I'm using Live System to trade through Interactive Brokers and I'm having a bit of a problem with the stop-loss orders. The market order to buy gets filled and the stop-limit order for my profit target goes through but the stop-loss order always comes back "Stop loss order rejected: the price does not conform to the minimum price variation for this contract."
I've searched the forum but I don't seem to see this problem mentioned. Any help is appreciated. Thanks.
I've seen this trading YM when I used a percentage stop loss. The actual price when converted was decimal which is a fraction of the minimum tick size of the contract. IB would fire the error and then round/trunc the price and leave it in the window untransmitted. You must make sure that the stop, once converted to a price is an increment of minimum tick size.
i.e. YM is trading at 12800:
A) Send order to buy at LIM 12801 [order accepted and filled]
B) Send 0.005% STP Loss order [Accepted if based on 12800 (64pt stop -12736 ) but rejected if based on 12801 (64.005 pt stop 12736.995)
note YM tick size = 1
hope this helps
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