TT Order Types

TT Order Types

Entering a TT OCO order

You can enter a TT OCO in either MD Trader® or the Order Ticket.

Entering a TT OCO order in MD Trader®

In MD Trader, you have to click at two different price levels in the price ladder on the same side of the market to enter the OCO. The first click in the Bids or Asks column highlights the cell at a price level. As you move the cursor to a different price level, the cursor will indicate whether you are entering a Limit order or Stop (Stop Limit or Stop Market) order at a valid price.

The following example shows how the cursor changes when entering a valid Limit order based on the price and side of the first order:

The next example shows how the cursor changes when entering a valid Stop order based on the price and side of the first order:

In MD Trader, the cursor also indicates if the second order of a TT OCO order is not allowed. When you hover at the same price as the first click, the cursor displays as "not allowed".

For a Buy-side OCO order, if you hover below the first click, the OCO order views the first order as a Stop order and validates the price of the Stop against the current last traded price (LTP). If you hover above the first click, the OCO order assumes the second order will be a Stop and validates the price of the second order against LTP.

For a Sell-side OCO order, if you hover above the first click, the OCO order views the first order as a Stop order and validates the Stop order price against the current last traded price (LTP). If you hover below the first click, the OCO order assumes the second order will be a Stop and validates the price of the second order against LTP.

The following example shows the cursor hovering at an invalid price level:

To enter a TT OCO order in MD Trader®:

  1. Open the MD Trader® widget.
  2. Select TT OCO for the order type.
  3. Enter the TT OCO parameters.
  4. Select an account or use the default account.
  5. Specify the TIF for the exchange-native child orders submitted by the TT OCO order.
  6. Enter the order quantity.
  7. Click in the Bids or Asks column at the first price level of the TT OCO order.
  8. Click in the Bids or Asks column at the second price level of the TT OCO order.

    Depending on the first price level and side (Buy or Sell) of the first order, the cursor indicates whether a Limit (L) or Stop (SM or SL) order is allowed at the second price level. The cursor also indicates at which price levels an order is not allowed.

Entering a TT OCO order in the Order Ticket

In the Order Ticket, use the Stop Trigger Price field to set the price of the protective stop order. The Limit entry price is seeded in the Order Ticket. For an OCO Limit order bid, the OCO Stop order can only be placed above the OCO Limit order bid. For an OCO Limit order ask, the OCO Stop Limit order can only be placed below the OCO Limit order ask.

To enter a TT OCO order in the Order Ticket:

  1. Open an Order Ticket.
  2. Select TT OCO for the order type.
  3. Enter the TT OCO parameters.
  4. Enter the TT OCO order quantity and price for the Limit order.
  5. Set the price of the Stop Limit or Stop Market order in the Stop Trigger Price field.

    Set the Stop price above the Limit price to Buy, or below the Limit price to Sell.

  6. Select an account or use the default account.
  7. Specify the TIF for the exchange-native child orders submitted by the TT OCO order.
  8. Click Buy or Sell to submit the order.

Canceling a TT OCO child order

If you cancel one of the child orders submitted by a TT OCO order, the other child order and the parent order are also canceled.