The worst limit is the worst limit price you want the stop trigger function to submit your limit order at. ie say i buy at 60 i probably don’t really want to get out at $4.00 At that point personally i would just want to stay in the trade.
So really that is what the worst limit is for. It is for what is the worst limit you are willing to take or just don’t fill me if your not going to fill me at this price.
i.e. i won’t buy for a $ more than x price
i won’t sell for a $ less than x price
(A limit order)
It will only submit the worst limit order if the tick offset of the market is greater the worst limit you have chosen.
ie say you chose 10 ticks off the binaries prices offset
And put a worst limit of say 40
The market flew down and when it hit your trigger price the market was at 30 so the offset limit was 20 (10 lower than the market) but you had a worst limit of 40 so it submitted a 40 as you said a worst limit of 40
Remember this is not about the “loss” this is about the order. Its when to submit a order whether it be entry or exit profit or loss.
To make a loss less exit sooner on the trigger. Not sure what you are looking for here.
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So you want to ensure that it is the worst limit you want or no fill if the market won’t fill you at that price.
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Use the simulator to help you know what the price will be if the market hits your trigger price. (note that price changes as time passes so check back in on it from time to time).
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In the last 20 minutes or so the binary price can get insanely volatile so be aware of this ie a few ticks can mean $20 difference in a binary price in the the last 5 or 10 minutes.
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If your not sure then do as you are stating be a bit more generous but still have a worst so you don’t get totally hosed but feel free to edit turn off the trigger and go to regular limit order at anytime.
The Stop Trigger is there to help you submit the limit order you want for entry and not worse than that or no fill if it is worse - same on exit. Its how limit orders work when you add a stop trigger to them in all markets. If the market moves past your limit it won’t get filled. If its not a limit well then you can get hosed (ie pure market no worst limit). So its good to have a combo. Hence why we have trigger, offset, size, and worst limit as triggers for when you want to submit your regular limit order.
Hope this helps…
Darrell