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X_TRADER®

Trailing If Touched Orders

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

A Trailing If Touched order sets the trigger price a fixed distance from the market. The trigger price dynamically adjusts relative to the market. Trailing If Touched triggers are typically set better than the current market. This means:

  • Buy Trailing If Touched orders are placed below the current market. As the market rises, the trigger adjusts so that it is never more than a specified number of ticks away from the market price. If the market falls, the trigger price does not adjust..
  • Sell Trailing If Touched orders are placed above the current market. As the market falls, the trigger adjusts so that it is never more than a specified number of ticks away from the market price. If the market rises, the trigger price does not adjust.

The following is an example of a Trailing If Touched in the Order Pane where the trigger price dynamically adjusts so that it is three ticks away from last traded price. Once triggered, the Synthetic SE submits a child order priced relative to the Ask price minus one.

The TTStatus field displays the Trailing If Touched order in Pending Triggerstatus. During this time, the Synthetic SE continuously monitors the order and dynamically re-prices the trigger price. The quantity displays in the Undisclosed Qty column because it is not actually included in the exposed depth of the market.

Trailing If Touched in the Orders and Fills Window

Placing Trailing If Touched Orders using the Market Window

To place a Trailing If Touched 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. Configure routing using the Routing Configuration dialog.

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

  4. Select Trailing If Touched from the Modifiers list.

    The Ticks Away field appears.

  5. Set the number of ticks away from the Price Type the should trail the market in the Ticks Away field. Use the arrows or type the number.

    Note: If you want a natively supported order to be managed by the Synthetic Strategy Engine, click Override Native.

  6. Select the Price Type used to calculate the trailing price relative to the market.
  7. Notice that Price Mode is set to Relative and the Fixed choice is disabled. Trailing orders are dynamic and cannot have a Fixed price.

    Note: Refer to Price Mode if you would like to explore this topic in greater detail.

  8. Set the base price used to calculate the relative price in the Price Type field.

  9. Set the number of ticks that you would like added to or subtracted from the trigger price in the Offset field.

    For example, a buy order with a positive offset of one (1) is the Price Type minus one tick.

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

Placing Trailing If Touched Orders using MD Trader

To place a Trailing If Touched order...

  1. Create an Order Template with Trailing If Touched order parameters using the Order Defaults window.

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

  2. From MD Trader, select the Trailing If Touched order configuration.

    • Click the assigned Order Button.

      - or -

    • Select the Trailing If Touched configuration in the Order Type drop-down list.

  3. Configure routing using the Routing Configuration dialog.

    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 at the price level where you would like to submit the order.

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

    Note: A red a circle with a slash through it appears if you try to enter an invalid price level.