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Stop Order
A Stop Order is entered with the New Order Single (Tag 35=D) message.
Following are the most relevant tags to build a Stop Order.
| Tag | Name | Description |
|---|---|---|
| 40=3 | OrdType | Specifier of Stop Order Type |
| 99 | StopPx | Stop Price |
| 48 | SecurityID | Market for which the order is sent |
| 55 | Symbol | Contract for which the order is sent |
| 207 | SecurityExchange | Exchange for which the order is sent |
| 167 | SecurityType | Security Type (e.g., Futures) of this specific market |
Sample
In this example, the stop order is triggered when a trade occurs at the (StopPx – Tag 99) price of 149975 or higher.
Then, the order is changed into a Market order.
Please note that exchanges generally place limits on market orders, which effectively makes a market order a limit order with a 10 or 20 tick price limit on it. Hence, you are not guaranteed a fill with a market order in a fast-moving market. Check with the exchange you are trading on to determine their current limits.
FIX Message Example
Stop Order