A TT Trailing Limit order submits a native limit exchange order into the market then dynamically adjusts the price to stay within a specified distance of the market if it moves away. This means:

• A Buy Trailing Limit sets the price a fixed amount below the market price. The order moves higher if the market moves above the highest recent price. The order will not adjust if the market moves lower.
• A Sell Trailing Limit sets the price a fixed amount above the market price. The order moves lower if the market moves below the lowest recent price. The order does not adjust if the market moves up.

The following describes the life cycle of a TT Trailing Limit order:

• A TT Trailing Limit order submitted with a Start Date/Time is in the Waiting state.
• A TT Trailing Limit order goes into the Working state when the Start Time is reached or when the order is entered without a Start Date/Time. A single child order is placed in the market. The trailing parameters dynamically re‐price the child order as the market moves.

Behaviors

The following examples illustrate how you can configure a TT Trailing Limit order order with different behaviors for the child and parent orders. Also, each example shows how the order will appear in MD Trader.

• Specifying the price at when child orders are entered
  • Triggering a TT Trailing Limit parent order at a price level that trails the market
• Setting preconditions for the parent order
  • Setting start and end times for a TT Trailing Limit order parent order

Triggering a TT Trailing Limit parent order at a price level that trails the market

To enter a trailing limit order:

1. From the Trail Price Type dropdown, select the price off which you want to trigger.
2. For Trail (ticks), enter the number of ticks to trail the selected price type.

   

   If you clicked somewhere on the Sell side, the TT Trailing Limit parent order would resemble the following.

   

Setting start and end times for a TT Trailing Limit parent order

By default, a TT Trailing Limit order begins working immediately after submission and continues to work until canceled. You can, however, customize when a TT Trailing Limit parent order begins working and when it stops.

To set start and stop times for a TT Trailing Limit parent order:

1. For the Start setting, click the dropdown arrow and select the desired start time option.

   

   In this example, you select Time.
2. Set a start date and time in the calendar selector, and click Apply.

   Tip: Use the "tab" key to navigate to the right between time edit boxes. Use "Shift + tab" to navigate left to an edit box.

   

   Note: If you specify a future start time, the Order Book will show the TT Trailing Limit parent order Status as Working and its SynthStatus as Waiting.
3. For the End setting, click the dropdown arrow and select one of the following:
   • GTC: Keeps the TT Trailing Limit parent order working until it is canceled.
   • Time: Sets a time and date for when the TT Trailing Limit parent order ends.
   • Day: Cancels the TT Trailing Limit parent order at the end of the trading session.

   

   Note: When creating or using an order template and using the Time option, the Start and End dates automatically adjust if originally set in the past.

4. Enter the order at the desired price level.
   If you placed the order with a future start time, the TT Trailing Limit parent order would appear in MD Trader and the Order Book similar to the following.

   

   The Order Book shows the status of the future order.
   • A - The Status is Working, which indicates the TT Trailing Limit parent order is working on the Algo Server.
   • B - The SynthStatus is Waiting, which indicates the order has not yet started working in the market. When the start time is reached, the SynthStatus will also change to Working.
   • C - Because a TT Trailing Limit parent order cannot determine the initial price of a future order, it cannot be displayed in the ladder so displays the order as a callout. For more information, see .