Market If Touched Order (MIT)

Created at 12 Aug 2021, 03:06
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intracables

Joined 30.09.2020

Market If Touched Order (MIT)
12 Aug 2021, 03:06


Hello,

 

TL;DR: Please add Market If Touched order type so we can set entry stop orders below market price when going long or above market price ask price when going short.

I trade futures and occasionally stocks and thus I'm used to have precise limit order entries, unfortunately in Forex there are spreads so the precision of my entries are skewed by the bid ask spread, often on a big move where price touches a level where my limit order is I don't get filled because the spread widens or the price misses my limit order by the few pips of the spread.

Personally, I would rather pay a commission or monthly fee to the broker in order to have no spread at all, to not be bothered by being tagged out of a trade because the spread hit my stop loss and not the actual price or the price hits my entry order but not the spread....(╯°□°)╯︵ ┻━┻

As my concern is insuring I'm getting filled on those moves and not having to fiddle with predicting the potential spread I might get when we get there and inputting it as an offset to my limit orders, so to mitigate this I thought to myself I'm going to set stop orders which trigger on the bid price when going long and above ask price when going short, this way I know for sure I get filled if price touches my level no matter how wide the spread is.

Unfortunately, cTrader only support vanilla Stop/Stop Limit Orders, not Market If Touched orders, which means that I cannot place a Stop Order below the market price to enter a position when going long, and I cannot place a Stop Order above the market price to enter a position when going short.

 

Can spotware add the Market If Touched order type to cTrader? and allow users to choose which Trade Side (bid or ask) triggers the order.

 

Regards,


cTrader
@intracables