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Hi Order Execution Wizards! I subscribe to all Level 2 data feeds via Interactive Brokers. I am aware that some people pay for data feeds direct from the exchange. In my understanding, some benefits of exchange direct data feeds are delivery speed, true tick data (vs. timed snapshots as IB does...

Got it thanks!

@cruisecontrol - Understood, thanks for clarifying and I will check w/ IB to be sure. @qlai - Thanks for all the clarifications throughout this thread!

What does "sweep for hidden liquidity" mean, and how does that benefit you with a limit order lit or hidden? Eg - If I place a limit sell order on a Nasdaq stock in extended hours to short X @ $30.07 w/ smart routing enabled (but NOT checking "seeking price improvement") - doesn't that order...

And when you say "ten levels above" you mean like a quote that is 10 cents away from the NBBO? So you're say just compare apples to apples - like 2 pennies away from the best quote on whichever exchanges I'm comparing?

Thanks @cruisecontrol! What exactly are marketable orders? I understand them to be orders within reason from the current last sale price & they can be limit or market orders. Is this correct? Is there a more precise definition (like a certain % away from last price, only limit orders not market...

Hi @qlai ! Happy profitable Wednesday to you! Yes I have subscribed to all of the available level 2 quote packages they have for equities. What does your statement "When you place direct orders, pay attention how many levels away from NBBO they are (make sure they are the same when you...

Hi @qlai - Thanks for the detailed clarification, what you said makes sense about the pegged orders. Sorry for the confusion. The thread began about how to accomplish a certain task with the given order types IB has available. I am looking for the characteristics of the order type I described...

Hi ET peeps, On Interactive Brokers TWS, I see different behavior for partial lots on the BookTrader & Level 2 Quotes when I direct route vs. use smart AND between two different direct routed exchanges (ARCA / Island). All orders are standard limit, lit (not hidden), no discretionary, no...

Oh wow excellent example, I would have never thought about this, thanks @qlai !

Hi @qlai - Is there a difference between non-displayed and hidden? I ask b/c when I select REL order types they do not display as hidden (hidden checkbox unselected & "iceberg" showing in the column where hidden normally would be listed) - see attached order ticket pics. Thank you!

@Robert Morse - Thanks so much for the thoughtful detailed reply! Understood not your expertise, I will dig around if I have any follow-up q's. What you said clarified most of what I was confused about so thanks a lot!

I read through your link and I'm a little confused. Sorry if these answers should be obvious. I am really trying to nail down the specifics of order execution. Any clarification you give is appreciated. Thanks @Robert Morse! So in extended hours sessions, limit orders are NOT protected against...

REL: https://www.interactivebrokers.com/en/index.php?f=613 RPI: https://gdcdyn.interactivebrokers.com/en/index.php?f=4509 @Robert Morse rt: Random unrelated question I meant to ask you: Is the order protection rule the one that protects against "trade throughs?" If yes, does the order...

Hi CruiseControl! In after-hours on volatile events the ask often drops fast & deep enough to where it is filled so I did mean ask. I can manually calculate the limit to be -1% of close, but I am looking for an order type that will do that for me. REL absolute cap allows for selecting a % of...

Hi Robert, That is what I do when it's not urgent. When I need to get in asap in after-market hours w/ low liquidity: I'm looking for something that is pegged to the best ask up until a certain % off of the closing price. REL, RPI orders come close, but they base the absolute cap off of the ask...

Hi ET! I want to submit an order to short @ the ask unless the ask drops below 1% of the close? Is there an order type in IB TWS, another interface (NinjaTrader, etc), or even a clunky roundabout way of accomplishing this? Thanks for your help! Example: Stock X closes regular session @ $43...

Hi everyone, How often does IB update the short utilization ratio (named just "utilization" as a column in TWS watchlists)? Everyone at IB gives a different answer. I've heard real-time, daily, weekly, and q 2 weeks. Real-time makes the most sense to me as that ratio reflects how many shares...

Oh I see, ok thanks for putting it in context for me @jharmon !

I could have searched the internet for weeks (and usually do lol) and still not have found this link. You're a beast thanks @ph1l !!!