TT Order Types

TT Iceberg order

TT Iceberg order

A TT Iceberg order executes a large volume order by breaking it into smaller disclosed orders, publicly displaying only the specified portion instead of the full order quantity. When one disclosed portion fills, the next portion is sent to the market. This process continues until the order is filled.

For example, suppose you want to create an Iceberg order for 1000 contracts that submits orders for 50 contracts at a time with a 20% variance (40-60 contracts). In this case, you would specify the following TT Iceberg order parameters.

In addition to adjusting the size of the disclosed quantity you can:

  • Adjust the price level at which each disclosed qty is placed.
  • Define a trigger condition to begin submitting child orders into the market.
  • Set a time and date to start working your TT Iceberg parent order.

TT Iceberg order parameters

Iceberg details parameters

  • Display: Sets the displayed quantity, or the amount that is visible in the market.

    The displayed value can represent:
    • Qty for an specific number of contracts
    • % for a percentage of the total order

    When the displayed quantity is specified as a percentage:
    • If the quantity is less than 1, the quantity rounds up to 1.
    • If the fractional portion is less than .5 (e.g. 3.2), the quantity rounds down.
    • If the fractional portion is greater than .5 (e.g. 3.7), the quantity rounds up.
    • If the fractional portion is exactly .5, the quantity rounds up.
  • Variance: Sets the percentage (0-100) by which to vary the child order quantity.
  • Offset — Sets the number of ticks away from the specified price to submit the order. This parameter is optional if the order type is "Limit".

    The offset is based on the following price:
    • LTP, which places the order the specified number ticks away from the last-traded price
    • Ask, which places the order the specified number ticks away from the Ask price
    • Bid, which places the order the specified number ticks away from the Bid price
    • DRO, which places the order at the user-specified price and then calculates the offset for each subsequent order based on the price of the previous order
  • With a Tick: Sets 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
  • Auto-Resubmit Upon GTD Expiry: Valid only when the child order TIF is Day (GTD). If any child orders are not completely filled by the session close, the exchange will expire the child orders; when the market reopens, the parent order will then resubmit the child orders with the same parameters as when they expired.

Trigger parameters

  • 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 a single order template that works when submitting either Buy or Sell orders instead of requiring separate templates for Buy and 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.

Timing parameters

  • Time and Date: Sets 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: Sets 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 canceled
    • Time, which displays a date/time picker for you to indicate when to stop the order
    • Day, which leaves the child orders working until the market closes

    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
    • Go to Market to submit a market order for the unfilled quantity