Does this order type exist

W

WhiteOut56

Basically what I want to do is to send a buy limit order to BATS 1 tick below the best offer.

I am doing this through an API

The only thing I am worried about is because I am not colocated, if I am trading a stock where the bid and offer move like crazy like GOOG. If the best offer at my time is 500.50, and I put an offer to buy BATS 500.49 buy lmt, and because the delay the real offer is 500.25. the order will go though. I do not want this.

Is there any time of order parameter that can solve this?

Thanks
 
Inherent in a limit order are the words "or better".

If you place a buy limit at 500.49 and the true offer is 500.25 you SHOULD be filled at the better price.

In the 'old' days of placing orders on the phone the wording was "buy 1000 GOOG @ limit 500.49 or better, day only.

Run a T&S window and compare it with your fills to see whats happening to your orders.
 
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