Stop-Limit
FIX OrdType <40>=4 (Stop Limit)
A Stop-Limit order is a conditional order which once triggered will immediately place a Limit order at the specified price.
Use cases
Use a Stop-Limit order when you want a stop trigger but also a cap on the worst acceptable fill, such as a protective exit or breakout entry where you refuse to trade beyond a price. The advantage is price protection on the released Limit order. The tradeoff is the central risk versus a Stop-Market: if the market gaps through both the trigger and the limit, the order may not fill at all, leaving a position unprotected.
Example
In the following example we create a Stop-Limit order on the Currenex FX ECN to BUY 50,000 GBP at a limit price of 1.3000 USD once the market hits the trigger price of 1.30010 USD, active until midday 6th June, 2022 (UTC):
use nautilus_core::UnixNanos;
use nautilus_model::{
enums::{OrderSide, TimeInForce, TriggerType},
identifiers::InstrumentId,
types::{Price, Quantity},
};
let order = self.core.order_factory().stop_limit(
InstrumentId::from("GBP/USD.CURRENEX"),
OrderSide::Buy,
Quantity::from(50_000),
Price::from("1.30000"),
Price::from("1.30010"),
Some(TriggerType::BidAsk), // optional (default DEFAULT)
Some(TimeInForce::Gtd), // optional (default GTC)
Some(UnixNanos::from(1_654_516_800_000_000_000_u64)), // 2022-06-06T12:00:00 UTC
Some(true), // post_only (default false)
Some(false), // reduce_only (default false)
None, // quote_quantity (default false)
None, // display_qty
None, // emulation_trigger
None, // trigger_instrument_id
None, // exec_algorithm_id
None, // exec_algorithm_params
None, // tags
None, // client_order_id
);See the StopLimitOrder API Reference for further details.
Related guides
- Orders - Trigger types and other execution instructions.
- Emulated orders - Emulating conditional orders on venues without native support.
- Execution - How orders reach the venue and fills are handled.