Many traders want to enter positions based on where the market opens, or to automatically place a stop loss or profit target based on a fill price received upon entering the position. Now C2 allows you to place these type of "relative" orders.
Basic: Set Profit Target or Stop Loss based on your entry price
Simply use a plus or minus (+ or -) sign to indicate relative orders.
Important: Make sure you use the correct price format. C2 will perform the exact arithmetic specified in your relative order instructions. We won't correct for missing decimals, incorrect orders of magnitude, etc. This is especially important when working with futures orders. Remember that every futures broker (and C2) places decimals in different locations when pricing futures contracts. For example, Copper might be priced as "364" at C2, while other brokers price it as ".364" - so be sure you use C2's price format when performing relative-price arithmetic. (Hint: You can see the "C2 price format" that appears in the order ticket after you type a symbol.)
After you enter relative orders, they appear in the pending order blotter like this:
Please note that your subscribers will not see these orders until the entry order is filled by C2. Then, all your AutoTraders will post appropriate orders instantly, and non-AutoTraders will receive emails or Instant Messenger alerts specifying the proper stops and limits based on the entry price received by C2.
Advanced: Use the day's Opening price to set your entry
Some traders want to be able to set an entry order based on where the market opens the following day. C2 supports this. When typing a limit or stop, enter O + 1 (that's the letter "oh," not a zero!) or O - 2 or whatever.
Here's an example:
Notice how you can use O or T to reference the market's opening price or the trade's entry price in any of the order ticket fields.
If you use the Relative To Open feature ("O"), then C2 will automatically release your order at the next day's market open time, whenever that occurs (obviously this depends on what kind of instrument you are trading). It makes no sense to use "O" to reference today's market-open price, since you already know what it is! However, you can use Park-Until to park these relative orders until a specific date and time. If you use "O", C2 will reference that day's market-opening price.