Limit Slippage for pending orders | Forex Factory

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Limit Slippage for pending orders

  • #1
  • First Post: Nov 8, 2013 4:17pm Nov 8, 2013 4:17pm
Hello,
im curious does anybody know script/EA which will do the following :
Sometimes when there are large news , Pending orders get triggered in the way where the slippage is presented. for example today was Non-Farm Employment Change news and during that time i had set pending order on breakout and market moved so fast that my order got activated 40 pips late. which was actually close to my take profit at in advance.
so i want script to limit slippage a.k.a. maximum deviation for PENDING ORDER-s . possibility of setting maximum deviation is presented by most brokers in instant executive trades , but not pending ones.
for example if i set trade @ 1.0001 and price jumps right over to 1.0051 i dont want my pending order to be activated anymore. but if slippage is less than for example 10 , im fine with that.
any ideas ?
thank you
  • #2
  • Nov 8, 2013 6:15pm Nov 8, 2013 6:15pm
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting Rzr3
Hello, im curious does anybody know script/EA which will do the following : Sometimes when there are large news , Pending orders get triggered in the way where the slippage is presented. for example today was Non-Farm Employment Change news and during that time i had set pending order on breakout and market moved so fast that my order got activated 40 pips late. which was actually close to my take profit at in advance. so i want script to limit slippage a.k.a. maximum deviation for PENDING ORDER-s . possibility of setting maximum deviation is presented...
If the pending is already sent to broker, it will be triggered at the next available price unless you cancel it before the jump in price.
MT4/MT5 EAs/Indicators/Alerts coder
  • #3
  • Nov 9, 2013 3:15am Nov 9, 2013 3:15am
yes i know , thats exactly what i asked. is there any way to "cancel it" automatically if price is too different ?
  • #4
  • Nov 9, 2013 3:29am Nov 9, 2013 3:29am
  •  FerruFx
  • Joined May 2007 | Status: MT4/MT5 EAs/Indicators/Alerts coder | 6,542 Posts | Online Now
Quoting Rzr3
yes i know , thats exactly what i asked. is there any way to "cancel it" automatically if price is too different ?
The problem is that we don't know when and if a jump in price is going to trigger your pending. So when that occurs, it's too late.
MT4/MT5 EAs/Indicators/Alerts coder
  • #5
  • Nov 9, 2013 6:07am Nov 9, 2013 6:07am
Quoting Rzr3
yes i know , thats exactly what i asked. is there any way to "cancel it" automatically if price is too different ?
NO in a nutshell, you are asking for a time machine, a pending order sit in the market and gets triggered and filled once price equals or exceeds the pending level - no conditions can be added to this because it is simply an order in the book. Whereas an instant execution can specify the max deviation because it can check the price before submitting the order.

The only way around the issue is to have an EA manage your pending level and once price touches it to place an instant order with max deviation set, in reality you won't get filled though at times such as NFP
  • #6
  • Nov 9, 2013 6:10am Nov 9, 2013 6:10am
That EA which you mentioned is exactly what i was asking for. i think you misunderstood my request in the beginning.
  • #7
  • Nov 10, 2013 2:11pm Nov 10, 2013 2:11pm
This is a very tricky feature you are asking for. There is a very high probability that it won't work and it is almost certain it will take multiple attempts to get working.

The only feasible way I can see is that the person using it would have to code it. Asking soemone else to code this is unreasonable and as far as I know there is no third party commercial product.
  • #8
  • Nov 11, 2013 12:52am Nov 11, 2013 12:52am
well , worth asking , right ?
Thanks for your replies
  • #9
  • Dec 19, 2013 11:24pm Dec 19, 2013 11:24pm
Hello Rzr3,

I have just the right tool for that and it's called Stealth EA. You can find it by Googling as I do not want to add a link there and be treated as a spammer.
It's a commercial product that I have been developing for the last few years and it has feature to place "hidden pending orders". You may get what you need from this software.

Regards,
Rimantas Petrauskas
"You are too special to go with the rest." - Rimantas Petrauskas
  • #10
  • Dec 20, 2013 12:00am Dec 20, 2013 12:00am
What you're after is a Stop-Limit order. That's a style of stop order whereby you can limit the amount of slippage you're willing to accept, otherwise the order isn't filled. Some brokers also allow you to specify the trigger method for the stop orders.


https://www.interactivebrokers.com/e...FstopLimit.php


Stop-limit orders are pretty common. You can find them on platforms of all the big brokers like Interactive Brokers, TD Ameritrade, etc. But MT4 doesn't support them. MT4 just has a basic Buy-Stop and Sell-Stop order, which is effectively a market order without any slippage control and can easily be triggered with spread widening around a news event.
  • #11
  • Last Post: Edited 5:03pm Sep 7, 2023 4:40pm | Edited 5:03pm
Quoting Rzr3
Hello, im curious does anybody know script/EA which will do the following : Sometimes when there are large news , Pending orders get triggered in the way where the slippage is presented. for example today was Non-Farm Employment Change news and during that time i had set pending order on breakout and market moved so fast that my order got activated 40 pips late. which was actually close to my take profit at in advance. so i want script to limit slippage a.k.a. maximum deviation for PENDING ORDER-s . possibility of setting maximum deviation is presented...
hello Forum!

I'm looking for the same solution as the author of the first post.
I was wondering if anything has changed since 2013 in the possibilities of implementing such a solution on the MT4 platform that would prevent the opening of a pending order when the market movement is sudden and exceeds a certain X value expressed in pips or points.
I have an account with IC Markets broker. I tried to use the built-in function in MT4 called 'deviation,' but it seems that ICM does not support the OrderSend() function.
Is there perhaps an EA capable of controlling such orders?
Is there a viable solution for this situation, similar to the service provided by Admiral Markets:

https://admiralmarkets.com/products/...ity-protection

?
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