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X_TRADER®

Trailing Limit Orders

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

A Trailing Limit submits an order directly to the exchange priced a fixed distance from the market; this differs from Trailing Stop and Trailing If Touched orders which are sent only when triggered. The Trailing Limit order re-prices relative to the market. Trailing prices are always set better than the current market. 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 screen shots illustrate a Trailing Limit order priced three ticks away from last traded price.

Warning: The Price Mode section and the main Price field are disabled when entering Trailing Limit orders because trailing orders are dynamic and cannot have a fixed price.

Since Trailing Limit orders are actively working in the market, the TTStatus field displays the order in the Working state. The Synthetic SE continuously monitors the order and dynamically re-prices the order so that it is 3 ticks away from the Last Traded Price. The quantity displays in the Working Qty column because it is included in the exposed depth of the market.

Trailing Limit in the Orders and Fills Window

Placing Trailing Limit Orders using the Market Window

To place a Trailing 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. 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 Limit 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.

  6. Select the Price Type used to calculate the trailing price relative to the market.
  7. Click Buy or Sell once you have entered the desired order parameters to submit the order.

Placing Trailing Limit Orders using MD Trader

To place a Trailing Limit order...

  1. Create an Order Template with Trailing Limit 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 Limit order configuration.

    • Click the assigned Order Button.

      - or -

    • Select the Trailing Limit 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 the order in the Working Orders column adjacent to the price..