TWS Managing Order Types Notes

TWS Order Types

Options involve risk and are not suitable for all investors. For more information, read the “Characteristics and
Risks of Standardized Options” before investing in options. For a copy call 203 618-5800 or click here. There is
no guarantee of execution. Orders will be routed to US options exchanges.

Interactive Brokers LLC is a member of NYSE, NASD, SIPC

Security futures trading involves the risk of loss, including the possibility of loss greater than your initial
investment. Security futures may not be suitable for all investors. Consult your broker or financial advisor
before trading. All investors will be required to review risk disclosure materials and meet suitability
requirements established by their brokers. You should carefully review all disclosure statements and ensure
you understand the risks of trading security futures.

Trader Workstation supports over 40 order types that can help limit risk, speed execution,
provide price improvement, use discretion, time the market and simplify the trading
process.

The table below lists all of our order types sorted by customer trading need. Click an order
type to view an extended order type description and a list of supported products. From
the description table, click a link to drill down to more detailed information for a specific
order, including exchanges on which the order type is supported, a link to the TWS Users'
Guide, and sample order applications and examples. Special order attributes are listed at
the bottom of this document.

Click to see important information regarding Simulated orders.

Speed Price Simplify

Limit Risk Discretion Time the Market
Execution Improvement Trading
Bracket Auction Auction Discretionary All or None Basket

Market to Limit Market Block Hidden Fill or Kill Conditional

Market with Market if Box Top Iceberg/Reserve GAT (Good After Date/ OCA
Protection Touched Time)

Stops Market on Close Limit Scale GTD (Good Till Spreads

(Adjustable) Date/Time)

Stop Market on Open Limit on Close GTC (Good Till Volatility

Cancelled)

Stop Limit Pegged to Limit on Open Immediate or Cancel

Market

Trailing Stop Pegged to Limit if Touched

Primary

Trailing Stop Pegged to Stock

Limit

Relative

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TWS Managing Order Types Notes

Sweep to Fill

VWAP

Limit Risk

Order Type Description Products Notes

Bracket Bracket orders are designed to limit Stocks, Options, Financial Advisors can only
your loss and lock in a profit by Futures, submit bracket orders for a
"bracketing" an order with two Futures Options, single account destination.
opposite-side orders using the same Warrants *Bracket orders for options are
quantity as the original order. only available on BOX.
The "child" orders are not
transmitted until the original or
"parent" order has executed.

Market to Limit A market-to-limit order is sent in as Stocks, Options,

a market order to execute at the Futures,
current best price. If the entire order Futures Options,
does not immediately execute at the Warrants
market price, the remainder of the
order is re-submitted as a limit order
with the limit price set to the price at
which the original order executed.

Market with A Market with Protection order is Futures, Futures

Protection market order that is cancelled and Options
resubmitted as a limit order if the
entire order does not immediately
execute at the market price. The
order's limit price is set by Globex to
be close to the current market price,
slightly higher for a sell order and
lower for a buy order.

Stops You can attach one-time Stocks, Options,

(Adjustable) adjustments to stop, stop limit, Futures,
trailing stop and trailing stop limit Futures Options,
orders which modifies the stop Bonds, Warrants,
trigger price, trailing amount and Forex
stop limit price.

Stop A Stop order becomes a market Stocks, Options, Simulated stop orders will only
order to buy or sell securities or Futures, trigger during regular trading
commodities once the specified stop Futures Options, orders. To allow stop orders on
price is attained or penetrated. Warrants Globex to trigger outside of
regular trading hours by
Click for US Futures Stop Order configuring the Stop Trigger
handling rules. Method.

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TWS Managing Order Types Notes

Stop order trigger methods:

last sale is not available as a
stop order trigger method. Bid-
Ask or variants must be used
due to absence of last sale
data.

Stop Limit A Stop Limit order becomes a limit Stocks, Options, Use ‘Auto Adjust price’ order
order once the specified stop price is Futures default so if you change the
attained or penetrated. stop price. TWS automatically
adjusts the limit price.

Trailing Stop A trailing stop limit for a sell order Stocks, Options, To use this order type from the
Limit sets the stop price at a fixed amount Futures, Trading window, you may want
below the market price and defines a Futures Options, to enable to Stop Price field in
limit price for the sell order. If the Bonds, Warrants, the Configuration window.
market price rises, the stop loss Forex
price rises by this amount, but if the
stock price falls, the stop loss price
remains the same. When the order
triggers, a limit order is submitted at
the price you defined. Reverse this
for a buy trailing stop order.

Trailing Stop A trailing stop for a sell order sets Stocks, Options,
the stop price at a fixed amount Futures,
below the market price. If the Futures Options,
market price rises, the stop loss Bonds, Warrants,
price rises by this amount, but if the Forex
stock price falls, the stop loss price
remains the same. Reverse this for a
buy trailing stop order.

Speed of Execution

Order Type Description Products Notes

At Auction An auction order is submitted at the Stocks, Futures

Calculated Opening Price (COP). If
the order doesn't execute, it is
resubmitted as a limit order at the
COP or best bid/ask.

Market A market order is an order to buy or Stocks, Options,

sell an asset at the bid or offer price Futures,
currently available in the Futures Options,
marketplace. Bonds, Warrants,
Forex

Market if An MIT (market-if-touched) is an Stocks, Options,

Touched order to buy (or sell) an asset below Futures,
(or above) the market. This order is Futures Options,
held in the system until the trigger Bonds, Warrants,
price is touched, and is then Forex
submitted as a market order.

Market on Close A market order submitted to execute Stocks, An MOC order must be
as close to the closing price as Non US Options, submitted no later than 15
possible. Non US Futures minutes prior to the close of
the market.

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TWS Managing Order Types Notes

All MOC orders must be

received at NYSE (and at
AMEX) by 15:40 ET unless
entered to offset a published
imbalance. Also (NYSE) rules
also prohibit the cancellation
or reduction in size of any
market-on-close (MOC) order
after 15:40 ET.
All MOC orders must be
received at Nasdaq by
15:50:00 EST and cannot be
cancelled after 15:50 EST.

Market on Open A market order executed at the Stocks Select OPG as the time in
market's open at the market price. force.

Pegged to An order that is pegged to buy on Stocks This order type is only
Market the best offer and sell on the best available for equity orders
bid. routed to BRUT.

Pegged to An order whose price is pegged more Stocks This order type is only
Primary aggressively than the current market available for equity orders
price, that moves within a fixed routed to BRUT.
interval to the market should prices
deteriorate.

Pegged to Stock Specifies that the option price will Options Choosing a Pegged to Stock
adjust automatically relative to the order on BOX indicates that
stock price, using a calculated value you want to participate in
based on data you enter. BOX's Price Improvement
auction.

Relative A Relative order derives its price Stocks, Options A BUY relative order is pegged
from a combination of the market to the bid, although the
quote and a user-defined offset displayed Limit price reflects
amount. The order is submitted as a the ASK price. A SELL relative
limit order and modified according to order is pegged to the ask,
the pricing logic until it is executed although the displayed Limit
or you cancel the order. price reflects the BID.

Sweep to Fill A sweep-to-fill order identifies the Stocks

best price and the exact quantity
offered/available at the price, and
transmits the corresponding portion
of your order for immediate
execution. Simultaneously it is
identifying the next best price and
quantity offered/available, and
submits the matching quantity of
your order for immediate execution.

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TWS Managing Order Types Notes

VWAP The VWAP for a stock is calculated Stocks Volume-Weighted Average

by adding the dollars traded for Price orders are supported
every transaction in that stock for large cap securities only.
("price" x "number of shares
traded") and dividing the total Once your VWAP order is
shares traded. A VWAP is computed accepted you CANNOT CANCEL
from the open of the market to the YOUR ORDER. There are
market close, and is calculated by important differences between
volume weighting all transactions VWAP transactions and
during this time period. ordinary trades. Please click
here for more information and
to learn about applicable
limitations.
For VWAP FAQs click here.

Price Improvement

Order Type Description Products Notes

Auction You can submit nine different types Options

of Price Improvement Auction orders
by combining one of three order
types (Limit, Relative, Pegged to
Stock) with one of three Auction
Strategies (Match, Improve,
Transparent).

Block A large volume limit order with a Options

minimum of 50 contracts.

Box Top A market order that is automatically Options Box Top orders are only
changed to a limit order if it doesn't available on BOX. This order
execute immediately at the market type on other exchanges is
price. called "Market to Limit."

Limit A limit order is an order to buy or Stocks, Options,

sell a contract at a specified price or Futures,
better. Futures Options,
Bonds, Warrants,
Forex

Limit if Touched An LIT (limit-if-touched) is an order Stocks, Options,

to buy (or sell) an asset asset below Futures,
(or above) the market, at the Futures Options,
defined limit price or better. This Bonds, Warrants,
order is held in the system until the Forex
trigger price is touched, and is then
submitted as a limit order.

Limit on Close An LOC (limit-on-close) order that Stocks, An LOC order must be routed
executes at the closing price if the Non US Futures direct to the exchange (Amex,
closing price is at or better than the NYSE or SuperSOES). Order
submitted limit price, according to must be submitted no later

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TWS Managing Order Types Notes

the rules of the specific exchange. than 15 minutes prior to the

Otherwise the order will be close of the market.
cancelled. All LOC orders must be received
at NYSE by 3:40 pm unless
entered to offset a published
imbalance. NYSE rules also
prohibit the cancellation or
reduction in size of any limit-on-
close (LOC) order after 3:40 P.M.
Eastern Time.

Limit on Open A LOO (limit-on-open) order is a Stocks Select OPG as the time in
limit order executed at the market's force.
open if the opening price is equal to
or better than the limit price.

Request for Request market quotes for non-US Options, Futures, SEC rules prohibit U.S. resident
Quote options, futures and options on Futures Options customers from trading non-U.S.
futures. security options.

Discretion

Order Type Description Products Notes

Discretionary A Discretionary Order is a limit order Stocks

for which you define a discretionary
amount (which is added to or
subtracted from the limit price) that
increases the price range over which
the order is eligible to execute. The
original limit price is displayed to the
market.

Hidden A Hidden order (generally a large Stocks, Options,

volume order) shows no evidence of Futures
its existence in either the market
data or the deep book.

Iceberg An Iceberg order allows you to Stocks, Options,

submit an order (generally a large Futures
volume order) while publicly
disclosing only a portion of the
submitted order.

Scale The scale orders command Stocks, Options,

automatically creates a series of buy Futures,
(sell) limit orders with incrementally Futures Options,
lower (higher) prices, based on your Bonds, Warrants,
original limit order. Forex

Time the Market

Order Type Description Products Notes

All or None An AON (all or none) order will Stocks, Options

remain at the exchange (or in the IB
system) until the entire quantity is

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TWS Managing Order Types Notes

available to be executed.

Fill or Kill A FOK (Fill or Kill) order must Options

execute as a complete order as soon
as it becomes available on the
market, otherwise the order is
canceled.

Immediate or Any portion of an IOC order that is Stocks, Options,

Cancel (IOC) not filled immediately is cancelled. Futures,
Futures Options

Good Till A Good-Till-Date/Time order will Stocks, Options,

Date/Time remain working within the IB system Futures,
(GTD) and in the marketplace until it Futures Options,
executes or until the close of the Warrants
market on the date specified.

Good After A "good after time/date" order is Stocks, Options, Use military time to set the
Time/Date (GAT) held in the IB system and sent to the Futures, Futures hour, minute and seconds.
exchange on the date and time you Options, Bonds,
enter. Warrants, Forex

Good Till A Good-Till-Canceled order will Stocks, Options, Customers who trade U.S.
Canceled (GTC) continue to work within the IB Futures, Futures equities may use GTC for
system and in the marketplace until Options Limit, Stop, and Stop-Limit
it executes or is canceled by the orders.
customer. Note that GTC orders will also
automatically be cancelled
under the following conditions:
• if any type of corporate
action is taken on a security
• if you do not log in to your
account for 90 days

Simplify Trading

Order Type Description Products Notes

Basket A group of individual orders that are Stocks, Options, You can create a basket file
saved in a single file and submitted Futures, manually using Excel or any
as a package. Futures Options, word processing application, or
Warrants you can automatically create a
basket file from the TWS
trading screen.

Conditional A conditional order is an order that Stocks, Bonds, Conditional orders originate at
will automatically be submitted or Forex, Options, IB, and so are available for any
cancelled ONLY IF specified criteria Futures, product and exchange.
for one or more defined contracts Futures Options,
are met. Warrants

OCA Orders in a one-cancels-all group of Stocks, Options, Any order type can be tagged
orders will be canceled when one of Futures, part of an OCA group. Refer to
the other orders executes. Futures Options, the order types you are
Bonds, Warrants, including in the group to
Forex determine the list of valid
exchanges.

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TWS Managing Order Types Notes

Spreads A combination of individual orders Stocks, Options, ISE allows combination orders
(legs) that work together to create a Futures composed of both stocks and
trading strategy. You can combine options.
stock, option and futures legs into a
single spread. Intermarket spreads allow legs
to execute on different
exchanges for the best price,
and are guaranteed by IB.

Volatility An TWS-specific order where the Options

limit price of the option is calculated
as a function of the implied volatility.

Special Order Attributes

Odd Lots An order for less than 100 shares, or

an order that has an odd lot
component (i.e. 225, 464).

1/10 cent Orders for 1/10 of a cent.

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