Order Price Outside Bands: Why Your Order Was Rejected
Error Message "Order price is outside bands.
Published
Topic
Orders & Positions
Error Message
"Order price is outside bands. Bid of X violates high band Y using Delta .00. C.Last equals Z. Exchange reject code=2179"
Explanation
Exchanges enforce a price range above and below the current market price, known as order bands, to ensure that orders are placed within a reasonable range. When an order is submitted at a price outside this permitted range, it is automatically rejected by the exchange. For additional details, please refer to the CME's guidelines publicly available on their website here - Limits and Banding
Resolution
Ensure your order is submitted at a price closer to the current market trading levels to avoid this type of order rejection.
A common issue leading to this error is the omission of a decimal point in the order submission price (e.g., entering 415025 instead of 4150.25), resulting in a price outside the acceptable range.
Another common cause is using Price for your ATM Strategy parameters when you intend to use Currency instead.
For example, a Stop Loss set to a Price of 20 will be submitted at a price of $20 to the exchange, which is outside the acceptable range resulting in a rejection. Changing it to a Currency of 20 would submit your Stop Loss $20 away from your Entry price instead.