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X_TRADER®

Triggered If Touched Orders

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An If Touched is an order that is triggered when the market has reached or penetrated a specified price in the market. If Touched orders are similar to Stop orders except the trigger price behavior is inverted. An If Touched trigger price is typically set better than the current market. This means:

  • Buy If Touched orders are placed below the current last traded price.
  • Sell If Touched orders are placed above the current last traded price.

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Triggered native If Touched orders can be priced as Limit orders with a fixed price, Market orders, or in Market to Limit (TOCOM and SGX).The Override Native checkbox found in the Advanced section of the Order Pane lets you send natively supported If Touched orders to the Synthetic SE instead of directly to the exchange.

Override Native Example

You can also enter native If Touched orders from MD Trader. Set Limit If Touched (LIT) or Market If Touched (MIT) orders from the MD Trading tab on the Properties menu and designate a set number of ticks away from the inside market that your order will rest until touched.

MD Trading Tab

 

The following screen shots illustrate a synthetic If Touched order with a trigger price of 102075 based upon last traded price. Once triggered, the Synthetic SE submits a child order to the market priced relative to the Ask price minus one.

The TTStatus  field displays the If Touched order in Pending Trigger state. During this time, the Synthetic SE continuously monitors the order for the trigger condition. The quantity displays in the Undisclosed Quantity (Und Qty) column because it is not actually included in the exposed depth of the market.

If Touched in the Orders and Fills Window

Placing If Touched Orders using the Market Window

To place an 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 If Touched from the Modifiers list.

    The Trigger Price field appears.

  5. Set the Trigger Price. Use the arrows or type the trigger price.

    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 evaluate the trigger.

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

  7. If desired, set a secondary trigger based upon executed quantity (if LTP) or the quantity on the Bid or the Ask.

    Toggle the Qty button if you would like to set the secondary trigger as either a quantity or a percentage.

  8. Use the Price Mode section to set how to price the child order that will be submitted to the market.

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

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

Placing If Touched Orders using MD Trader

To place a Stop order...

  1. Configure If Touched order parameters.

    • Create an Order Template using the Order Defaults window.

      - or -

    • Enable Limit If Touched and/or Market If Touched 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 If Touched order configuration.

    • Click the assigned Order Button.

      - or -

    • Select the 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 set the Trigger Price.

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