Dear Sir, I want to post here the real challenge everyone face with BO Order Placement especially on breakout trades.
We intend to place a BO limit order once the threshold level triggered, however the challenge is we do not know at what levels the Bidders and sellers are standing, due to which we have to add a buffer price in addition to the entry price for a guaranteed execution, with a price of paying in a huge order slippage at times and even a profitable trade may end up in a loss.
Here my intention is to get my orders placed in a acceptable tick levels e.g. 4-6 ticks tolerance (defined by me) from my entry price. where I know precisely my maximum order slippage.
Something idea striked in this regard, that is, is there a way to find average or Mid band range of Best 5 Bids/Asks, instead keeping a fixed buffer value. I'm ok to get placed in the mid band range of 5asks /5 Bids,
Appreciate if could you come with a idea or workaround to deal this.
The LIMIT price is user configurable. You can pass any value as you wish. Whether you are using Kite class or Bridge class to place BO order, you can always set the LIMIT price as per your requirement.
"A beginner starts with MARKET order and ends with LIMIT order."
The best way to execute a BO order is Pass your LIMIT price as Ask + x*Tick for BUY and Bid - x*Tick or you can just pass your Buy/Sell levels, you can just remove the buffer% from your excel formula.
Current you get only top bid/ask in RTD, hence it is not possible to get average of Bid/Ask. Even if you got Bid/Ask average, it is not recommended to use in the way, because it put your BO in OPEN for maximum time.
The
LIMITprice is user configurable. You can pass any value as you wish.Whether you are using Kite class or Bridge class to place BO order, you can always set the
LIMITprice as per your requirement."A beginner starts with
MARKETorder and ends withLIMITorder."The best way to execute a BO order is
Pass your LIMIT price as Ask + x*Tick for BUY and Bid - x*Tickor you can just pass your Buy/Sell levels, you can just remove the buffer% from your excel formula.
Current you get only top bid/ask in RTD, hence it is not possible to get average of Bid/Ask.
Even if you got Bid/Ask average, it is not recommended to use in the way, because it put your BO in OPEN for maximum time.