|
| |
Trader
Workstation supports over 40 order types that can help limit risk, speed
execution, provide price improvement, use discretion, time the market
and simplify the trading process. The table below lists all of our order
types sorted by customer trading need. |
| |
| Limit
Risk |
Speed
of Execution |
Price
Improvement |
Discretion |
Time
to Market |
Simplify
Trading |
| Bracket
|
At Auction |
Auction |
Discretionary
|
All or None
|
Basket |
| Market
to Limit |
Market |
Block |
Hidden |
Fill or Kill
|
Conditional
|
Market with
Protection |
Market if Touched |
Box Top |
Iceberg/Reserve |
GAT (Good After
Date/ Time) |
OCA |
Stops (Adjustable)
|
Market on Close |
Limit |
Scale |
GTD (Good Till
Date/Time) |
Spreads |
Stop |
Market on Open
|
Limit on Close
|
. |
GTC (Good Till
Cancelled) |
Volatility |
Stop Limit
|
Midpoint Match |
Limit on Open
|
. |
Immediate or
Cancel |
. |
Trailing Stop
|
Pegged to Market |
Limit if Touched
|
. |
. |
. |
Trailing Stop
Limit |
Pegged to Primary
|
. |
. |
. |
. |
| . |
Pegged to Stock |
. |
. |
. |
. |
| . |
Relative |
. |
. |
. |
. |
| . |
Sweep to Fill |
. |
. |
. |
. |
| . |
VWAP |
. |
. |
. |
. |
|
| |
| ..Limit
Risk |
| Order
Type |
Description |
Products |
Bracket |
Bracket orders
are designed to help limit your loss and help lock in a profit
by "bracketing" an order with two opposite-side orders
using the same quantity as the original order. |
Futures, Futures
Options, Options, Stocks, Warrants |
| Market
to Limit |
A
market-to-limit order is sent in as a market order to execute
at the current best price. If the entire order does not immediately
execute at the market price, the remainder of the order is re-submitted
as a limit order with the limit price set to the price at which
the original order executed. |
Futures,
Futures Options, Options, Stocks, Warrants |
Market with
Protection |
A Market with
Protection order is a market order that is cancelled and resubmitted
as a limit order if the entire order does not immediately execute
at the market price. The order's limit price is set by Globex
to be close to the current market price, slightly higher for a
sell order and lower for a buy order. |
Futures, Futures
Options |
| Stops (Adjustable) |
You can attach
one-time adjustments to stop, stop limit, trailing stop and trailing
stop limit orders which modifies the stop trigger price, trailing
amount and stop limit price. |
Forex, Futures,
Futures Options, Options, Stocks, Warrants |
Stop |
A Stop order
becomes a market order to buy or sell securities or commodities
once the specified stop price is attained or penetrated. |
Forex, Futures,
Futures Options, Options, Stocks, Warrants |
| Stop Limit |
A Stop Limit
order becomes a limit order once the specified stop price is attained
or penetrated. |
Forex, Futures,
Options, Stocks |
Trailing Stop
Limit |
A trailing
stop limit for a sell order sets the stop price at a fixed amount
below the market price and defines a limit price for the sell
order. If the market price rises, the stop loss price rises by
this amount, but if the stock price falls, the stop loss price
remains the same. When the order triggers, a limit order is submitted
at the price you defined. Reverse this for a buy trailing stop
order. |
Forex, Futures,
Futures Options, Options, Stocks, Warrants |
| Trailing Stop |
A trailing
stop for a sell order sets the stop price at a fixed amount below
the market price. If the market price rises, the stop loss price
rises by this amount, but if the stock price falls, the stop loss
price remains the same. Reverse this for a buy trailing stop order.
|
Forex, Futures,
Futures Options, Options, Stocks, Warrants |
|
| ..Speed
of Execution |
| Order
Type |
Description |
Products |
At Auction |
An auction
order is submitted at the Calculated Opening Price (COP). If the
order doesn't execute, it is resubmitted as a limit order at the
COP or best bid/ask. |
Futures, Stocks |
| Market |
A
market order is an order to buy or sell an asset at the bid or
offer price currently available in the marketplace. |
Bonds,
Forex, Futures, Futures Options, Options, Stocks, Warrants |
Market if Touched
|
An MIT (market-if-touched)
is an order to buy (or sell) an asset below (or above) the market.
This order is held in the system until the trigger price is touched,
and is then submitted as a market order. |
Forex, Futures,
Futures Options, Options, Stocks, Warrants |
| Market
on Close |
A
market order submitted to execute as close to the closing price
as possible.
|
Non
US Futures, Non US Options, Stocks |
Market on Open |
A market order
executed at the market's open at the market price. |
Stocks |
| Midpoint
Match (MPM) |
An
ISE stock order that executes at the midpoint of the bid/ask price. |
Stocks |
Pegged to Market |
An order that
is pegged to buy on the best offer and sell on the best bid. |
Stocks |
| Pegged to Primary |
An order whose
price is pegged more aggressively than the current market price,
that moves within a fixed interval to the market should prices
deteriorate. |
Stocks |
Pegged to Stock |
Specifies that
the option price will adjust automatically relative to the stock
price, using a calculated value based on data you enter. |
Options |
| Relative |
A Relative
order derives its price from a combination of the market quote
and a user-defined offset amount. The order is submitted as a
limit order and modified according to the pricing logic until
it is executed or you cancel the order. |
Options, Stocks |
Sweep to Fill |
A sweep-to-fill
order identifies the best price and the exact quantity offered/available
at the price, and transmits the corresponding portion of your
order for immediate execution. Simultaneously it is identifying
the next best price and quantity offered/available, and submits
the matching quantity of your order for immediate execution. |
Stocks |
| VWAP |
The VWAP for
a stock is calculated by adding the dollars traded for every transaction
in that stock ("price" x "number of shares traded")
and dividing the total shares traded. By default, a VWAP order
is computed from the open of the market to the market close, and
is calculated by volume weighting all transactions during this
time period. TWS allows you to modify the cut-off and expiration
times using the Time in Force and Exp. Date fields, respectively.
|
Stocks |
|
| ..Price
Improvement |
| Order
Type |
Description |
Products |
Auction |
You can submit
nine different types of Price Improvement Auction orders by combining
one of three order types (Limit, Relative, Pegged to Stock) with
one of three Auction Strategies (Match, Improve, Transparent). |
Options |
| Block |
A large volume
limit order with a minimum of 50 contracts. |
Options |
Box Top |
A market order
that is automatically changed to a limit order if it doesn't execute
immediately at the market price. |
Options |
| Limit |
A limit order
is an order to buy or sell a contract at a specified price or
better. |
Bonds, Forex,
Futures, Futures Options, Options, Stocks, Warrants |
Limit if Touched |
An LIT (limit-if-touched)
is an order to buy (or sell) an asset below (or above) the market,
at the defined limit price or better. This order is held in the
system until the trigger price is touched, and is then submitted
as a limit order. |
Forex, Futures,
Futures Options, Options, Stocks, Warrants |
| Limit on Close |
An LOC (limit-on-close)
order that executes at the closing price if the closing price
is at or better than the submitted limit price, according to the
rules of the specific exchange. Otherwise the order will be cancelled.
|
Non US Futures
, Stocks |
Limit on Open |
A LOO (limit-on-open)
order is a limit order executed at the market's open if the opening
price is equal to or better than the limit price. |
Stocks |
| Request for
Quote |
Request market quotes for non-US
options, futures and options on futures. |
Futures, Futures
Options, Options |
|
| ..Discretion |
| Order
Type |
Description |
Products |
Discretionary |
A Discretionary
Order is a limit order for which you define a discretionary amount
(which is added to or subtracted from the limit price) that increases
the price range over which the order is eligible to execute. The
original limit price is displayed to the market. |
Stocks |
| Hidden |
A
Hidden order (generally a large volume order) shows no evidence
of its existence in either the market data or the deep book. |
Futures,
Options, Stocks |
Iceberg |
An Iceberg
order allows you to submit an order (generally a large volume
order) while publicly disclosing only a portion of the submitted
order. |
Futures, Options,
Stocks |
| Scale |
The scale
orders command automatically creates a series of buy (sell) limit
orders with incrementally lower (higher) prices, based on your
original limit order. |
Forex, Futures,
Futures Options, Options, Stocks, Warrants |
|
| ..Time
the Market |
| Order
Type |
Description |
Products |
All or None |
An AON (all
or none) order will remain at the exchange (or in the PTI ProDirect
system) until the entire quantity is available to be executed. |
Options, Stocks |
| Fill or Kill |
A FOK (Fill
or Kill) order must execute as a complete order as soon as it
becomes available on the market, otherwise the order is canceled. |
Options |
Immediate or
Cancel (IOC) |
Any portion
of an IOC order that is not filled immediately is cancelled. |
Futures, Futures
Options, Options, Stocks |
| Good Till Date/Time
(GTD) |
A Good-Till-Date/Time
order will remain working within the PTI ProDirect system and
in the marketplace until it executes or until the close of the
market on the date specified. |
Bonds, Forex,
Futures, Futures Options, Options, Stocks, Warrants |
Good After Time/Date
(GAT) |
A "good
after time/date" order is held in the PTI ProDirect system
and sent to the exchange on the date and time you enter. |
Bonds, Forex,
Futures, Futures Options, Options, Stocks, Warrants |
| Good Till Canceled
(GTC) |
A Good-Till-Canceled
order will continue to work within the PTI ProDirect system and
in the marketplace until it executes or is canceled by the customer. |
Bonds, Futures,
Futures Options, Options, Stocks |
|
| ..Simplify
Trading |
| Order
Type |
Description |
Products |
Basket |
A group of
individual orders that are saved in a single file and submitted
as a package. |
Futures, Futures
Options, Options, Stocks, Warrants |
| Conditional |
A conditional
order is an order that will automatically be submitted or cancelled
ONLY IF specified criteria for one or more defined contracts are
met. |
Forex, Futures,
Futures Options, Options, Stocks, Warrants |
OCA |
Orders in a
one-cancels-all group of orders will be canceled when one of the
other orders executes. |
Forex, Futures,
Futures Options, Options, Stocks, Warrants |
| Spreads |
A combination
of individual orders (legs) that work together to create a single
trading strategy. You can combine stock, option and futures legs
into a single spread. |
Futures, Options,
Stocks |
Volatility |
A TWS-specific
order where the limit price of the option is calculated as a function
of the implied volatility. |
Smart-Routed
Options that trade on BOX and Eurex (DTB). |
|
| ..Special
Order Attributes |
| Order
Type |
Description |
Products |
| Odd Lots |
An order for less than 100 shares,
or an order that has an odd lot component (i.e. 225, 464). |
|
| 1/10 cent |
Orders for 1/10 of a cent. |
|
|
| |
|
| |
