Order Types Summary
htX has a number of advanced or algorithmic order types. These orders can all be entered via the single order entry Order Ticket in htX Pro. The algorithms are provided by htX and managed by our Algorithmic Order Servers. These are the algorithms available on htX beyond the standard Limit and Market order types.
**htX also provides access to algorithms provided by a number of other brokers. A list of these can be provided upon request
Common Features
Most htX Order Types allow the trader to enter an activation time and cancel time. This allows the trader to control exactly when, and for how long an order might be active or available to trade. For instance, a trader might enter a scaled order to buy a stock at descending price levels over the last 5 minutes of the day be entering an activation time of 3:55 PM, and cancel time of 4:00.
Description of Order Types
Limit Reserve:
Also known as an Iceberg order, a limit reserve order is a limit order where only a slice is entered in the marketplace at a time. The remainder of the order is held in reserve and only entered when the first slice has traded. The trader is able to enter a delay time period that the algo will wait after a slice trades before sending the next slice.
Market Reserve
A market reserve order is similar to the limit reserve order except the slice is entered as a market order. The trader can enter an activation time and a delay between slices to protect against having a negative effect on the market while still ensuring the order is filled.
Hidden
A limit order with no visible quantity. This order rests in the marketplace, but is not visible in the quote. These orders are never eligible for a rebate for adding liquidity.
Stop
This is a standard stop order. When the last sale price for the stock reaches the stop price, an order is entered into the marketplace at the limit entered or as a market order.
Trailing Stop
This is also a conventional Trailing Stop Order. It behaves as a standard stop order except if the stock price moves in the trader’s favor, then the stop trigger price is adjusted accordingly.
Scaled
Scaled orders allow the trader to create “layered” orders. That is, a Scalled order will enter slices of the whole order at incremental price levels. For instance, if a trader wanted to enter 1000 share buy orders at 5 10 cents intervals from the current price, they could enter a 5000 share scaled order with a slice size of 1000 and increment of .10
Scaled Reserve
Scaled Reserve orders are the same as scaled orders except only the most aggressively priced slice is entered into the marketplace at any time. Orders for subsequent price levels are entered only after the current price level has been traded.
Float
A Float order maintains a limit order in the marketplace at the current price of the market (the current bid for buy orders, current offer for sell orders) up to the limit entered by the trader. If the market moves , the limit price will move with it.
Float Alone
A Float Alone order will attempt to float one increment better than the current price in the market. It
Float With
The order will attempt to float along with any shares in the market. The key difference with this order is that, if it is the only order at the current price, it will adjust its price away from the market until it is apparent that there are other orders in the marketplace at its price.
Float Discretion
A Float Discretion order will float on the same side of the market, up to the limit of the order. However, if the other side of the market is at or better than the limit, it will attempt to take that liquidity. This is useful when there is a wide spread in the market.
Weighted Time Slice(WTS)
Similar to a VWAP order. Slices of the order are traded over a period of time. The size of each slice is based upon the time of day, with more shares trading during busier times of the trading day.
Weighted Time Slice “B”(WTSB)
A variation on the Weighted Time Slice. This order will bid or offer the current slice on the same side of the market (on the Bid for a buy order, on the Offer for a sell order) until the end of the time interval, at which time the slice will be revised to trade at the current market. This order is slightly more passive and may pickup some rebates..
Time Slice
This order is similar to the Weighted Time Slice order except the size of each slice is static and the time interval for each slice can be set by the trader.
Time Slice “B”
This order is based on the Time Slice order with the same “B” variant as the Weighted Time Slice “B” order. Each slice will entered into the market on the same side until the end of the time interval, at which point it will be revised and trade.
FX Float
Used for interlisted securities that trade in more than one currency. The limit of an FX Float order is entered in a currency other than the currency of the marketplace. The limit price is translated into the base currency for the exchange and entered. As the FX Rate changes the effective limit price will also be adjusted.
For instance, an FX Float order on a security inter-listed between US and Canada, such as RY, could have the limit price entered in CAD. The orders routed to the US exchange would have a limit in the USD equivalent.
FX Float Scaled
This is a combination of the Scaled order and the FX Float order, with the base limit for the order translated from the currency entered to the base currency of the exchange where it is routed.
FX Float Scaled Reserve
This is a combination of the Scaled Reserve and the FX Float order. See above.
Northbound
For inter-listed securities, a Northbound order will accept an order entered using the symbol and currency from on country, translate prices into the base currency of the target exchange and trade the order. Trade prices will then be converted back to the original currency for reporting purposes.
Optionally, the FX position created from this trade can automatically be traded so that all values settle in the originating currency.
For instance,
· A Northbound order in RY could be entered with a limit of 10 USD.
· The price and symbol would be translated to CAD and entered on the Toronto exchange.
· As the FX rate changes, the effective limit of the order on the exchange would be modified.
· Once the order is traded, the execution price is translated back to USD and reported to the trader.
· The trade would create a position in CAD. An FX trade could be automatically triggered to convert those CAD back to USD.
Interlisted DMA
The Inter-Listed DMA order is essentially an inter-listed smart router that selects the exchange with the best market for the symbol entered, translates the price into that markets currency and enters the order.
Hedged
A Hedged order is an order that will automatically trigger a hedged trade in a second security when it trades. For instance, this order would allow you to buy a certain amount of one security and then automatically hedge that trade by selling a fraction of the purchase amount of a second security.