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Pending fill OCO orders (PT/SL) not pending but live
Because the new OCO structure between IB and Sierra gives you the ultimate OCO protection from disconnects - better than what you had before. Some other brokers/data feeds say they give you server side OCO but they are not protecting all risks. Looks like the new Sierra IB interface does. I will explain more in morning when I can type on my computer.
Prediction is very difficult, especially about the future - Niels Bohr, Danish Physicist
Can you help answer these questions from other members on NexusFi?
I might type too much for you here but I guess I am mindful others may read the post.
Not all SERVER side OCO management setups are created equally.
During the life of a trade that starts as an OCO there are two points of risk you are wanting SERVER side OCO management to handle:
1/ you lose the ability to manage your trade (with attached profit/stop targets) BEFORE the parent is filled.
2/ you lose the ability to manage your trade (with attached profit/stop targets) AFTER the parent is filled (but before either the profit or stop target are hit).
Up until recently most datafeed/brokers who purported to offer server side OCO protection ONLY protected you from scenario 2/ above. So in other words in scenario 1/ if your parent order had not been filled when you lose your connection and then subsequently (while your trading software still has no connection) your parent is filled you will have a NAKED open position live in the market. This is because the child orders (profit/stop) were not activated by your software as it has no idea your parent order was filled.
The ultimate SERVER side OCO management setup is one that protects you from both scenarios. This I believe is what IB/Sierra now does and is why the child orders are not labelled as such on Sierra. So what is happening with Sierra/IB is that as soon as you create a parent order (with associated children) the whole package (of orders) is sent by Sierra to IB. IB would then send the parent order to the exchange and the child orders will be held on IB's server until the parent is filled.
So subject to you satisfying yourself with Sierra/IB that my explanation is correct I think you should be ticking the box to have IB manage your OCO server side for the best protection.
Because all orders have 'gone out of' Sierra immediately Sierra are saying they are not pending child orders (as far as Sierra software is concerned) as we (Sierra) are not managing them.
I do agree that to a trader (you) it can be confusing, especially if you have multiple groups of OCO orders running on the DOM at the same time it will get hard to work out entry orders from exit orders.
Following are two links to the Sierra and NT forums where I explored the real story with server side OCO's following the Mirus debacle (I was exploring other broker and software options). You can see that although CQG/Continuum was often touted as offering server side OCO, it was actually only protecting scenario 2/. In fact if memory serves me correctly for the options I explored AT THAT TIME only OEC, CTS and maybe Rithmic (all trading via using their own software) provided true SERVER side OCO support.
Now since February a lot has changed, especially recentley with Sierra. As per this thread I gave you yesterday (https://www.sierrachart.com/SupportBoard.php?ThreadID=8810) Sierra have put a lot of effort into creating true SERVER side OCO management with a number of datafeeds (IB included). I believe this recent effort from Sierra is to try to ward off NT's statements defending their purchase of Mirus by suggesting that the only way to truly protect a trader is for the software. datafeed and broker to be inter-mingled ie the Uni solution. Sierra are saying this isn't necessary, a software solution can work with multiple datafeeds and still provide the trader with maximum protection.
And just for the record: SERVER side OCO management (even covering both scenarios) is still not full proof as the OCO management is being done by the broker and not the exchange. I think this is why some brokers have been slow to truly embrace full server side OCO as they think the perception of traders is that are then fully protected from internet and computer issues and that the broker will then end up getting hit up for losses if in the remote case something went wrong with the brokers servers managing the OCO.
Everything that steve2222 is said above and their other postings is 100% correct. It is all spot on.
When you have unchecked Use Server-Side OCO and Bracket Orders within Sierra Chart, this disables server-side OCO completely. So, Mike, this is not what you want.
For what you want, we need to break the option into 2 options. One for OCO and one for bracket orders.
Thank you. The issue with the way it is right now, is that since the attached orders are live, they could be filled before the original entry order is filled.
The Target and Stop orders are held by the trading service, in this case Interactive Brokers until the parent order fills. This is the case because the orders are sent expressly as a "bracket order".
