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No, stop limit order has collar (limit) set by trader while market order is
converted to a limit which is calculated at time of order receipt as a fixed
maximum offset from the last trade. Stop order also has a collar (limit)
which is calculated as maximum fixed offset at time stop is triggered.
I don't know what the current collar is but at one time it was 30 handles.
Theoretically in a fast and volatile market, a stop could be converted to a
limit order which has a limit inside of the current price e.g. sell stop
order at 1200 triggered and sent to Globex as a limit order of 1170 but a
fast market might take price to 1160 before the limit order could be
executed due to order queuing - the limit order would not be executed below
1170. A sell stop limit order entered by trader at 1200 stop with 1165 limit
would have a far higher chance of being executed and filled at a price
closer to 1200.
Earl
----- Original Message -----
From: "Michael Ferguson" <wl7bdn@xxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Wednesday, June 27, 2001 8:18 AM
Subject: Re: [RT] Fw: FED ANNOUNCEMENT WARNING
> Earl,
>
> A stop-limit order has the same collar, finally, as a mkt order?
>
> Essentially, just bracketing the spread with limit orders sets your own
> collar and gets the fastest access into the cue?
>
> Ex: bid 1223 oft 1224
>
> buy limit 1225 same as mkt with faster processing?
> sell limit 1222 ditto
>
> still learning,
>
> Michael
>
>
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