Improving execution on IB order

[qlai]

Yes, but doesn't have to be dark only. Just make sure dark pools are included in smart route you use, I believe they are by default. Basically, you cannot get this price improvement unless the pros are willing to give it to you.

 

[andrew black]

Yes, but doesn't have to be dark only. Just make sure dark pools are included in smart route you use, I believe they are by default. Basically, you cannot get this price improvement unless the pros are willing to give it to you.

This are the options I have:

Anyway, I cannot create an order with 50.355 limit.

 

[qlai]

I was referring to below. One of the great features of IB is that even their smart router is configurable. Make sure the highlighted check box is UN-checked as below.

 

[qwerty11]

I am wondering if there are options to improve the execution of orders with extremely low volatility.

As an example, ICSH (50.35 bid / 50.36 ask as of now, 0.01 tick size) might not change for a couple of days. Is there any strategy to get an execution price in between? TIA.

Yeah, just put it on an exchange like BYX and you will get hit soon (because the cpty gets a rebate). Volume in the specific ETF is not low, so enough trading every day...

 

[andrew black]

I was referring to below. One of the great features of IB is that even their smart router is configurable. Make sure the highlighted check box is UN-checked as below.


View attachment 213298

Thanks, I will try that tomorrow.

What do you think about the MidPrice Algo Orders - https://www.interactivebrokers.com/en/index.php?f=1058

 

[qlai]

What do you think about the MidPrice Algo Orders -

That can work as well. I don't really understand why you even need it. What if you get filled between the spread but the bid and ask immediately drop?

 

[andrew black]

What if you get filled between the spread but the bid and ask immediately drop?

That never happens. Usually, the bid and the ask stay the same for 2 - 3 days, at $0.01 distance, with a lot of orders executed in between. You can see a chart here https://finance.yahoo.com/chart/ICS...jaGFydCJ9fX0sInNldFNwYW4iOnt9LCJyYW5nZSI6e319

 

[kmiklas]

First, if there is nobody on the other side willing to make the trade, then it isn't going to happen.

Second, if you want into a stock, you should be so lucky that it is only a penny spread.

I mean, really, kids these days. Zero commissions and penny spreads and still not satisfied.

Let me tell you about the days when. Oh hell, never mind.

I want C++ double precision floating point spreads. 0.0000000001.

We’ll pretend that rounding error doesn’t exist.

 

[elt894]

You could put in a GTC order the night before to get near the front of the queue, or use a limit on open order.

As qwerty11 mentioned, routing to BYX effectively lets you jump the queue because your counterparty will receive a rebate while you'll pay a higher fee. Midpoint orders might be possible as well, although you'll also pay a higher commission.

 

[andrew black]

Guys,

This is a serious question. I am disappointed to see a lot of belittling, condescending and patronizing posts in reply.

The charts and the order history clearly show that big chunk of orders are being executed on multiple / non-predefined prices between bid and ask.

Can anyone explain how to do this with IB? Thank you.