Platform: Trading Station II
I would like to have a custom strategy developed that would monitor the market for your desired entry price, and automatically place a buy or sell "market range" order. Per my understanding, FXCM's Trading Station II does not allow limit entry or limit orders to be executed within a market range. Often times you receive negative slippage with those type of orders. I have experienced this recently. The only option they give is a "Market Range" order type to guarantee price. However, that requires you to constantly monitor the market and manually click buy/sell and manually set the market range. I would like a strategy developed that would do this automatically.
The strategy would basically monitor the market for you, and when the price you would like to buy or sell is reached, it would automatically execute a buy or sell market order and specify that it be filled within your desired market range. This would guarantee price. If the price is not available within your range then the broker would not fill the order. The order type is called "Market Range" order, and it's a IOC type order. [Immediate or Cancel.]
Here is more information about that type of order: [url removed, login to view]
Here is more information about coding that type of order in the Trading Station II platform:
[url removed, login to view]
The strategy also needs to have parameters for STOP placement, and take profit. This would automatically be sent with the rest of the order. Fully automating the process.
Example: Price is currently trading at 1630.50 for XAUUSD
The strategy would allow me to input when the market reaches 1628.00 for XAUUSD sell 1,000 ounces, but only if I can get 1,000 ounces within a 100 pip price range. Stop placement 1632.00 , take profit 1620.00.
The broker would only fill that order if he could get 1,000 ounces for the price of 1628.00- 1627.00 [100 pip range]. If not the order would not execute since i specified a range of 100 pips. This prevents negative slippage. In some cases without a market range defined, the broker may fill the order at 1625, because there is no liquidity available until that price. The market range gives you the ability to choose which price you are willing to accept for your order
LUA Scripting Language is what FXCM's Trading Station software uses for custom strategies, scripts.