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Orders

All orders OP manages MUST be created in pairs (target/stop). This feature/design does not restrict users from trading unknown target/defined stop fat tail strategies (more on this later).

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Usage: Similar to SC, click Add x 2 to add a pair of Target / Stop. Highlight Target or Stop to change configuration. By default, Smart order type is used -  we recommend keeping it that way for Market/Limit/Stop configuration that gets auto-determined at Strategies level. The order types will be added later based on individual needs. Sierra has dozens of orders, we don’t intend to just add them all here for the fun of doing it, but will do so if users need specifics such as Limit Chase or others Sierra offers. 

Significant portion of Octopi benefit comes from the following order Value field, I will describe significance of each:

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  • Points Offset is an offset in points from configured entry price. Not from the current market price, but from the entry price. Ex: Market is at 105, target is 10 points but entry is at 120. The target will be 130. 
  • Currency Offset works the same as points offset, but lets you configure dollar value instead of points. OP will consult with SC symbol information and convert dollars to points/ticks for you. 
  • Study Offset is probably the most used in any automation that’s created with OP. This allows you to use standard offset logic as above, but takes the distance offset value from any Study included in SC or created by OP. Example of dynamic study offset value is pointing this to ATR Study will always return value of ATR study at the time of entry. 
  • Study Value is OPPOSITE of an offset. This places a target or stop at the exact chart VALUE instead of an offset from entry price. Example is placing stop at the VALUE of an opening range low. This could cause configuration issues if logic is wrong, so be careful. 


Different Stop types are included. Configure them as you would your SC bracket order:

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