I'm not sure if this is an issue or something to do with the problems (orders are not placed on live account) I'm running.
From my understanding and also what I have seen in most of the time, intra-day GTC order will cancel the current order and then submit a new one but only when the order price is changed. If the price isn't changed, the current order remains hold open.
However, sometime GTC order will cancel the current order and resubmit the new one every single bar even if the price isn't changed.
Is this an indication or some sort of synchronization issue between WLP and Fidelity backend system?
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Looks like this issue is consistently occuring.
For what possible reason, Orders tool ends up canceling the current order and placing with a new one even if the order price isn't changed?
I have a script which keeps generating stop order alerts every single bar to simulate the intra-day GTC order. Most of the time Orders tool doesn't cancel the current order which I believe is an expected behavior but sometime it does cancel the current order and resubmit a new one with the same price. Once the Orders tool starts resubmitting the order with the same price, it keeps submitting it with the same price until the order price is changed.
The concern with this behavior is so that it would create a window where no stop order is in place on Fidelity backend.
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There is another potential problem due to this.
Since the Orders tool will cancel the current one and resubmit a new one, if market price moves below the stop price while resubmitting a new one, the new one will fail despite the fact that the current one is still canceled. It will cause the theoretical position will be out of sync with the live position. This is not the case with the real GTC orders.
I think this is also a serious issue needs to be figured out.
I will create a new support ticket.
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