Range Entry Order

Brief

A Range Entry order (generally known as a Stop-Limit order) is an order to buy or sell at a specified limit price or better when the given stop price is reached by the market price.

Details

A Range Entry order has two prices (stop and limit) and it is executed as follows: Once the stop price is reached by the market price, the range order becomes a limit order and it is executed at the limit price or better.

Since the stop price of the order is the "trigger" price, the range entry order can be placed as follows:

• A range order to buy a symbol is placed above the current market price.
• A range order to sell a symbol is placed below the current market price.

The period of time while the order remains active until it is executed or expires is defined by the Time-In-Force option.
Range entry order has two time-in-force options: Good-Till-Cancelled (GTC) or Good-Till-Date (GTD).

• A GTC order means that you want an order to remain active until you cancel it.
• A GTD order means that you want an order to remain active until you cancel it or until the specified date and time. By default the time is set as end of the current trading day (16:59 New York time).
  

The trailing feature can be applied to the range entry order. In this case, the prices of the order are automatically adjusted while the market moves in a trader’s favor. The value of the adjustment is defined by the trailing step parameter. The feature works as follows:

• If a range order is placed to buy a symbol and the market price moves down, the prices of the order also move in the same direction by the specified trailing step.
• If a range order is placed to sell a symbol and the market price moves up, the prices of the order also move in the same direction by the specified trailing step.

By default the option to make range entry orders trailing is disabled. To enable it, on the System menu, click Options, and then set the option Trailing entry orders enabled under General Trading to True.

The How to create an entry order article also describes how to create a range entry order.