The CME has allowable price limit bands where they will not accept orders with prices outside these limits. You can review the Price Limit information on the CME's "Limits and Branding" web page and the CME's Price Banding information page, where you can scroll down and click on the Excel icon to open the "CME Globex Product Reference Sheet".
Why was my profit-taking order rejected for the price being outside allowable limits?
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Why is my stop limit order for Globex listed futures contracts generating an error message regarding the price?
Overview:
The order handling rules associated with CME Globex futures transactions contain restrictions regarding the relationship between the order limit price and stop price which may not exist in other market venues. In the case of a Sell Stop Limit Order, the limit price must be less than or equal to the stop price (<=). In the case of a Buy Stop Limit Order, the limit price must be greater than or equal to the stop price (>=). Sell (Buy) Stop Limit Orders entered outside this convention will generate the following error message: "LMT price should be less than or equal to (equal to or better than) STP price."…
Why is my order price considered too far away from the current Reference Price?
A Reference Price is used when calculating the allowable order prices that can be submitted within the active Price Bands for a contract. The Reference Price may be the current Mark Price, the Close Price or a Theoretical Price that is used to create the current upper and lower limits of a Price Band. Any order submitted with a price above or below the current Price Bands would not be accepted. Price Bands can be calculated dynamically or by using a set amount from the Reference Price. As an example, if the current Reference Price is using a Mark Price of 10.00 and the current allowable price for a sell order cannot be placed more than 18 % below 10.00, then any sell order submitted at or below 8.20 would not be accepted. If your order is not accepted due to a price that is considered too far from a Reference Price, you may try to recreate and resubmit a new order at a price within the current allowable price limits. …
What is a Price Band?
A Price Band sets an upper and lower value and is used to validate the price of an order. Any order submitted with a price that exceeds the current upper or lower Price Band will not be accepted. If your order is not accepted due to the price being outside the current allowable Price Band limits, you may try to recreate and resubmit a new order using a price that will be accepted…
What is the difference between an Adaptive Algo and a Price Management Algo?
The Adaptive Algo is an order type that you can select and edit to your specifications. Once transmitted, your Adaptive Algo order will be submitted to an exchange to try and get the best execution price. The Price Management Algo is an order attribute and, when enabled, acts as a price check to ensure your submitted limit price is within the allowable distance from the current reference price…