Configure Orders

Configure your order settings by taking the steps outlined below.

  1. For Mosaic - Click the File menu in the top left corner.

    For Classic TWS - Click the Edit menu in the top left corner.

  2. Click Global Configuration.

  3. Click Orders in the left pane.

  4. Click one of the following to configure the settings:

Use the Orders page to define general, global default settings.

Orders

  • Auto-save default size- when checked, any change you make to the quantity of an order is saved as the default size for that instrument type, after the order is transmitted.

  • Big Scale prices - when checked, the increment used in the price wand is increased. The price wand presents a selection of prices above and below the order price, and is invoked when you click and hold the cursor in the Price field on an order line.

  • Big scale sizes - when checked, the increment used in the size wand is increased. The size wand presents a selection of quantities higher and lower than the order size, and is invoked when you click and hold the cursor in the Quantity field on an order line.

  • Auto-sort submitted orders - this feature is checked by default. When unchecked, orders created on the same underlying are no longer sorted by limit price.

  • Auto-adjust limit price for STP LMT and LIT orders - if checked, the limit price in stop limit and limit if touched orders will automatically be adjusted when you modify the stop price. The limit price adjusts based on the offset amount you define when you create the order.

  • Round shares to nearest 100 when entering amount in “Quantity Value” column - if checked, the system will round the order quantity to the nearest 100 shares.

  • Display pending day and GTC orders on separate pages - if checked, pending orders will be separated by GTC and DAY times in force to display on different pages.

  • Reset Short Sell Locations button - for non-cleared clients or clients who can clear-away only. By default, TWS remembers how many shares you located when doing a sell short order. Clicking this button clears out that memory.

  • Disable auto-expand editor for orders with Presets - if checked, orders that generally invoke the inline order editor that displays when you create an order (for example, algo orders) will not display IF an order preset is assigned. Only check this if you will not want to edit these orders on a per-order basis.

  • Auto adjust algo times - If checked, algos that are submitted at the close or use an invalid start or end time will be automatically adjusted to use the valid trading date. This setting could be useful for VWAP orders entered when the markets are closed.

  • Use multi-level structure in Order Destination field - if checked, the display of order destinations in the Destination field will use collapsible categories with sub-entries.

  • Set order ref for attached hedging order same as the parent order - if checked, child orders will be assigned the same order reference number as the parent order. If unchecked, the child order reference will show a message that includes the parent ID.

Completed Orders Settings

  • Auto-remove orders - this feature is checked by default. When unchecked, executed and cancelled orders remain on the both the trading and the pending pages.

  • Reuse rejected order - if checked, rejected orders will remain on the trading page.

  • Leave filled orders on the screen for - lets you increase or decrease the number of seconds before filled orders are deleted from the Trading window.

  • Leave cancelled orders on the screen for - lets you increase or decrease the number of seconds before cancelled orders are deleted from the Trading window.

  • Use auto-logoff time instead of midnight when downloading completed orders - if checked, TWS will download orders from the time of the last auto-logoff. Otherwise completed orders from midnight to the current time are downloaded.

You can define event-specific directives for contracts routed through SmartRouting, such as excluding quotes, setting a price cap by defining the acceptable distance from the NBBO, and specifying a strategy for non-marketable orders.

Excluded Quotes

  • Exclude exchanges with non-firm quotes

  • Exclude exchanges with non-electronic quotes

    If this option is selected, best efforts are used to determine which exchanges’ quotes are immediately automatically executable, and which exchanges’ quotes would require manual (human) handling, and SMART will route only to those exchanges offering automatic execution. Please note that while best efforts are used, it is not always possible to determine whether a quote is automatically executable.

  • Maximum allowable distance from NBBO

    Define the NBBO price cap by entering the "maximum allowable distance from NBBO." Note that NBBO price capping supersedes the exclusion of non-firm quotes, i.e. your order will be routed to a non-firm quote within the price cap over a firm quote outside the price cap.

Note: If you choose to: a) exclude quotes from certain exchanges; b) exclude non-firm quotes; or c) exclude non-electronic quotes, your order may not be executed at the best posted price nationally (the “NBBO”). This is because one of the exchanges that you chose to exclude might have the best posted price but that exchange will be bypassed by the SmartRouting system on your instruction.

In addition, if you exclude certain exchanges from the eligible SmartRouting destinations and your order is routed to another exchange with an inferior posted price, your order may not be executed by the exchange to which it is sent because that destination may not be willing to execute at an inferior price, or your order may not be marketable at that exchange. You should carefully evaluate all of these factors before deciding whether to exclude certain exchanges from the eligible SmartRouting destinations.

Routing Configuration

Seek Price Improvement - If checked, Smart routing will sweep certain exchanges for hidden liquidity at more favorable prices. This may result in slower executions.

Pre-Open Re-route - This allows you to route orders to major exchanges three minutes before the open. For orders submitted before the open, checking this box ensures your orders are routed prior to the open. This directive only applies to stocks listed on a major exchange, and cannot be used if the Ignore Opening Auction order attribute is set.

SMART Stock Routing Algorithms

  • Do not route to dark pools - For stock and warrant orders only. When checked, all dark pool destinations will be bypassed by the Smartrouter.

    Clients who have the unbundled "Cost Plus" commission structure for stocks have the ability to choose from a list of Smart routing strategies for non-marketable stock orders to complement their trading strategy.

    Use the checklist to select a single "Default" strategy which will automatically be applied to any non-marketable, Smart routed stock order, and any number of "Display" strategies, each of which will be available from the Destination field as a per-order selection.

Available strategies include:

  • SMART Multipurpose (SMART) - This is the basic smart-routing algorithm. Routes your non-marketable order to the default exchange for the instrument.

  • SMART Dark Only - Will probe the dark pools for liquidity and use the immediate-or-cancel time in force.

SMART Option Routing Algorithms

Choose how to route a smart-routed, non-marketable options order.

  • SMART Multipurpose (SMART) - This is the basic smart-routing algorithm. Routes your non-marketable order to the default exchange for the instrument .

  • SMART Maximize Rebate (SMART MaxRebate) - Routes the order to the exchange offering the highest rebate.

  • SMART Prefer Rebate (SMART PreferRebate) - Routes the order with the bias toward getting a rebate vs. getting the order filled.

  • SMART Prefer Fill (SMART PreferFill) - Routes the order with the bias toward getting a fill vs. getting a rebate.

  • SMART Maximize Fill (SMART MaxFill) - Routes the order with the sole objective of getting a fill.

Configure IBKR Algos to be "Favorites" or clear Favorites settings. When an algo is marked as a favorite, it will become available from the Order Type drop down box from an order, eliminating one full click. When NOT a favorite, you need to select IBALGO from the Order Type drop down and then pick the algo.

Check to enable, uncheck to disable as a favorite.