We recently added a new feature to the Auto Trader Sierra Chart custom study.
The intent of the feature is to assist in managing limit orders that have not been filled.
You can define rules for handling Limit orders that have not been filled. It is possible to define up to 3 rules.
The rules work in the form of conditions/actions where a certain condition will trigger an action.
You define the condition to start managing the limit order. Conditions can be based on either:
- Time (min and seconds)
- Distance that price has pulled away from the limit order
Once the condition triggers, you can choose from 3 actions:
- Cancel the order
- Cancel the order and in its place enter at market
- Chase the market
See video demo here – https://youtu.be/FtzFVzCqmFU