TT Multi-Level Bracket is an Order Ticket Algo (OTA) that allows you to take a position in an instrument and exit at one or more prices.
The algo is submitted by placing a Limit order at a specific price level. When the Limit order is filled, TT Multi-Level Bracket automatically places OCO orders up to four price levels from the fill price based on their percentage allocation. You can set the distance from the fill price at each level, as well as the percentage of the filled quantity to be allocated at each level. You also have the ability to only work a single side of the OCO as needed.
You can launch a TT Multi-Level Bracket algo from the following widgets:
The algo is configured using the TT Multi-Level Bracket order parameters in the flyout.
For the OCO orders, configure the percentage of the filled quantity to be allocated at each level using fields "LV1-4 %". The values entered must equal "100" otherwise the parent order will automatically pause. For example, if you only execute OCO orders across two levels, then LV1 % and LV2 % together need to equal "100". The other levels can remain as zero.
After the levels are configured, set the number of ticks from the entry order fill price to submit the Profit and Stop orders. You can configure up to four levels using the "Profit LV1-4" and "Stop LV-1" parameters in the flyout.
Before you begin, select an instrument to trade and open it in MD Trader or the Order Ticket.
Note: You can also launch OTA algos from Autotrader or the Algo Dashboard.
To submit a TT Multi-Level Bracket order:
If using the Order Ticket, enter a price and quantity and click Buy or Sell.
The Order Book displays the TT Multi-Level Bracket and shows the working quantity and executed quantity in WrkQty and ExeQty, and shows the status of the parent order in SynthStatus.
When the Limit order fills, the OCO orders are submitted for the configured price levels.
The working child orders are displayed in the Order Book.
When all OCO orders have been filled the algo will automatically pause.
Select TT Multi-Level Bracket from the Algo Explorer pane and configure the TT Multi-Level Bracket order parameters. In Algo Dashboard, you also need to provide the contract, price, quantity, and side for the order.
In Autotrader, click Choose an algo and select "TT Multi-Level Bracket". Click Add row to configure the TT Multi-Level Bracket order parameters. Then, click the cell in each corresponding column to provide the contract, price, quantity, and side or the TT Multi-Level Bracket order.
The following parameters are available in the TT Multi-Level Bracket flyout: