TT Order Types

TT Order Types

TT Iceberg

A TT Iceberg order executes a large volume order into smaller disclosed orders, publicly displaying only the specified portion instead of the full order quantity. A TT Iceberg order is similar to a TT Time Sliced order, except that the slices are entered based on fills instead of time. When one disclosed portion fills, the next portion is sent to the market. This process continues until the order is filled.

For example, suppose you want to create an Iceberg order for 1000 contracts that submits market orders for 50 contracts at a time, and suppose you want to trigger this Iceberg order when the Last Traded Price (LTP) reaches 1390.50. In this case, you would specify the following TT Iceberg order parameters.

TT Iceberg order parameters

The following parameters are required:

  • Display to set the displayed quantity, or the amount that is visible in the market.

    The displayed value can represent:

    • Qty for an specific number of contracts
    • % for a percentage of the total order

    When the displayed quantity is specified as a percentage:

    • If the quantity is less than 1, the quantity rounds up to 1.
    • If the fractional portion is less than .5 (e.g. 3.2), the quantity rounds down.
    • If the fractional portion is greater than .5 (e.g. 3.7), the quantity rounds up.
    • If the fractional portion is exactly .5, the quantity rounds up.
  • 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" and a specific price is desired.

    The offset is based on the following price:

    • LTP, which places the order the specified number ticks away from the last-traded price
    • Ask, which places the order the specified number ticks away from the Ask price
    • Bid, which places the order the specified number ticks away from the Bid price
    • DRO, which places the order at the user-specified price and then calculates the offset for each subsequent order based on the price of the previous order

The following parameters are optional:

  • With a Tick — 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
  • Trigger — Sets the type of order trigger for the parent synthetic order

    Possible types include:

    • Stop
    • If-Touched
  • Price Type — Sets the price at which to trigger the parent synthetic order.

    Possible values include:

    • LTP: Last Traded Price
    • Ask: Best Ask
    • Bid: Best Bid
    • Same Side: Evaluates the trigger using the inside market price in the Buy/Sell direction of the order:
      • Best Bid for Buys
      • Best Ask for Sells
    • Opposite Side: Evaluates the trigger using the inside market price in the opposite Buy/Sell direction of the order:
      • Best Ask for Buys
      • Best Bid for Sells

    Note: Using Same and Opposite sides instead of Bid and Ask lets you create order a single order template that works when submitting Buy and Sell orders instead of using one template for Buy orders and other template for Sell orders.

  • Trail (ticks) — Specifies the number of ticks away from the specified price to submit the child order, based on the specified Trigger price.

  • Time and Date — to set the date and time to start executing the order

    Possible values include:

    • Start, which sets the date and time to start executing the order
    • End, which sets the time to stop executing the logic of the order
  • Start — to set 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 the market closes
    • Time, which displays a date/time picker for you to indicate when to stop the order

    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