TT Order Types

TT Order Types

TT With A Tick

A With A Tick (WAT) order is a limit order that that is automatically repriced one tick towards the market based on the price and quantity of the opposite inside market as follows:

  • When best available price is more than one tick away from the limit price, the WAT order is repriced.
  • If the best available price is one tick away and the available quantity drops to or below a specified threshold, the WAT order is repriced.

The WAT threshold is a parameter set by the user in one of two ways:

  • Qty: The threshold is an absolute value.
  • %: The threshold is a percentage of the WAT order quantity.

For example, you could place a buy order and join the best bid with a WAT threshold of 100. When the best ask quantity drops below 100, the buy order price will be repriced one tick higher.

TT also allows you to add With A Tick behavior to all child orders of other TT order types, except for TT Trailing Limit.

TT With A Tick order parameters

Required parameters:

  • Exch order type — The order type for the child order. (Currently, only Limit orders are supported.)

  • With a Tick — The threshold to reprice the order.

    The quantity can be specified as:

    • Qty for an absolute number of contracts
    • % for a percentage of the initial quantity for this order

Optional parameters:

  • Offset — The number of ticks away from the specified price to submit the order, based on the following price:

    • LTP
    • Ask
    • Bid