Order Types 2

8/13/2019 Order Types 2

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Order Types and Algos

Order Types and Algos

Trader Workstation supports over 40 order types and algos that can help limit risk, speed execution, provide price improvement, allow

privacy, time the market and simplify the trading process through Advanced Trading functions.

The table below lists all of our order types sorted by customer trading need. Click an order type to view an extended order type description

and a list of supported products. From the description table, click a link to drill down to more detailed information for a specific order,

ncluding exchanges on which the order type is supported, a link to the TWS Users' Guide, and sample order applications and examples.

Click herefor important information regarding simulated orders.

Please note that IB also offers a large selection of stock and option algos. To find out more see the Algos Highlightspage.

Order Types and Algos by Category

Limit Risk Speed of ExecutionPriceImprovement

Privacy Time to MarketAdvancedTrading

Bracket At Auction Auction Arrival Price Al l-or-None Basket

Market-to-Limit Discretionary Block Balance Impact and

Risk

Fil l-or-Ki l l Conditional

Market-with-

Protection

Market Box-Top Hidden GAT (Good-after-

Date/ Time)

OCA

Stops (Adjustable) Market-if-Touched Limit Iceberg/Reserve GTD (Good-till-

Date/Time)

Stop Market-on-Close Limit-on-Close Minimize Impact GTC (Good-till-

Cancelled)

Spreads

Stop Limit Market-on-Open Limit-on-Open Percent of Volume Immediate-or-

Cancel

Volatility

Trailing Stop Midpoint Match Limit-if-Touched Scale

Trailing Stop Limit Pegged- to -M ar ke t Pegged- to - M idpo in t Guaranteed VWAP

Pegged-to-Stock Best Efforts VWAP

Relative/Pegged-to-

Primary

Sweep-to-Fill

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Order Types and Algos in Alphabetical Order

A | B | C | D | F | G | H | I | L | M | O | P | R | S | V

Order Type Description Products

All-or-None An AON (All-or-none) order will remain at the

exchange (or in the IB system) until the entire

quantity is available to be executed.

EFPs, Options, Stocks,

Arrival Price This IBAlgo attempts to achieve the midpoint price

at the time the order is submitted, and considers

the user-defined urgency/risk aversion and max

percent of daily volume values.

Stocks

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

Auction When terms allow, your order will be submitted for

inclusion in the price improvement auction, based

on price and volume priority.

Options

Balance Impact and Risk This IBAlgo balances the market impact of trading

the option with the risk of price change over thetime horizon of the order, and considers the user-

defined urgency/risk aversion and max percent of

daily volume values.

Options

Basket A group of individual orders that are saved in a

single file and submitted as a package.

Futures, Future Options, Options, Stocks,

Warrants

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

Bracket Bracket orders are designed to help limit your lossand help lock in a profit by "bracketing" an order

with two opposite-side orders using the same

quantity as the original order.

Futures, Future 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, Future Options, Options, Stocks,

Warrants

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

Fill-or-Kil l 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

Good-after-Time/Date (GAT) A Good-after-Time/Date order is held in the IB

system and sent to the exchange on the date and

time you enter.

Bonds, Forex, Futures, Future Options, Options,

Stocks, Warrants

Good-till-Canceled (GTC) A Good-till-Canceled order will continue to work

within the IB system and in the marketplace until it

executes or is canceled by the customer.

Bonds, EFPs, Futures, Future Options, Options,

Stocks

Good-till-Date/Time (GTD) A Good-till-Date/Time order will remain working

within the IB system and in the marketplace until itexecutes or until the close of the market on the

date specified.

Bonds, Forex, Futures, Future Options, Options,

Stocks, Warrants

Hidden A Hidden order (generally a large volume order)

shows no evidence of its existence in either the

market data or the deep book.

EFPs, Futures, Options, Stocks

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Iceberg/Reserve 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

Immediate-or-Cancel (IOC) Any portion of an IOC order that is not filled

immediately is cancelled.

Futures, Future Options, Options, Stocks

Limit A limit order is an order to buy or sell a contract at

a specified price or better.

Bonds, EFPs, Forex, Futures, Future 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.


Warrants

Limit-on-Close A LOC (Limit-on-Close) is an 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

Market A Market order is an order to buy or sell an asset

at the bid or offer price currently available in themarketplace.

Bonds, EFPs, Funds, Forex, Futures, Future

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.


Warrants

Market-on-Close A market order that is submitted to execute as

close to the closing price as possible.

Non US Futures, Non US Options, Stocks

Market-on-Open A market order that is executed at the market's

open at the market price.

Stocks

Market-to-Limit A Market-to-Limit order is sent in as a market

order to execute at the current best price. If theentire 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, Future 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

the exchange to be close to the current market

price, slightly higher for a sell order and lower for

a buy order.

Futures, Future Options

Midpoint Match (MPM) An ISE stock order that executes at the midpoint of

the bid/ask price.

Stocks

Minimize Impact This IBAlgo minimizes market impact by slicing

the order over time to achieve the market average

without going over the user-defined max percent

of daily volume.

Options

OCA Orders in a one-cancels-all group of orders will be

canceled when one of the other orders executes.


Warrants

Pegged-to-Market An order that is pegged to buy on the best offer

and sell on the best bid.

Stocks

Pegged-to-Midpoint An order that is pegged to buy/sell at the

midpoint of the NBBO.

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

Percent of Volume This IBAlgo participates with volume at a user-

defined rate.

Stocks

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Relative/Pegged-to-Primary A Relative or Pegged-to-Primary 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

Request-for-Quote Request market quotes for non-US options,

futures and options on futures.

Futures, Future Options, Options

Scale The scale orders command automatically creates a

series of buy (sell) limit orders with incrementally

lower (higher) prices, based on your original limitorder.


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

Stop A Stop order becomes a market order to buy or

sell securities or commodities once the specified

stop price is attained or penetrated.


Warrants

Stops - Adjustable You can attach one-time adjustments to stop, stop

limit, trailing stop and trailing stop limit orders

which modify the stop trigger price, trailing

amount and stop limit price.


Warrants

Stop - Limit A Stop Limit order becomes a limit order once the

specified stop price is attained or penetrated.

Forex, Futures, Options, Stocks

Stop - 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 the

increased amount, but if the stock price falls, the

stop loss price remains the same. The reverse is

true for a buy trailing stop order.


Warrants

Stop - 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 theincreased 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. The reverse is true for a buy trailing stop

limit order.


Warrants

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

Volatility A TWS-specific order where the limit price of the

option or combo is calculated as a function of the

implied volatility.

Future Options, Options, Smart-routed

Combination orders

VWAP- Guaranteed 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

Expiration Date fields, respectively.

Stocks

VWAP- Best Efforts This IBAlgo achieves the Volume-Weighted

Average Price on a best-effort basis, without

exceeding the user-defined max percent of daily

volume.

Stocks

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Order Types 2

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