An order management algo (OMA) is an algo that can take control of and manage one or more orders. When an OMA takes control of an order, it can use its internal logic to manage the order in the market, such as updating the order's price or quantity. An OMA can also modify one order it manages based on activity on another order it manages, such as canceling or reducing the quantity of one order as another order is filled.
All OMAs can be launched from the Order Book widget. You can simply select the number of orders required by the algo and choose an OMA to manage them. Then you specify the algo's parameters as desired and launch the OMA directly from the Order Book.
When you launch the OMA for the selected orders, a new parent order is created and the selected orders are converted to child orders that are managed by the OMA parent order.
You can also launch an OMA for a single existing order, or multiple existing orders at the same price level, from the Floating Order Book in MD Trader.
The OCO public OMA is an example of an Order Book OMA that can be launched from the Order Book and Floating Order Book widgets.
TT also supports OMAs that run in an "order building" mode that lets you dynamically build an OMA order in MD Trader. Unlike Order Book OMAs, these OMAs also let you add both existing and new orders to the OMA order. From a single MD Trader widget, you can start the order-building OMA and then select working orders and submit new orders for the OMA to manage. You can also select or add orders across different instruments in different MD Trader instances.
When you select an OMA from the MD Trader Order Type dropdown, order-building mode is activated and:,
After you launch the OMA, any new orders you added to the OMA order are put into working state and become active in the market.