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==Place Order== | ==Place Order== | ||
Place Order menu allows you to place Stop, Limit and Stop-Limit orders as well as to automate certain methods of entering or exiting positions. It’s perfect for avoiding repetitive tasks, increasing your productivity and focusing on trading. Automation is especially useful when you need to apply an order pair quickly (see [https://www.multicharts.com/trading-software/index.php/Chart_Trading_Orders_and_Strategies Orders and Strategies]). | '''Place Order''' menu allows you to place Stop, Limit and Stop-Limit orders as well as to automate certain methods of entering or exiting positions. It’s perfect for avoiding repetitive tasks, increasing your productivity and focusing on trading. Automation is especially useful when you need to apply an order pair quickly (see [https://www.multicharts.com/trading-software/index.php/Chart_Trading_Orders_and_Strategies Orders and Strategies]). | ||
[[File:DOM9.png]] | [[File:DOM9.png]] | ||
Place Order menu strategies give you competitive advantage over other traders: they allow you to exit the position faster than others. They also reduce the risk of two orders execution and would be especially useful for traders who use pyramiding strategies. Each strategy is an OCO group – if one order is filled, the other is canceled. | '''Place Order''' menu strategies give you competitive advantage over other traders: they allow you to exit the position faster than others. They also reduce the risk of two orders execution and would be especially useful for traders who use pyramiding strategies. Each strategy is an OCO group – if one order is filled, the other is canceled. | ||
<div class="note">Not all brokers support server-based OCO groups. Consequently, there is no 100% guarantee that only one order will be executed (See [[Trading Risks|OCO-Orders Risks]])</div> | <div class="note">Not all brokers support server-based OCO groups. Consequently, there is no 100% guarantee that only one order will be executed (See [[Trading Risks|OCO-Orders Risks]])</div> | ||
Orders and Entry Strategies icons are rearranged automatically: the last used icon is displayed in the top left corner of the menu. | '''Orders and Entry Strategies''' icons are rearranged automatically: the last used icon is displayed in the top left corner of the menu. | ||
To expand or collapse the Place Order menu, use the Expand/Collapse buttons. | To expand or collapse the Place Order menu, use the '''Expand/Collapse''' buttons. | ||
To scroll icons in the Place Order menu, use the Scroll buttons. | To scroll icons in the Place Order menu, use the '''Scroll''' buttons. | ||
To select | To select '''Exit Strategies Average Open Position Price''' calculation mode: | ||
# Select '''File''' in the main menu, click '''Preferences''', select the '''Trading''' tab | # Select '''File''' in the main menu, click '''Preferences''', select the '''Trading''' tab | ||
# Enable the ''' | # Enable the '''Received from broker''' button to use the price received from broker or the '''Calculated based on order(s) execution price''' button to use the price calculated by MultiCharts based on entry order(s) execution price. | ||
<br> | <br> | ||
'''Exit Orders Management''' | '''Exit Orders Management''' | ||
Exit | Exit Strategies applied to an open position change the number of contracts according to the current position size. | ||
Exit strategies applied to active orders do not change number of contracts regardless of the open position size (do not "jump" onto the active position after the parent order was filled). They remain active and keep protecting orders that were generated by the parent order. | Exit strategies applied to active orders do not change number of contracts regardless of the open position size (do not "jump" onto the active position after the parent order was filled). They remain active and keep protecting orders that were generated by the parent order. | ||
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All Entry Strategies are placed with OCO-orders. | All Entry Strategies are placed with OCO-orders. | ||
There are two types of OCO-groups in MultiCharts: '''Native''' and ''' | There are two types of OCO-groups in MultiCharts: '''Native''' and '''Emulated'''. | ||
'''Native''' | '''Native OCO-group''' is used when the broker’s API supports OCO-groups. In this case all OCO orders are sent to the broker directly and unfilled OCO orders will be cancelled by the broker. | ||
''' | '''Emulated OCO-group''' means that all OCO orders will be sent to the broker, but once one of them is filled, other orders from this OCO group will be cancelled by MultiCharts. In this case, when one of the OCO orders is filled, MultiCharts will send a command to cancel or reduce size of the second OCO order to the broker. | ||
<div class="important">In case of high market volatility there may be not enough time to cancel the order and therefore both orders may be filled. Both orders also may be filled in the unlikely event of crash or connection loss.</div> | <div class="important">In case of high market volatility there may be not enough time to cancel the order and therefore both orders may be filled. Both orders also may be filled in the unlikely event of crash or connection loss.</div> | ||
All OCO-orders of the same group will have the same OCO-ID. You may check it in the Orders tab of the [[Order and Position Tracker]] window. | All OCO-orders of the same group will have the same OCO-ID. You may check it in the '''Orders''' tab of the [[Order and Position Tracker]] window. | ||
==Orders and Strategies== | ==Orders and Strategies== |