TT Order Types

TT Order Types

TT Stop

A Stop is a conditional order to sell (buy) when the price of a security falls (rises) to a designated level. Buy Stops are placed above the current last traded price, while Sell Stops are placed below the last traded price.

A stop limit order is accepted when the limit price meets these criteria:

  • Trigger price<= Best Ask price, for a Sell Stop Limit
  • Trigger price>=Best Bid price, for a Buy Stop Limit
  • Trigger price<= Limit price, for a Buy Stop Limit
  • Trigger price>= Limit price, for a Sell Stop Limit

A stop limit or market order is triggered only if the last traded price is within the trigger range. The trigger conditions are:

  • Last Traded price<= Trigger price, for a Sell Stop order
  • Last Traded price>= Trigger price, for a Buy Stop order

Stop orders in place for the same product at the same trigger price (for the same trader or multiple traders), process in a FIFO (first in, first out) order.

The following parameters represent a TT Stop order with a trigger based on the ask price with at least a quantity of 25. Once triggered, TT submits a child Limit order priced relative to the Ask price minus one tick.

TT Stop order parameters

The following parameters are required:

  • 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 either Buy or Sell orders instead of using one template for Buy orders and other template for Sell orders.

  • (Secondary Qty Trigger) — Sets a secondary trigger condition based on the executed quantity (if LTP) or the quantity on the Bid or the Ask.

    You can select a quantity or a percentage and select whether to use >= or <= to the specified value.

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

  • On trigger submit — Sets the type of exchange-native order to submit when the order is triggered.

    Possible values include:

    • Limit order
    • Market order
    • MLM (Market Limit Market) order
  • Payup - Sets the number of ticks from the specified price to submit the Limit order. Positive values indicate towards the market and negative values indicate away from the market.

    The offset is based on the following prices:

    • LTP: Last Traded Price
    • Ask: Best Ask
    • Bid: Best Bid
    • Trigger: Trigger price
    • 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
  • Limit price to set the price for the child Limit order.

The following parameters are optional:

  • Reset on revert — Reset the trade quantity counter back to zero, if the inside market backs away from the trigger price.

    Note: This property is for trigger orders waiting for a specific quantity to trade at a specific price level. If the product trades beyond the trigger price, the order is triggered regardless of the quantity traded.

  • 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
  • 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
  • Exclude Implied Prices — Sets whether to exclude implied prices when evaluating the triggering logic.

  • 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