IB TWS Pre-open Re-route SMART order 3 min before bell

[AeroKen83]

hope this is in the correct forum.

In IBs TWS, there is a feature where you can pre-open re-route SMART orders which enables you to execute an order 3 min before the bell,
I like to place orders as soon as the NYSE opens or just before it opens.
Im new at using IB TWS, I read the online help, read the IB tours, asked question to IB staff. But I want to make sure how other IB users place pre-open orders.
IB said to place an MOO (Market-on-order) order by setting the TIF (Time in force) to OPG. and set the order type to MKT (Market). and set the exchange to SMART.

But, Im not quite sure about this setting, should I check or uncheck the box 'Regular trading hours only' . If it is uncheck and order is place before the bell, then order is cancelled and TWS says no major exchanges are open. If the box is check, the status dark blue light is on. and the order is executed once the market opens at 9:30am??

Another IB staff said to place an ECN order. But im not quite sure how to do that, do i select that in the 'contract selection' window?

Any help will be much appreciated.
Thanks in advance

Ken

 

[alanm]

Quote from AeroKen83:
In IBs TWS, there is a feature where you can pre-open re-route SMART orders which enables you to execute an order 3 min before the bell,

That is not what it does. The re-route feature takes an order that you have entered pre-market, which is currently live on an ECN, and re-routes it to the primary exchange (i.e. NYSE or AMEX) 3 minutes before the bell so it will be executed at the open (assuming it is marketable).

I like to place orders as soon as the NYSE opens or just before it opens.
Im new at using IB TWS, I read the online help, read the IB tours, asked question to IB staff. But I want to make sure how other IB users place pre-open orders.
IB said to place an MOO (Market-on-order) order by setting the TIF (Time in force) to OPG. and set the order type to MKT (Market). and set the exchange to SMART.

But, Im not quite sure about this setting, should I check or uncheck the box 'Regular trading hours only' . If it is uncheck and order is place before the bell, then order is cancelled and TWS says no major exchanges are open. If the box is check, the status dark blue light is on. and the order is executed once the market opens at 9:30am??

Use the direct NYSE or AMEX route instead of SMART. Un-check the "RTH-only" box. Set TIF to OPG. Set order type to MKT or LMT, as needed. As long as your order is in a reasonable amount of time prior to the open (i.e. about 2 minutes), you should be entitled to a fill at the opening price with your MKT order or your LMT order priced better than the opening price. (There is the one exception that you will not get filled if your order is a short-sale and the opening print is not a zero-plus (plus?) tick and the stock is subject to the tick-test)


Another IB staff said to place an ECN order. But im not quite sure how to do that, do i select that in the 'contract selection' window?

If you place a LMT order routed to SMART or one of the individual ECNS ("Island", ARCA, BRUT, etc.) between 04:00 and 09:30 ET, the order will go live on an ECN, executing if it is marketable or being posted to the order book and displayed if it is not. See the Exchanges page on the web site for the various ECN hours if you want to route them directly - otherwise SMART will send it to someplace that's open.