TT Order Types

TT Stop order

TT Stop order

A Stop is a conditional order to sell (buy) when the price of a security falls (rises) to a designated level. Buy Stops are placed above the current last traded price, while Sell Stops are placed below the last traded price.

A stop limit order is accepted when the limit price meets these criteria:

  • Trigger price<= Best Ask price, for a Sell Stop Limit
  • Trigger price>=Best Bid price, for a Buy Stop Limit
  • Trigger price<= Limit price, for a Buy Stop Limit
  • Trigger price>= Limit price, for a Sell Stop Limit

A stop limit or market order is triggered only if the last traded price is within the trigger range. The trigger conditions are:

  • Last Traded price<= Trigger price, for a Sell Stop order
  • Last Traded price>= Trigger price, for a Buy Stop order

Stop orders in place for the same product at the same trigger price (for the same trader or multiple traders), process in a FIFO (first in, first out) order.

The following parameters represent a TT Stop order with a trigger based on the Ask price with at least a quantity of 25. Once triggered, TT submits a child Limit order priced relative to the Ask price minus one tick.

TT Stop order Audit Trail messages

The Audit Trail displays information about what causes TT Stop orders to be triggered. When a TT Stop order is triggered, the Message column is populated with information similar to the following:

The message uses the following format:

T[Trigger Type] [TriggerPrice] T[TriggerType][TriggerQtyType] [TriggerCompare] [TriggerQtyValue] M[TriggerType] [Trigger Type Price] M[TriggerType] [Qty At Trigger Type]

where the "T" values indicate the values the user provided for the TT Stop order and the "M" values represent the market values that triggered the TT Stop order.

In this example, the following message was recorded when the TT Stop order was triggered:

TLTP 153.719 TLTPQty GTE 5 MLTP 153.719 MLTPQty 8

The message indicates the user entered a TT Stop order with a trigger condition of LTP = 153.719 and LTP Qty  (LTQ) >= 5. The market value that triggered the TT Stop order was an LTP = 153.719 and LTP Qty  (LTQ) = 8.

TT Stop order parameters

Trigger details parameters

  • 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 either Buy or Sell orders instead of using one template for Buy orders and other template for Sell orders.
  • (Secondary Qty Trigger): Sets a secondary trigger condition based on:
    • Executed quantity when the Price Type parameter is LTP
    • Quantity of the best ask when the Price Type parameter is Ask
    • Quantity of the best bid when the Price Type parameter is Bid
    You can select a quantity or a percentage and select whether to use >= or <= to the specified value.
  • Reset on revert: Resets the trade quantity counter back to zero, if the inside market backs away from the trigger price.

    Note: This property is for trigger orders waiting for a specific quantity to trade at a specific price level. If the product trades beyond the trigger price, the order is triggered regardless of the quantity traded.
  • Trail (ticks): Specifies the number of ticks away from the specified price to submit the child order, based on the specified Trigger price.
  • On trigger submit: Sets the type of exchange-native order to submit when the order is triggered.

    Possible values include:
    • Limit order
    • Market order
    • MLM (Market Limit Market) order
  • Payup - Sets the number of ticks from the specified price to submit the Limit order. Positive values indicate towards the market and negative values indicate away from the market.

    The offset is based on the following prices:
    • LTP: Last Traded Price
    • Ask: Best Ask
    • Bid: Best Bid
    • Trigger: Trigger price
    • 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
  • Limit price: Sets the price for the child Limit 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.
  • Exclude Implied Prices: Sets whether to exclude implied prices when evaluating the triggering logic.

Timing parameters

  • 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