Order Held (Column)

When you automate the execution of a strategy, strategy orders with an Active status (no restrictions shown in an Order Held column cell) will typically be sent to the market to be executed. However, situations may arise that will prevent TradeStation from actually placing the order. This column displays any restrictions that may cause an order to be held. Once the situation is resolved, the order will automatically be placed.

An order may be held for any of the following reasons:

  • Time - The strategy order was generated outside of the regular trading session or was not filled or canceled during the regular trading session. This restriction will be lifted at the open of the next regular trading session and the order will be placed automatically.

  • Position - A strategy order cannot be sent until a neutral (flat) position is established. If this is a buy order, the restriction will be lifted once the existing short position is covered. If this is a short order, the restriction will be lifted once the existing long position is sold.

  • Multiple Exits - The strategy order is an exit order (sell or cover) that if placed, would result in a greater quantity that the entry quantity. For example, if you are currently long 1,000 shares of a stock at 55 and your strategy has a profit target that will sell the position when the market reaches 65, you would take a profit of 10,000 (currency value). Your strategy might also include a protective stop to sell the position if the market drops to 50, allowing you to limit your losses to 5,000 (currency value). However, you can't place both of these exit orders since the total quantity, 2,000 shares, is greater than your 1,000 share position. TradeStation uses an algorithm to determine which order should be placed and which order should be held. If market conditions change such that the held order should be placed, the existing open order is canceled and moved to the held state and the previously held order is then placed.

  • Multiple Entries - The strategy order is an entry order (buy or sell) that if placed and filled, would result in a box position. A box position occurs when you have both a long position and a short position in a security simultaneously. Box positions are not supported by EasyLanguage strategies. For example, a strategy might have an active order to buy a stock if it drops to 200 and another active order to short the same stock if it reaches 240. Both of these orders are issued by the same strategy but only one can exist in the market at one time. TradeStation uses an algorithm to determine which order should be placed and which order should be held. If market conditions change such that the held order should be placed, the existing open order is canceled and moved to the held state and the previously held order is then placed.

  • Pending UROut - The strategy order is an exit order (sell or cover) and is held until a previously placed exit order has been canceled. For example, you are long 1,000 shares of a stock, and the strategy generates an exit order to sell 1,000 shares of that same stock. A few moments later, the strategy issues a cancel for that exit order and generates another exit order - the new exit order will be held until the first exit order has been canceled.

  • Price - The strategy order is a stop order and will be held until the specified stop price is met.

  • Refill Restricted - Strategy orders have been temporarily interrupted between your computer and the data network.  If the interruption is brief, TradeStation reconnects and the missing ticks are re-sent.  After all ticks have been received, orders that were generated during the interruption are reconciled, and valid orders (those that weren't canceled during the refill process) are sent.