TT Order Types

TT Order Types

TT Bracket

A TT Bracket order submits a Limit or Stop order accompanied by an OCO (one-cancels-other) order. When the original Limit or Stop order is filled, the child OCO order is automatically submitted. The OCO is set with a profit target offset and a stop loss offset from the price the trader places the original order. For each partial / full fill of the TT Bracket Limit order, a TT OCO order will be launched. The TT Bracket and TT OCO orders allow you to potentially lock in profits with a favorable move or prevent a downside loss without having to constantly monitor the position.

For example, a 10-lot TT Bracket order is submitted as a 10-lot Limit bid. If it gets partially filled for 7-lots, the TT Bracket order submits an OCO, which submits a child 7-lot Limit order at the specified profit target price and a 7-lot Stop Limit or Stop Market order at the protective stop-loss price. If the 7-lot OCO child Limit order is partially filled for 3-lots, then the OCO child Stop order is discounted by 3-lots. However, if the OCO Stop is triggered, the OCO Limit order will be canceled.

Note: If you change the quantity of one of the TT OCO child orders, it will not automatically change the quantity of the other order.

TT Bracket example

In this example, a 50-lot bid is submitted as a TT Bracket order. It gets filled for 2 lots and submits a child OCO order for the 2-lot entry order fill. The OCO order then submits a child 2-lot Limit order at a profit target price, and a child 2-lot protective Stop order.

The 2-lot OCO orders continue to work in the market until either the OCO Limit order is filled or OCO Stop Limit order is triggered. A fill in the OCO Limit order discounts the quantity in the Stop Limit order. However, if the 2-lot OCO Stop Limit order is triggered first, it submits another Limit order as a protective Stop and the 2-lot OCO Limit (profit) order is canceled.

TT Bracket order parameters

The following parameters are required:

  • Order type — Sets the order type for the parent TT Bracket entry order.

    Possible values include:

    • Limit
    • Stop Limit
    • Stop Market
    • Payup — Appears in the menu for Stop Limit orders. Sets the number of ticks away from the Stop price to submit a Limit order.
  • Profit target — Sets the initial price for the profit order in the OCO pair:

    • Price = Entry Order Fill Price + Profit target setting, if the TT Bracket order was a bid.
    • Price = Entry Order Fill Price - Profit target setting, if the TT Bracket order was an offer.
  • Stop loss — Sets the initial price for the stop loss order in the OCO pair:

    • Price = Entry Order Fill Price - Stop loss setting, if the TT Bracket order was a bid.
    • Price = Entry Order Fill Price + Stop loss setting, if the TT Bracket order was an offer.
  • Stop order type — Sets the stop order type, market or limit, of the stop-loss order:

  • Payup — Sets the number of ticks away from the Stop price to submit a Limit order when the OCO Stop Limit order is triggered. Applies only if you set OCO stop order types as Stop Limit and it specifies the offset (in number of ticks) of the Limit order that will be placed if the Stop Limit is triggered.

The following parameters are optional:

  • With a Tick — The threshold for the With A Tick behavior that reprices the order one tick toward the market when available quantity at the opposite inside market is at or below the specified quantity threshold.

    The quantity can be specified as:

    • Qty for an absolute number of contracts
    • % for a percentage of the initial quantity for this order
  • Trigger — Sets the type of order trigger for the parent synthetic order

    Possible types include:

    • Stop
    • If-Touched
  • Price Type — Sets the price at which to trigger the parent synthetic order.

    Possible values include:

    • LTP: Last Traded Price
    • Ask: Best Ask
    • Bid: Best Bid
    • Same Side: Evaluates the trigger using the inside market price in the Buy/Sell direction of the order:
      • Best Bid for Buys
      • Best Ask for Sells
    • Opposite Side: Evaluates the trigger using the inside market price in the opposite Buy/Sell direction of the order:
      • Best Ask for Buys
      • Best Bid for Sells

    Note: Using Same and Opposite sides instead of Bid and Ask lets you create order a single order template that works when submitting Buy and Sell orders instead of using one template for Buy orders and other template for Sell orders.

  • Trail (ticks) — Specifies the number of ticks away from the specified price to submit the child order, based on the specified Trigger price.

  • Time and Date — to set the date and time to start executing the order

    Possible values include:

    • Start, which sets the date and time to start executing the order
    • End, which sets the time to stop executing the logic of the order
  • Start — to set the date and time to start executing the order

    Possible values include:

    • Now to start the order immediately
    • Time to display a date/time picker for you to indicate when to start the order
  • End — Sets the time to stop executing the logic of the order

    Possible values include:

    • GTC, which leaves the child orders working until the market closes
    • Time, which displays a date/time picker for you to indicate when to stop the order

    When the End Time is reached, the order is deleted and the specified End Action is applied with its associated child orders. If the trading session is closed when the End Time is reached, the delete request will fail, leaving working GTC child orders on the exchange. It is your responsibility to delete these orders when the exchange re-opens.

  • At End Action — Sets the action to take for any unfilled balance when the End time is reached.

    (Visible only for a custom End time) Possible values include:

    • Cancel to delete the remaining contracts