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Automation Mode Off Today

We don't develop trading systems to trade in the type of market environment we see in the overnight session. The risk of limit moves, and the persistence of a very flashy and illiquid order book generates a sloppy market where entries and exits can happen in less than one minute. Since Level II data (order book) is not available historically for backtests in Tradestation, building in this type of filter in the strategies is not possible. We have seen this before though and the general recommendation is to not trade today.


In this type of market, exchanges can reject stop and market orders as well.


The VIX surged over 25% and hit 45+ overnight. Additionally, three Federal Reserve chairmen speak today.


11:25 AM EST - Jerome Powell

12:00 PM EST - Michael Barr

12:45 PM EST - Christopher Waller


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