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Autospreader

Understanding Quoting Mode Options

A quoting order for a spread can only be submitted into the market if its associated hedge market(s) has a current quantity that meets or exceeds the minimum hedge quantity requirement. The Quoting Mode setting in the Autospreader Configuration window defines how quoting orders react to changes in the minimum hedge quantity. There are three options available:

  • All or None: If the hedge market quantity drops below the minimum hedge quantity, the associated quoting order will be pulled from the market and will not be resubmitted even if sufficient hedge market volume reappears at some later time. This is the default setting.

    Note: Spread configurations created in versions of X_TRADER prior to 7.11.1 will be run as All or None by default.

  • All or None w/ Resubmit: If the hedge market quantity drops below the minimum hedge quantity, the associated quoting order will be pulled from the market and will be resubmitted if sufficient hedge market volume reappears at a later time.

    Note: The spread order will persist and remain working even though no quoting orders are working in the market; quoting orders will automatically be resubmitted if sufficient hedge quantity returns.

  • Dynamic Inside Lean: This option only leans on the inside market of the hedge legs and, therefore, only considers the size of the hedge leg's inside market. If that volume is less than the minimum hedge quantity, the quoting order will be reduced to the largest size that could be fully hedged at the inside market of the hedge leg(s).

    Notes:

    • The quoting order quantity will only increase when a full or partial fill has occurred in the quoting leg and the hedge leg's inside market quantity has increased to accommodate a larger quoting order.
    • The spread order will persist and remain working even though no quoting orders are working in the market; quoting orders will automatically be resubmitted if sufficient hedge quantity returns.
    • If the quoting order is decreased due to reduced liquidity in the hedge leg's inside market, that quoting order's size will not automatically be increased if the hedge leg's market volume subsequently increases.
    • Successive downward quantity reductions can occur in the quoting leg in cases where the hedge liquidity trends downward.