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Unless I am mistaken, a buy limit order placed above the market on Globex
will be executed by Globex at the current market price. That is in fact how
Globex brokers simulate a market order on Globex, which has no native
support for market orders. The broker takes your market buy and puts it on
Globex as a limit buy order 10 points (for ES) above the market.
This is one reason why ES has so few "bad ticks". Human error of this kind
results in a market order, not a whacked out fill way off from the current
market.
Stocks are a different animal of course...
-Jeff
> BUY @ P3 Limit, where P3 = P1 + Delta points, i.e.
> instead - sign, a + sign is used in Buy formula.
>
> This bad order is placed above the market, and I am
> expecting that PATS will snatch it right away and
> execute it within 2 sec.
>
> Other market participants will see a spike in prices
> above current market equal to Delta. They will interpret
> it as a "bad" tick. Only I will know it was a bug in my
> EL code.
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