Hi,

Taking buy limit order as an example, as I understand it, it gets executed once the buy limit price is reached. I would like to know more details about the execution flow of such orders. Specifically,

1. Is the execution guaranteed when the limit price is reached? In other words, does the order become market order when the 'ask' price is equal or below the limit price or the system tries to fill it as long as the price remains equal or below the limit price level.

2. In the first scenario, the execution will be guaranteed with order either getting filled or rejected.

3. In the second scenario, the price may briefly go below the limit price and bounce back before the execution takes place. In this scenario, the order may not trigger at all.

4. If the scenario 3 is played out, then is there an order type I can use to play scenario 2?

Thanks,
GBPTrader

The execution of an order depends on the market availability (e.g. the price condition might be met but the volume might not be there). It is only guaranteed that the filled part will have the price that satisfies the limit condition, i.e., in your case the price will be equal or below the limit price level. However, you can't say that the order becomes Market order since for Market orders the unfilled part gets cancelled, which is not the case for the Limit entry orders - the unfilled part for Limit entry orders gets resubmitted until full fill or cancellation by the user (For more information on triggered orders see the first two paragraphs in https://www.dukascopy.com/wiki/index.php ... ntry_Order).
It is the scenario 3 for Limit entry orders. You may consider using Market if Touched (MIT) orders, which essentially are Limit entry orders with slippage. However, for MIT orders the unfilled amount does not get cancelled. If you wish to cancel the unfilled amount you can do this from your strategy in onMessage checking for IMessage.Type, if it is ORDER_FILL_OK for your MIT order, then call IOrder.SetRequestedAmount(0) to cancel the unfilled part.