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Timed orders are used to manage a trading day. For instance, you may want to submit an order as soon as the market opens, or exit a position just before the market closes. Timed order parameters schedule an order’s start date and time and/or end date and time and may be included with most order types. Timed order parameters are entered in the Submit Time section of the Order Pane.

The following screen shots illustrate a Timed order that will activate on October 15th at 7:29 AM. At 1:00 PM, the Synthetic SE will cancel the resting order and send a market order for the unfilled portion.

Warning: Start Date/Time and End Date/Time are defined in your local time zone and are executed based on the Synthetic SE server time clock. In addition the labels Today and Tomorrow refer to calendar days and not trading days. For example if Today is Friday, Tomorrow means Saturday.

The TTStatus field displays the order in Waiting state until it is filled, canceled, or the End Date/Time is reached. An asterisk before the exchange (e.g., *CME) identifies the intended destination of a synthetic order that is being monitored by the Synthetic SE.

Timed Order in the Orders and Fills Window

The following describes the life cycle of a Timed order:

• An order submitted with a Start Date/Time is in the Waiting state.
• When the Start Date/Time is reached, the order goes into the Pending Trigger or Working state.
• When the End Date/Time is reached, Synthetic SE deletes the parent order and associated child orders. If the trading session is closed when the End Date/Time is reached, the delete request will fail, leaving working GTC child orders on the exchange. It is your responsibility to delete these orders when the exchange re-opens.

Warning: Time in Force settings can override the End Date/Time. The Synthetic SE deletes timed orders when the exchange cancels the order. For example, when the exchange cancels GTD orders at the end of the trading session, the Synthetic SE deletes the order even if the End Date/Time has not been reached.

Placing Timed Orders using the Market Window

To place a Timed 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. Set how to price the order.

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

5. If you would like to set a when to activate the parent order, click the At checkbox.

   This activates the Calendar/Time button.

   • Click the Calendar/Time button to launch the Start Date/Time controls.

   • Set the date and time to activate the parent order and click OK.

6. If you would like to set a date/time to cancel the resting order, click the Until checkbox.

   This activates the End Date/Time button.

   • Click the Calendar/Time button to launch the End Date/Time controls.

   • Set the date and time to cancel the parent order and click OK.
7. Click Buy or Sell once you have entered the desired order parameters to submit the order.

Placing Timed Orders using MD Trader

To place a Timed order...

1. Create an Order Template with Timed 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 Timed order configuration.

   • Click the assigned Order Button.

     - or -

   • Select the Timed order 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 Timed is in the Waiting state and does not display in the Working Orders column adjacent to the price.column adjacent to the price..