@David why is that checked when you set a price much lower as limit price? Current price is 2 or 3 dollars higher than I wanted to set as limit price. A limit order doesn’t have anything to do with the market price. Or am I wrong? I don’t understand the logic.
@chantal This was the initial setup in order to prevent flooding the exchanges with limit orders that are unlikely to trigger. Example: setting Amazon limits buy at $100 when the stock’s trading at $2,000.
We have price caps (max distances) now so that’s no longer much of an issue. We’ll be correcting this logic very soon.
This thread is helpful as I’ve been pulling my hair out thinking neither me or my calculator can calculate the correct 95%! lol
But I seriously agree with @chantal. While I do appreciate the business perspective, your users/traders are clearly losing out on making bigger trades and having tiny fractions of their deposited amounts sitting there doing nothing.
If I want to invest 2k, then let me. If you can’t fulfill a 2k order as the priced spiked at that very moment, and the value of the order became 2.1k, then just partially fulfill it.
I won’t be alone in saying that most users won’t care if they ended up buying 1 less share due to a price spike, they will care that they couldn’t invest the amount they wanted to invest and the rest is just lying around like spare change doing nothing.
The remaining value of the instrument is the remaining number of shares X the current value of the share ($0.01). So you need to leave at least 100 shares in your account or sell all the shares you have.
Yes, perhaps this is the issue in the math because when you sell it as specified, the price will be at least the Stop Price which is $0.95 (current Market Price will not be in the game, it will be a past then), see the screenshot. =>
2 x $0.95 = $1.90 which is >$1 so you need to decrease the Amount of Shares by 2 and the criteria becomes fulfilled. In this case: 138848 shares should be decreased to 138846, and the remaining value of the investment will be $1.95 which is more than the required $1.