Advanced Button

The Advanced button is on the Order Entry Panel and is used with Stop Loss, Profit Taker and Bracket Orders, allows you to set up Iceberg, One Cancels Other and Hedge Orders, and lets you apply other advanced order attributes. To use the advanced button:

Navigate to the Order Entry Panel and select the Advanced button.
Select the type of trade you would like to place and enter the order parameters.

Use the Advanced Button for:

Feature	Instruction
Routing Select a new routing destination.	Click SMART and choose a destination from the drop-down list.
Iceberg Create an iceberg order, which displays only a user-specified order size to the market.	Click in the field and enter a partial quantity of the order. This quantity will be displayed to the market.
Order Reference Add a reference number that helps you track the order through its lifecycle.	Click in the field to make it editable then enter a reference number.
All or None Attribute Specify that either all of the order executes or none of it executes.	Check to apply the "All or None" attribute to the order.
Attach a Stop Loss Attach a Stop Loss order to the original order.	Click "Attach Stop Loss/Profit Taker/Bracket." Check the "Stop Loss" box only. In the STOP field, modify the stop type (stop, stop limit or trailing stop) as needed. In the STP PRC field enter the stop price. In the DAY field modify the time in force as needed. Click "more" to modify the routing destination and/or add an order reference.
Attach a Bracket Attach a Bracket order to the original order. This brackets the order with two opposite-side orders, and is designed to help limit loss and lock in a profit.	Click "Attach Stop Loss/Profit Taker/Bracket." Check "Bracket." The Profit Taker and Stop Loss boxes will be checked automatically. Modify the child orders. Profit Taker Child Specify Limit or Relative as the opposite-side Profit Taker order type. Enter a limit price. For a relative order, this is the price cap. For relative orders, enter the offset if desired. Specify the time and force and other parameters as needed. Stop Loss Child In the STOP field, modify the stop type (stop, stop limit or trailing stop) as needed. In the STP PRC field enter the stop price. In the DAY field modify the time in force as needed. Click "more" to modify the routing destination and/or add an order reference.
Attach a Profit Taker Attach a profit taker child order to the original order. The profit taker is an opposite-side limit or relative order.	Click "Attach Stop Loss/Profit Taker/Bracket." Check the "Profit Taker" box. Specify Limit or Relative as the opposite-side Profit Taker order type. Enter a limit price. For a relative order, this is the price cap. For relative orders, enter the offset if desired. Specify the time and force and other parameters as needed.
One Cancels Other Include the order in a one-cancels-other order group.	Click "One Cancels Other" to expand the panel. Change the order side if necessary. By default, the order side is the same as that of the original order. Click "Contract" and enter the underlying. Specify the order type, quantity, price and time in force. To add more orders to the group, click +Add Order and repeat the previous steps. If an order completely fills, other orders in the group are canceled. The On Fill: box instructs TWS what to do if an order in the group is partially filled. Use the drop down selector to choose the action: Reduce other orders: Reduces the quantity of other orders in the group by the partially filled quantity of the order. Please note that using this option without overfill protection will likely result in multiple orders being routed to an exchange, which may in turn result in an overfill, or in a rejection (e.g. in the case of multiple sell orders where one is tagged as "short sale"). Reduce other orders, overfill protection: Reduces the quantity of other orders in the group by the partially-filled quantity of the order, and specifies that only one order at a time will be submitted to an exchange to avoid multiple orders filling (overfill). Cancel other orders: Cancels all orders in the group. When selected, "overfill protection" is automatically enabled to prevent an overfill.
Attach Hedging Order Attach a hedging order to the parent order. Choose from Beta Hedge, FX Order, or Pair Trade hedge. The hedging order will transmit when the parent order fills.	Click "Hedge" to expand the panel. In the drop down list, select the hedge type and check the box next to the order type field. Beta Hedge - specify the hedging contract, the order type (limit, market or relative), the beta (change default beta if required), and the time in force. FX Order - specify the Forex pair, the order type (limit, market or relative), and the time in force. Pair Trade - specify the hedging contract, the order type (limit, market relative, or RPI (available if the contract is listed on NYSE), the offset (required for RPI order), the ratio (the original contract is "1" so if you enter "2" the hedging order quantity will be twice that of the original order, or 2:1) and the time in force.
Check Margin Check the margin requirements for the order before you submit it.	Click "Check Margin."

Feature

Instruction

Routing

Select a new routing destination.

Click SMART and choose a destination from the drop-down list.

Iceberg

Create an iceberg order, which displays only a user-specified order size to the market.

Click in the field and enter a partial quantity of the order. This quantity will be displayed to the market.

Order Reference

Add a reference number that helps you track the order through its lifecycle.

Click in the field to make it editable then enter a reference number.

All or None Attribute

Specify that either all of the order executes or none of it executes.

Check to apply the "All or None" attribute to the order.

Attach a Stop Loss

Attach a Stop Loss order to the original order.

Click "Attach Stop Loss/Profit Taker/Bracket."
Check the "Stop Loss" box only.
In the STOP field, modify the stop type (stop, stop limit or trailing stop) as needed.
In the STP PRC field enter the stop price.
In the DAY field modify the time in force as needed.
Click "more" to modify the routing destination and/or add an order reference.

Attach a Bracket

Attach a Bracket order to the original order. This brackets the order with two opposite-side orders, and is designed to help limit loss and lock in a profit.

Click "Attach Stop Loss/Profit Taker/Bracket."
Check "Bracket." The Profit Taker and Stop Loss boxes will be checked automatically.
Modify the child orders.

Profit Taker Child

Specify Limit or Relative as the opposite-side Profit Taker order type.
Enter a limit price. For a relative order, this is the price cap.
For relative orders, enter the offset if desired.
Specify the time and force and other parameters as needed.

Stop Loss Child

In the STOP field, modify the stop type (stop, stop limit or trailing stop) as needed.
In the STP PRC field enter the stop price.
In the DAY field modify the time in force as needed.
Click "more" to modify the routing destination and/or add an order reference.

Attach a Profit Taker

Attach a profit taker child order to the original order. The profit taker is an opposite-side limit or relative order.

Click "Attach Stop Loss/Profit Taker/Bracket."
Check the "Profit Taker" box.
Specify Limit or Relative as the opposite-side Profit Taker order type.
Enter a limit price. For a relative order, this is the price cap.
For relative orders, enter the offset if desired.
Specify the time and force and other parameters as needed.

One Cancels Other

Include the order in a one-cancels-other order group.

Click "One Cancels Other" to expand the panel.
Change the order side if necessary. By default, the order side is the same as that of the original order.
Click "Contract" and enter the underlying.
Specify the order type, quantity, price and time in force.
To add more orders to the group, click +Add Order and repeat the previous steps.
If an order completely fills, other orders in the group are canceled. The On Fill: box instructs TWS what to do if an order in the group is partially filled. Use the drop down selector to choose the action:

Reduce other orders: Reduces the quantity of other orders in the group by the partially filled quantity of the order. Please note that using this option without overfill protection will likely result in multiple orders being routed to an exchange, which may in turn result in an overfill, or in a rejection (e.g. in the case of multiple sell orders where one is tagged as "short sale").
Reduce other orders, overfill protection: Reduces the quantity of other orders in the group by the partially-filled quantity of the order, and specifies that only one order at a time will be submitted to an exchange to avoid multiple orders filling (overfill).
Cancel other orders: Cancels all orders in the group. When selected, "overfill protection" is automatically enabled to prevent an overfill.

Attach Hedging Order

Attach a hedging order to the parent order. Choose from Beta Hedge, FX Order, or Pair Trade hedge. The hedging order will transmit when the parent order fills.

Click "Hedge" to expand the panel.
In the drop down list, select the hedge type and check the box next to the order type field.

Beta Hedge - specify the hedging contract, the order type (limit, market or relative), the beta (change default beta if required), and the time in force.
FX Order - specify the Forex pair, the order type (limit, market or relative), and the time in force.
Pair Trade - specify the hedging contract, the order type (limit, market relative, or RPI (available if the contract is listed on NYSE), the offset (required for RPI order), the ratio (the original contract is "1" so if you enter "2" the hedging order quantity will be twice that of the original order, or 2:1) and the time in force.

Check Margin

Check the margin requirements for the order before you submit it.

Click "Check Margin."

Last updated on Feb. 29, 2024