Posting this here, because Momchil.G and I were providing each other with updates in a tangentially related thread, but this is the crux of what I was hoping for in S&S ISA’s as far as available conditional order types:
Hey @Momchil.G ,
Thanks for the rapid reply. Very helpful.
Yes, and thanks, I’d read these guides previously, but interestingly I had never spotted this language:
Buy
The Stop price SHOULD be above the current market price of the security and below the Limit price.
Sell
The Stop price SHOULD be below the current market price of the security and above the Limit price.
That’s very intriguing that it uses the word “should”. I’ve never thought to try setting the Buy price below the current market value, for fear of messing up with real money!
But then my guess would be that the limit part would fall outside the logic of the situation and not function as intended (or at all probably).
Really, if we took the above statement of the Sell Stop Limit logic:
The “Xxxx” price should be below the current market price of the security and above the Limit price.
and swapped it for the Buy side, that would be exactly what I’m looking for!! Price falls towards the “Stop barrier” and gets trapped between that and the Limit order below it. Simples.
CT