Simple Algo Orders

Some of the simpler algo orders available are described below:

TrailingStopLossOrder

A TrailingStopLossOrder to sell sets the initial stop price at a fixed amount below the market price. As the market price rises, the stop price rises by the trailing amount. However, if the market price falls, the stop price remains the same. When the stop price is hit a market order is submitted.

A TrailingStopLossOrder to buy sets the initial stop price at a fixed amount above the market price. As the market price falls, the stop price falls by the trailing amount. However, if the market price rises, the stop price remains the same. When the stop price is hit a market order is submitted.

StopLimitOrder

A StopLimitOrder is an order similar to a StopOrder in that a stop price will activate the order. However, once activated, the StopLimitOrder becomes a buy limit or sell limit order and can only be executed at a specific price or better. It is a combination of both the stop order and the limit order. A StopLimitOrder order eliminates the risk of a stop order where the investor is not guaranteed a specific execution price but exposes the investor to the risk that the order may never be filled even though the stop price has been reached.

MarketIfTouchedOrder

A MarketIfTouchedOrder is an order to buy or sell at a specified price or better, below or above the market. This order is held in the system until the trigger price is touched. Then it submits a Market Order.

LimitIfTouchedOrder

A LimitIfTouchedOrder is an order to buy or sell at a specified price or better, below or above the market. This order is held in the system until the trigger price is touched. Then it submits a Limit Order with a given limit price.

StopIfTouchedOrder

A StopIfTouchedOrder is an order to buy or sell at a specified price or worse, below or above the market. This order is held in the system until the trigger price is touched. Then it submits a Market Order.

StopLimitIfTouchedOrder

A StopLimitIfTouchedOrder order is similar to a StopOrder in that a stop price will activate the order. However, once activated the StopLimitOrder becomes a buy limit or sell limit order and can only be executed at a specific price or better. It is a combination of both the stop order and the limit order. A StopLimitIfTouchedOrder order eliminates the risk of a stop order where the investor is not guaranteed a specific execution price, but exposes the investor to the risk that the order may never be filled even though the stop price has been reached.

BracketOrder

A BracketOrder takes two orders with the same side and size as a limit and a stop. When a bracket order is submitted, it submits its internal orders. If one of the orders is completely filled, the other one is canceled. If one of the orders is partially filled the size of the other one is decreased by the executed amount. To cancel orders, a cancel request could be sent for the Bracket order itself (canceling one of the orders will not cancel the other).