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:
The WAT threshold is a parameter set by the user in one of two ways:
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.
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:
Offset — The number of ticks away from the specified price to submit the order, based on the following price: