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X_TRADER®

Triggered Orders

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

Triggered orders are sent to the market when a predefined market condition is met. The parent order contains trigger parameters either set explicitly (LTP, Bid, or Ask) or based upon the inside market price in the Buy/Sell direction of the order (Same Side or Opposite Side).

Price Type

The Price Type field in the modifier section of the Order Pane sets the type of price used to calculate the trigger price of a synthetic order qualifier. For Stop and If Touched orders, this setting determines the type of price used for an explicitly entered Trigger Price. Select one of the following:

  • LTP: Last Traded Price.
  • Bid: Best Bid.
  • Ask: Best Ask.
  • Same Side: the inside market price in the Buy/Sell direction of the order (e.g., Best Bid for Buys).
  • Opposite Side: the inside market price in the opposite Buy/Sell direction of the order (e.g., Best Ask for Buys).

The Price Type settings are described in the following table..

Price Type Description
LTP The Last Traded Price is used to evaluate the trigger price. A trade must occur at or through the Last Traded Price in order to trigger the order.
Bid The Best Bid price is used to evaluate the trigger price.
Ask The Best Ask price is used to evaluate the trigger price.

SameSide

Evaluates the trigger using the inside market price in the Buy/Sell direction of the order:

  • Best Bid for Buys
  • Best Ask for Sells

OppositeSide

Evaluates the trigger using the inside market price in the opposite Buy/Sell direction of the order:

  • Best Ask for Buys
  • Best Bid for Sells

A secondary trigger based upon executed quantity (if LTP is used) or the quantity on the Bid or the Ask is also available. Users may toggle the Quantity (Qty) button to set the secondary trigger as a percentage (%) of the order quantity. Trigger parameters are entered in the Modifiers section of the Order Pane.

Trigger Life Cycle

The following describes the life cycle of a triggered order:

  • A triggered order submitted with a Start Time is in Waiting status.
  • The order goes into Pending Trigger status when the Start Time is reached or the order is entered without a Start Time. The Synthetic SE monitors the trigger price condition(s). The order is triggered when the market has reached or penetrated the trigger condition(s). A single child order in Working status is sent to the market.

If a secondary quantity trigger is set, the market quantity condition must also be met before the child order is sent to the market.

X_TRADER supports synthetic Triggered Stop and Triggered If Touched orders.

Price Mode

Once triggered, child orders are priced in one of two ways as determined in the Price Mode section of the Order Pane:

  • Fixed price mode submits a child order using the price manually entered by the trader into the main Price field.
  • Relative price mode disables the main Price field and displays additional configuration options in the Price Mode section. Price Type sets the price of the child order relative to LTP, current Bid price, current Ask price, or Trigger, meaning calculate the order price using the Trigger price level. Two additional pricing parameters are available: Same Side and Opposite Side.

Note: Parameters independent of Buy/Sell direction (i.e., Offset, Same Side, Opposite Side and percentage) are converted to the actual value when displayed in trading windows (e.g., the Confirmation Window, Orders and Fills Window, and Audit Trail).

Offsets may be positive or negative and are interpreted based upon the Buy/Sell direction of the market:

  • Positive offsets are applied away from the market.

    For example, A Buy order with an offset of positive 2 is the Price Type value minus 2 ticks; a Sell order with an offset of positive 2 is the Price Type value plus 2 ticks.

  • Negative offsets are applied into the market.

    For example, a Buy order with an offset of negative 2 is the Price Type value plus 2 ticks; a Sell order with an offset of negative 2 is the Price Type value minus 2 ticks.