|
PureBytes Links
Trading Reference Links
|
IB's own website seems prety clear:
http://www.interactivebrokers.com/index.html
also, under, Products and Exchanges, they list all the exchanges and
what order types they accept. If I have read it correctly, only A/C/E
(which usually mimics Eurex) and One Chicago have native Stop Market
orders, and only Globex has native Stop Limit orders.
Regards
DanG
Stop Orders
A Stop order becomes a market
order to buy or sell securities or commodities once the specified
stop price is attained or penetrated. A Stop order is not
guaranteed a specific execution price, and may execute significantly
away from its stop price as illustrated by the following <a
href="">example.
A Sell Stop order is always placed below the current market
price of the security or commodity. It is typically used to
limit a loss or protect a profit on a long stock position.
A Buy Stop order is always placed above the current market
price. It is typically used to limit a loss or protect a profit
on a short sale. Some exchanges natively accept and process
Stop orders according to the standard industry definition
of the term. For those exchanges that do not natively execute
stop orders, IB simulates such stop orders with the following
default triggers:
Sell Simulated Stop Orders
become <a
href="">market
orders when the last traded price is less
than or equal to the stop price. Additional sell
stop order protection is provided for NASDAQ stocks
and US Equity Options which are only triggered after two
offer prices are less than or equal to the stop price.
Buy Simulated Stop Orders
become <a
href="">market
orders when the last traded price is greater
than or equal to the stop price. Additional buy
stop order protection is provided for NASDAQ
stocks and US Equity Options which are only triggered after
two bid prices are greater than or equal to the stop price.
For US equity, options, and
futures markets, stop orders will only be elected by prices
posted during normal NYSE trading hours (9:30 a.m. to 4
p.m. New York Time, Monday to Friday). In addition for NYSE
listed stock Best Execution stop orders, the order will
not be elected until the NYSE displays a BBO.
Custom Stop order triggers may
also be specified to override the default triggers. Single
last price, two last prices, and two bid ask price triggers
are available by highlighting any market data line and right
clicking "Trigger Method".
See the <a
href="">Products
& Market Centers page for a listing of those Market
Centers that accept native market orders, those Market Centers
that accept simulated last price stop orders, and those Market
Centers that accept simulated 2 price bid/offer stop orders.
Native stop orders sent to IDEM
are only filled up to the quantity available at the exchange.
Any unfilled stop order quantity will be Cancelled.
Stop
Limit Orders
A STOP-LIMIT order is similar
to a stop order in that a stop price will activate the order.
However, once activated, the stop-limit order 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 STOP-LIMIT order eliminates
the risk of a stop order where the investor is not guaranteed
an execution price, but exposes the investor to the risk that
the order may never be filled even though the stop price has
been reached. The investor could "miss the market"
in the security or commodity altogether.
Regardless of whether an exchange
accepts or processes STOP-LIMIT orders, Interactive Brokers
will simulate all STOP-LIMIT orders.
See <a
href="">Stop
Orders for an explanation on the simulation of Stop Orders, and
hours of availability.
ketayun wrote:
FWIW- according to IB on OTC stocks the stop is triggered when two
trades take place at the stop price. On Amex even if a trade does not
take place the stop is triggered if the bid/ask are below/above the stop.
However the chap who told me this seemed quite vague so I would
appreciate any correction.
Thanks,
Kate
------------------------ Yahoo! Groups Sponsor ---------------------~-->
Rent DVDs from home.
Over 14,500 titles. Free Shipping
& No Late Fees. Try Netflix for FREE!
http://us.click.yahoo.com/BVVfoB/hP.FAA/uetFAA/zMEolB/TM
---------------------------------------------------------------------~->
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to http://docs.yahoo.com/info/terms/
Yahoo! Groups Sponsor
ADVERTISEMENT
To unsubscribe from this group, send an email to:
realtraders-unsubscribe@xxxxxxxxxxxxxxx
Your use of Yahoo! Groups is subject to the Yahoo! Terms of Service.
|