Example 1: Basic Scale Order
Data Assumptions:
| Label | Value |
|---|---|
| NBBO | $410.69 - $410.71 |
| Action | Buy |
| Total Order Size | 600 |
| Initial / Subsequent Component Size | 5 |
| Starting Price | $410.76 |
| Price Increment | .02 |
| Order Types | Limit |
| Time in Force | GTC (this is set on the Basic tab of the order ticket) |
This is an order to buy 600 shares scaled into 120 components of 5 shares each.
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The first 5 share component is submitted as a buy limit order at the Starting Price of $410.76.
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When the complete order fills, the next component of 5 shares is submitted at $410.74 (starting price - price increment).
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If price movement results in this order becoming unmarketable, the remainder of the order is held.
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Once the price level fills, the next component for 5 shares is submitted at $410.72 (last filled price level - price increment).
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This pattern continues until all components have filled, or you cancel the order.