TT Order Types

TT Trailing Limit order

TT Trailing Limit order

A Trailing Limit submits an order directly to the exchange priced a fixed distance from the market. The Trailing Limit order re-prices relative to the market. Trailing prices are always set better than the current market. This means:

  • A Buy Trailing Limit sets the price a fixed amount below the market price. The order moves higher if the market moves above the highest recent price. The order will not adjust if the market moves lower.
  • A Sell Trailing Limit sets the price a fixed amount above the market price. The order moves lower if the market moves below the lowest recent price. The order does not adjust if the market moves up.

For example, if you want to create Trailing Limit order priced three ticks away from last traded price, you would specify the following TT Trailing Limit order parameters.

The following describes the life cycle of a TT Trailing Limit order:

  • A TT Trailing Limit order submitted with a Start Date/Time is in the Waiting state.
  • A TT Trailing Limit order goes into the Working state when the Start Time is reached or when the order is entered without a Start Date/Time. A single child order is placed in the market. The trailing parameters dynamically re‐price the child order as the market moves.

TT Trailing Limit order parameters

Trailing Limit details parameters

  • Trailing Price Type: Sets the price used to calculate the trailing price relative to the market

    You can trigger the following prices:
    • LTP
    • Ask
    • Bid
  • Trail (ticks): Specifies the number of ticks away from the specified Price Type the order should trail the market.
  • 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.

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

    If End Time is selected and the End Time is reached, the order is deleted and the specified End Action is applied to its 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