Orders
The table below lists the main order types for your reference. Please note that not all these orders are available at every exchange and some are worked by the CKL Trader platform as a simulated order. See below for risks pertaining to simulated orders. Order Type Description Market A market order is an order to buy or sell an asset at the bid or offer price currently available in the marketplace. Limit A limit order is an order to buy or sell a contract at a specified price or better. 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. Stop A Stop order becomes a market order to buy or sell securities or commodities once the specified stop price is attained or penetrated. Stop Limit A Stop Limit order becomes a limit order once the specified stop price is attained or penetrated. 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. 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. 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. 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. 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. 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. Market on Close A market order submitted to execute as close to the closing price as possible. 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. Request for Quote Request market quotes for non-US options, futures and options on futures. Hidden A Hidden order (generally a large volume order) shows no evidence of its existence in either the market data or the deep book. 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. 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. Immediate or Cancel (IOC) Any portion of an IOC order that is not filled immediately is cancelled. 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. 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. Good Till Canceled (GTC) A Good-Till-Cancelled order will continue to work within the IB system and in the marketplace until it executes or is cancelled by the customer. Basket A group of individual orders that are saved in a single file and submitted as a package. 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. OCA Orders in a one-cancels-all group of orders will be cancelled when one of the other orders executes. Spreads A combination of individual orders (legs) that work together to create a single trading strategy. You can combine option and futures legs into a single spread. IB simulates certain order types (for example, stop or conditional orders) where an exchange or other market centre does not natively support such order type. While simulated orders offer substantial control opportunities, they may be subject to problems relating to performance of third parties outside of IB control, such as market data providers and exchanges. Although we attempt to filter external data to ensure the best possible execution quality, IB cannot anticipate all of the reasons that a simulated order may not receive an execution, or may receive an erroneous execution. Unsatisfactory (non) executions may result from events, including [i] erroneous, missing or inconsistent market data; [ii] IB data filters (example: we may ignore last sale data that is reported outside the prevailing bid-ask as it often represents untimely or erroneous transactions; this may impact triggering of simulated orders); [iii] transactions subsequently deemed erroneous by an exchange; [iv] market halts and interruptions.
For more detailed information on a specific order refer to the CKL Trader Users Guide.
Important Information Regarding Simulated Order Types
Customers should understand the sensitivity of simulated orders and consider this in their trading decisions.