About Strategy Order Types
TradeStation enables you to precisely control the way you enter or exit the market when you are writing and testing trading strategies. There are four basic order types available using EasyLanguage-limit orders, stop orders, this bar on close orders, and next bar at market orders.
Limit
These orders differ depending on if you are selling or buying. Limit orders can only be placed on the next bar; which can be the next minute, the next 5 minutes, or the next day-depending on the data interval. A buy limit order enters the market on the next bar at the specified price or lower, and a sell short limit order enters the market on the next bar at the specified price or higher.
When you use a limit order to enter the market long, the order will be generated regardless of how much lower the next bar opens, and when you use a limit order to enter a short position, the order will be generated regardless of how much higher the next bar opens. This can be significant, particularly in the case of "gap up" bars (bars whose open is higher than the High of the previous bar), or "gap down" bars (bars whose open is lower than the low of the previous bar).
Stop
Stop orders are placed on the next bar if the stop price is triggered. By default, strategy stop prices are monitored by your local computer but you also have the option of sending them to the TradeStation stop server to be monitored.
This Bar On Close
Close orders are filled at the close of the current bar. TradeStation can place orders for the current bar only on the close price.
Next Bar At Market
Market orders are shown as filled upon the open of the next bar.