No Working Orders Filter Algo Element

The No Working Orders filter is a condition element within the Manual Strategy Builder (MSB) that checks for the absence of active stop, limit, or market orders. This filter is essential for strategies that need to confirm the absence of pending orders before proceeding with new actions.

Functionality

The No Working Orders filter ensures that there are no active orders in the account, helping to avoid conflicts and manage risks by verifying that the trading environment is clear of pending trades.

Key Features

1. Check for No Working Orders: This filter verifies that there are no active stop, limit, or market orders. This helps to maintain a clean slate for new trading actions, ensuring that no pending orders interfere with the strategy.
   
   

2. Specify Trade Direction: Users can configure the filter to check for specific types of orders based on trade direction:
   
   

   • Buy: Checks for no active buy orders.
     
     
   • Sell: Checks for no active sell orders.
     
     
   • Both: Checks for no active orders in either direction.

Example Use Case

Consider a strategy that should only place a new trade if there are no pending orders. The No Working Orders filter can be set up to ensure this condition is met:

1. Setup the Filter: Place the No Working Orders filter in the algo tree.
   
   
2. Define the Conditions: Configure the filter to check for no working stop/limit orders or running market orders, and specify the trade direction as needed (Buy, Sell, or Both).
   
   
3. Action Based on Filter: Use the True output of the filter to proceed with the strategy if the conditions are met. If the filter returns False, the strategy will not execute the new trade.

Outputs

The No Working Orders filter has two outputs:

1. True: Indicates that there are no working stop, limit, or market orders, allowing the strategy to proceed.
   
   
2. False: Indicates that there are active orders, preventing the strategy from executing new trades.

Conclusion

The No Working Orders filter algo element is a crucial component for managing trading strategies within the MSB. By ensuring that no pending orders are active before initiating new trades, this filter helps to maintain a clear and controlled trading environment. This functionality is essential for strategies that require precise order execution and risk management, enhancing overall strategy performance within FinStudio.