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Broker that triggers buy stop at bid price & fills at ask?

  • #21
  • Mar 18, 2014 7:44pm Mar 18, 2014 7:44pm
Hi there, well i am not surprised that almost 99% of retail user doesn't know about these facts (LOL), anyway Dukascopy offers on his Jforex platform to set stop order triggered by ask or bid, and i always invert them for entry and stop loss, if you hear of other broker/platform that allows to do this, please let me know
  • #22
  • Edited Mar 19, 2014 5:03am Mar 18, 2014 7:46pm | Edited Mar 19, 2014 5:03am
Even in platforms which should be designed for ECN market, like ctrader, i haven't found this feature, that's strange!
  • #23
  • Mar 19, 2014 1:53am Mar 19, 2014 1:53am
You can easily achieve this kind of stop loss with MT4 using an EA. Your stop loss will be at the same time totally hidden from your broker. You will need a VPS to host this EA.
  • #24
  • Mar 19, 2014 3:10am Mar 19, 2014 3:10am
Yes but i only do manual trading and my orders must be on the server side when my pc is off
  • #25
  • Mar 19, 2014 4:49am Mar 19, 2014 4:49am
Quoting Redbullish
Yes but i only do manual trading and my orders must be on the server side when my pc is off
You can trade manually, no problem. The EA would just handle the stop-loss part (and the take profit if you want). And yes, you would a need a VPS (a virtual private server) where this EA would run, even when your PC is shut off (this just costs a few $ per month). To trade manually, you can do it from the VPS by logging on it, or directly from your PC, both are possible (and you can do any of them whenever you want)
  • #26
  • Mar 19, 2014 5:09am Mar 19, 2014 5:09am
Lmax has this option too, you can set the preferences so that stops are triggerred on the "other" price. Personally i would prefer an option to trigger the stop based on the midpoint.
  • #27
  • Mar 19, 2014 4:03pm Mar 19, 2014 4:03pm
Quoting Redbullish
if you hear of other broker/platform that allows to do this, please let me know
The Opposite Stop order type you describe is available on FXCM's Trading Station Desktop platform through two custom indicators which are called Bid-Triggered Buy and Ask-Triggered Sell (see attached)
Attached File(s)
File Type: zip Opposite_stop.zip   2 KB | 465 downloads
  • #28
  • Apr 19, 2014 10:59am Apr 19, 2014 10:59am
Hello Jason,

My mac can not find any application able to unzip your file, would you have some link that may give me similar guidance please?

Wishing you a happy Easter holiday.

Regards.
I used to be indecisive but now I'm not so sure...
  • #29
  • May 7, 2014 1:19am May 7, 2014 1:19am
Quoting Filipo1
Hello Jason, My mac can not find any application able to unzip your file, would you have some link that may give me similar guidance please? Wishing you a happy Easter holiday. Regards.
Here they are unziped. Do not foget to remove .txt from the filenames (it is because .lua files are not permited to be attached by forum engine).

Attached File(s)
File Type: txt ask-triggered-sell.lua.txt   2 KB | 502 downloads
Attached File(s)
File Type: txt bid-triggered-buy.lua.txt   2 KB | 492 downloads
  • #30
  • May 8, 2014 6:15pm May 8, 2014 6:15pm
Quoting SKovalyov
{quote} Here they are unziped. Do not foget to remove .txt from the filenames (it is because .lua files are not permited to be attached by forum engine). {file}{file}
Thanks for that, SKovalyov
  • #31
  • May 14, 2014 1:32am May 14, 2014 1:32am
Thank you for your post Here is my answer.

http://www.forexfactory.com/showthre...07#post7467207
Master Your Setup, Master Your self. (NQoos)
  • #32
  • Sep 10, 2015 12:38pm Sep 10, 2015 12:38pm
Hello,
Only two retail FX broker offer this type of order :
Saxo bank
Dukascopy
  • #33
  • Sep 11, 2015 9:47am Sep 11, 2015 9:47am
Quoting andy4444
Hi I have a professional background in FX and after opening a tiny private account with Oanda I was gobsmacked to learn how they trigger stop orders. For me the "normal" way to place a BUY stop-order is to input a STOP-IF-BID. This way your order will be triggered when the BID price reaches the price you specified, afterwhich the order is filled at market on the ASK price. Now, Oanda by default triggers a buystop when the ASK price reaches the trigger price, which means that your order will be triggered even if just the BID/ASK spread widens. My...
I get my Buy orders executed by ASK price at Hotforex and FXCM and the same is for any other retail fx broker. I don't know where you got your BUY orders executed by bid price it means there is no spread and you can basically earn it (classic scalping).
  • #34
  • Sep 11, 2015 9:48am Sep 11, 2015 9:48am
Quoting bobneurone
Only two retail FX broker offer this type of order
Hi Bobneurone,

This order type is available on FXCM's Trading Station Desktop platform through two custom indicators which are called Bid-Triggered Buy and Ask-Triggered Sell. I attached the ZIP file in this earlier post http://www.forexfactory.com/showthre...78#post7351778
  • #35
  • Sep 11, 2015 9:52am Sep 11, 2015 9:52am
Quoting leebsurag
I don't know where you got your BUY orders executed by bid price it means there is no spread and you can basically earn it (classic scalping).
Hi Leebsurag,

To clarify, we are talking about a special order type where the buy order gets triggered by the bid price but still gets filled at the ask price. The reason a trader might want such an order type is to avoid having an order triggered by the spread widening which can occur during news events or the New York Close.

FXCM offers this type of order functionality through two custom indicators for Trading Station called Bid-Triggered Buy and Ask-Triggered-Sell: http://www.forexfactory.com/showthre...78#post7351778
  • #36
  • Oct 8, 2015 6:22pm Oct 8, 2015 6:22pm
Hi,

Do you know if there are any US brokers who have an option to have stop loss orders triggered by the Last trade vs the bid or offer? i only know of one, Interactive Brokers, i wondered if there are others? Thank you.
  • #37
  • Oct 9, 2015 1:43am Oct 9, 2015 1:43am
Quoting Jason Rogers
{quote} Hi Leebsurag, To clarify, we are talking about a special order type where the buy order gets triggered by the bid price but still gets filled at the ask price. The reason a trader might want such an order type is to avoid having an order triggered by the spread widening which can occur during news events or the New York Close. FXCM offers this type of order functionality through two custom indicators for Trading Station called Bid-Triggered Buy and Ask-Triggered-Sell: http://www.forexfactory.com/showthre...78#post7351778...
Oh now I see where you're getting at. Agree very important for scalpers
  • #38
  • Oct 9, 2015 1:25pm Oct 9, 2015 1:25pm
Quoting jean.pdx
Hi, Do you know if there are any US brokers who have an option to have stop loss orders triggered by the Last trade vs the bid or offer?
Hi Jean, the Bid-Triggered Buy and Ask-Triggered Sell orders I described above accomplish something similar.
  • #39
  • Oct 11, 2015 3:50am Oct 11, 2015 3:50am
Interactive Brockers lets you choose Last trade, (best IMO) Bid or Offer for stop loss trigger for all instuments including Forex....i think they are the only ones who offer that ability, as far as i have been able to find out...Hope that helps
  • #40
  • Jan 8, 2016 4:19pm Jan 8, 2016 4:19pm
Hi,

I know this is an old thread, but it helped me out! Thanks!

In my opinion I think it is fair to trigger SL or TP on Ask for Buy trades. This helps to prevent that an SL is prematurely hit by the bid due to a fluctuating spread. By opening and closing on ask you don't have to consider the spread while calculating your stops in your EA. Actually the option that 99,9% of the traders opt for (STOP WHEN BID HIT) is profitable for the broker (due to prematurely hit stoplosses), so I can understand that they mention it as a standard order option.

I rather have a potential higher loss when that limit the number of triggered stoplosses due to that 0.5 pip extra spread on that tick.

Nevertheless, valuable information. Thanks!
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