Limit Order Above or Below the Market
Would it be possible to code an algo or have the ability to set a limit order at a certain price once that price point is crossed? For example the market is at 2654 currently i would like to have a buy limit at 2654 but only if price hits 2654.25. Is there a way to automate this so i can just have orders sitting in the queue that will turn to limit orders once a line is crossed.
Adminefrain (Admin, CQG) commented
You should use the price alerts to accomplish this task. Information on creating and using alerts is located at http://help.cqg.com/cqgic/19/#!Documents/alerts.htm
Also, you can enter a stop limit order with a negative offset for the limit price. If the tick size in your example is .25, you would set up your stop limit offset defaults in Trading Preferences, using -1 as your default stop limit offset. Then just enter the order as a stop limit and it should behave as you intend. But if you want to reference a dynamic price level rather than a known price level, then the previous answer is what you need.