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Machine Gun (or Retry) orders are commonly used to obtain a favorable position in the queue prior to the market open. The parent order contains the number of times the Synthetic SE retries to send the order once rejected and the interval between each resubmission attempt. Retry order parameters are entered in the Modifiers section of the Order Pane.

Note: The ability to enter Machine Gun orders is controlled by a parameter in TT User Setup. Contact your Systems Administrator if you cannot enter Machine Gun orders.

Warning: When entering Machine Gun orders, the Price Mode section is disabled and set to Fixed. End Time functionality is not available.

Triggered Order Life Cycle

The following describes the life cycle of a Machine Gun order:

• A Machine Gun order submitted with a Start Date/Time is in Waiting state.
• The order goes into Working state when the Start Date/Time is reached or when the order is entered without a Start Date/Time. The order is sent to the exchange. If the exchange rejects it, the Synthetic SE resubmits the order based on the retries and interval settings. This process continues until the order is either accepted by the exchange or the number of retry attempts is reached.

Placing Machine Gun Orders using the Market Window

To place an Machine Gun 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 price in the main Price field.

4. 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

5. Select Machine Gun from the Modifiers list.

   The Number of Retries and Interval fields display.

6. Set the number of retry attempts in the Number or Retriesfield.

7. Set the Interval.

   This is the number of milliseconds between each repeated order attempt.

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

Placing Machine Gun Orders using MD Trader

To place a Machine Gun Order...

1. Create an Order Template 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 Machine Gun order configuration.

   • Click the assigned Order Button.

     - or -

   • Select the Machine Gun 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 order quantity.

5. Click the Buy or Sell column at the price level where you would like to submit the order.

   This Machine Gun order is in the Waiting state and does not display in the Working Orders column until it accepted by the exchange..