TT Order Types

TT Timed order

TT Timed order

Timed orders are used to manage a trading day (e.g., exit by market close). For instance, you might want to submit an order as soon as the market opens, or exit a position just before the market closes. Timed order parameters schedule an order's start date and time and/or end date and time and may be included as part of all TT orders.

The following describes the life cycle of a TT Timed order:

  • An order submitted with a Start Date/Time is in the Waiting state.
  • When the Start Date/Time is reached, the order goes into the Pending Trigger or Working state.
  • When the End Date/Time is reached, the Algo Server deletes the parent order and associated child orders. If the trading session is closed when the End Date/Time is reached, the delete request will fail, leaving working GTC child orders on the exchange. It is the user’s responsibility to delete these orders when the exchange re‐opens.

    Note: Time in Force settings can override the End Date/Time. The Algo Server deletes timed orders when the exchange cancels the order. For example, when the exchange cancels GTD orders at the end of the trading session, the Algo Server deletes the order even if the End Date/Time has not been reached.

For example, suppose you want to submit a Limit order at a price three ticks away from the Last Traded Price that would be canceled if it is not filled by 13:45:00.000 local time. You would specify the following TT Timed order parameters.

TT Timed order parameters

The following parameters are required:

  • Exch ord type: Sets the type of exchange-native order to use for the order.

    Possible values include:
    • Limit
    • Market
  • 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
    • Ask
    • Bid
  • 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
  • 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
  • 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.