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. 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, including exchanges on which the order type is
supported, a link to the TWS Users' Guide, and sample order applications
and examples. Special order attributes are
listed at the bottom of this document.
| |
|
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 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. |
Bonds, 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. |
Bonds, 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. |
Bonds, Forex, Futures, Futures Options,
Options, Stocks, Warrants |
|
| 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. |
Bonds, 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 |
| 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 |
|
|
| 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 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. |
Bonds, 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 |
|
| 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. |
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 IB system and in the marketplace until it executes
or until the close of the market on the date specified. |
Forex, Futures, Futures Options, Options,
Stocks, Warrants |
| 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, Futures
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. |
Futures, Futures Options, Options, Stocks |
Simplify Trading |
| Order Type |
Description |
Products |
|
| 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. |
Bonds, 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. |
Bonds,
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. |
| |
| 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. |
|
Remarks: Preset order triggering only occurs during US RTH period, please amend order conditions for 24hours triggering operation.
