Stop Orders

Stop orders allow users to enter an order with the condition that the order be filled at a predetermined exit price prior to surpassing that price point. CME Direct offers two types of stop orders:

  • Stop-Limit - You set your stop price limit.
  • Stop with Protection - The CME Globex engine applies a limit price to your stop trigger.

This topic illustrates how to enter stop orders and define a stop price.

In the following example, Trader A will open an Exchange Trading Grid, enter both a Stop-Limit and Stop with Protection order with a quantity of 10 for WTI Futures at a price of 93.37, and define the Stop Price at 93.40.

 

  1. To enter Stop-Limit and Stop with Protection orders:
  2. If not included in your default window, add a Trading Grid view
  3. In a Trading Grid, click in a Bid (or Ofr) cell

The Order Entry window appears.

  1. Enter a Quantity of 10 and a price of 93.37
  2. In the Order Type field, select Stop with Protection (or Stop-Limit).

The Order Entry window adds a Stop Price field, and remove the Display Quantity Order option.

  1. Change the Stop Price to 93.40.

Note: Stop price must be greater than the Last traded price.

  1. Click Bid, Offer, or Bid and Offer.

A red triangle appears in the Blotter's Bid/Ofr field indicating a stop order

Note: The steps for entering a Stop-Limit order are identical to those for entering a Stop with Protection order.