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X_TRADER®

Best Limit

You are viewing X_TRADER Version 7.17 and higher. For earlier versions, click here

Best Limit (BL) orders are similar to Market orders in that you enter them without a price. But, while Market orders aim to hit the bid or take the offer, a Best Limit order lets you join the best bid or offer.

Example: Given the following market...

  • If a 10-lot Best Limit is entered on the Buy side, it enters the market at 613.44

    (A 10-lot buy Market order would trade at 613.45).

  • If a 10-lot Best Limit entered on the Sell side, it enters the market at 613.45

    (A 10-lot sell Market order would trade at 613.44).

You can submit Best Limit orders using the Market Grid or MD Trader. In addition, Best Limit orders can be sent in combination with Stop orders and/or with the GTD, GTC, or GTDate Time in Force (TIF):

Placing Best Limit Orders using the Market Window

To place a Best Limit order...

  1. Click in the appropriate expiration/strike row on the bid or ask side of the Market Grid to seed the Order Pane with a contract.

  2. Set the order quantity.
  3. Set the routing and/or customer information.

    Note: You can setup routing rules and customer profiles, or use the <Default> profile. Refer to Creating a Customer Defaults Profile

  4. Select BL from the Order Types list in the Order Template section.

    The disables the main Price field.

  5. Click Buy or Sell once you have entered the desired order parameters to submit the order.

Placing Best Limit Orders using MD Trader

To place a Best Limit order...

  1. Configure Best Limit order parameters.

    • Create an Order Template using the Order Defaults window.

      - or -

    • Enable Best Limit in the Enable Order Types section on the MD Properties | MD Trading tab.

      Note: If desired, assign the order template/order type to an order button on the MD Trading tab.

  2. From MD Trader, select the Best Limit order configuration.

    • Click the assigned Order Button.

      - or -

    • Select Best Limit configuration in the Order Type drop-down list.

  3. Set the routing and/or customer information.

    Note: You can setup routing rules and customer profiles, or use the <Default> profile. Refer to Creating a Customer Defaults Profile

  4. Set the desired quantity.

  5. Click the Buy or Sell column.

    This displays the an order in the Working Orders column adjacent to the price..