Technical question: EA behaviour if a market order is not executed at once
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Some futures/stock exchanges have circuit breaker mechanisms that block order execution/filling for a few minutes or hours if price moves too far too fast. Note that the exchange still allows market orders to be PLACED (but not filled), but they will only be executed/filled when market re-opens. In this context, let's assume an EA (from fxDreema) is holding a short position at 2pm, when market is open and running normally, and it is programmed to close this position at 4pm ("time filter" block followed by "close position"). Then market goes into circuit break at 3:50pm and only returns at 4:30pm.
My question is: what will the EA do at 4:00pm?
1- Send a single buy at market order (then the position will be closed when market re-opens at 4:30pm);
2- Send a buy at market order and keep sending more orders until it confirms that the position was closed (in that case there would be multiple buy at market orders executing simultaneously when market re-opens, resulting in a inverse position with multiple contracts, that would probably be liquidated immediately because of the time filter);
3- Something else (what?)I'd like to highlight again that the exchange accepts orders (pending buy stop, buy at market or any other) to be PLACED, but execution of these orders will only happen when market is open again.
Thank you very much.
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While there are no incoming ticks, the EA will do nothing. Whatever request is sent to the server, the server processes it. So I don't know, I guess you can try it to see what will actually happen and if there is any problem - report it to me. And to be honest, I don't understand those futures and fancy symbols very well, because I never traded them, so I might be missing something
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The thing is that there are ticks... there are no deals, but as I understand MT5 considers a "tick" as anything that changes the bid/ask spread or the last deal in the market. So in circuit breakers we see changes in bid/ask, but without any deals, just by placement and cancellations of orders on the order book.... so it's quite different from Forex, where brokers make their own bid/ask spread and decide when it's time to change it.
The mess gets really ugly on the CFDs, that trade through the broker's own bid/ask, but are arbitraged by the broker's market markers on the centralised markets. So when there is a circuit breaker on the exchange where, let's say Apple stocks are traded, the Apple CFDs will get REAAAAALY ugly...
Anyways, thanks for the help.
