimes the case.
  • #3
  • May 27, 2010 6:22am May 27, 2010 6:22am
Bro , its just one order! Does this happen oftenly?
  • #4
  • May 27, 2010 10:11am May 27, 2010 10:11am
Quoting Brb-Fraudin
Bro , its just one order! Does this happen oftenly?
The timezone is my timezone, GMT +4.

As far as it being one order, it doesn't matter. If someone picked your pocket, would you say, "Hey, it's only one time they're robbing me."?

I've never had it happen before and I use limit orders for about 90% of my trades. I accept the widening of stops, but this just shouldn't have happened. With a buy order at 87 and bounds of 2 hi/lo that's a 5 pip range of movement in which the order should have been filled. As I listed, for 35 seconds price was bouncing around 87.

The point is that their system had a glitch. It is my responsibility to my clients, and myself, to bitch and moan about this in the hope of getting something. My target was 131.79 and that means a lot of money was lost due to their fault, not mine. I don't think I'll ever see it, but I'll be damned if I don't bust their balls about it for awhile.
  • #5
  • May 27, 2010 12:40pm May 27, 2010 12:40pm
It doesn't have to be a glitch, because its not supposed to work how you think it is. You have to look at a tick-by-tick chart to determine if its a glitch or not.

Example:

You have a limit buy at 87 and upper bound at 89. The ask-price is 86.9, and then on the next tick ask price is 89.1 (outside your bounds). Your order gets canceled immediately. Rtfm.

In this example, its not a glitch but expected behaviour. I agree that it sucks and that limit GTC orders should not be canceled on a boundary violation, but it still works like it says in the oanda user guide.
  • #6
  • May 27, 2010 1:15pm May 27, 2010 1:15pm
Sorry to hear that Dopey,

At least if it is a legitimate glitch it is good you brought it to their attention and hopefully it is something they will correct so it doesn't happen in the future.

I get the impression you aren't the type to believe in Karma, BUT if you have been wronged the universe will correct it and you'll be made whole again.

Trade Well.
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #7
  • May 28, 2010 12:41pm May 28, 2010 12:41pm
Dopey,

With the help of the tech team I reviewed your order and it the upper bound was the same as the limit order trigger. They were both set to 130.89. Tick history shows the price the price going from 130.8890 to 130.8910 in the next tick. That price triggered your order, but it could not be executed because it was outside of the upper bound.

I can post the tick history here if it helps clear the issue.

Let me know if I can be of assistance


Alfonso Esparza
OANDA
  • #8
  • May 28, 2010 12:52pm May 28, 2010 12:52pm
Wow, if something as insignificant as this gets your panties in a bunch ... then your life must really suck. Regardless, bitch about this non-issue as much as you want, but deciding to post this crap here thinking that anyone else really cares was quite the dick move. That's what's not "cool."
  • #9
  • May 28, 2010 7:04pm May 28, 2010 7:04pm
One thing I dont like about oanda is that they dont have monthly charts!
  • #10
  • May 29, 2010 6:37pm May 29, 2010 6:37pm
I had an Oanda account many years ago, don't remember any major problems. Blew up the account and never recapitalized. I do use their historical exchange data often, though. Also, their FXML Service looks interesting but $300/month is quite steep. Anyone have any experience with this service from Oanda?
  • #11
  • Jun 1, 2010 5:31am Jun 1, 2010 5:31am
Quoting Dopey
Today I had a limit order to buy GbpJpy at 130.87. It had a 2 pip bound set on it, which normally is fine when there is no news coming out. The order was cancelled due to Bound Violation.
Quoting AEsparza
Dopey,

With the help of the tech team I reviewed your order and it the upper bound was the same as the limit order trigger. They were both set to 130.89. Tick history shows the price the price going from 130.8890 to 130.8910 in the next tick. That price triggered your order, but it could not be executed because it was outside of the upper bound.
...
Alfonso Esparza
OANDA
These two accounts are mutually inconsistent.

If the buy stop (it's not a buy "limit", the unfortunate terminology for both stop and limit orders, incorrectly adopted by most forex market makers) was set @87, it should have already become a marketable order and then executed by the time the ask had risen up to 8890.
  • #12
  • Last Post: Jun 1, 2010 6:48am Jun 1, 2010 6:48am
Quoting Dopey
I've only had a few times where I've had to contact Oanda over the last 6 years, but I must admit their support staff is a clueless bunch. No offense, but they're probably Indians in Bangalore reading off scripts.
What did you find out?
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