Is there a reason to EVER use IB SMART for Limit orders?

[Daal]

Quote from IBsoft:

The Stock Smart Router has several possible configurations for handling non-marketable limit orders that you can chose from:
Default
Highest Rebate
Primary Exchange
Highest Volume Exchange with Rebate
High Volume Exchange with Lowest Taker Fee

The Default aims for a compromise between maximizing the likelihood of a fill and maximizing the rebate for the fill.

e.g. when many venues are at the NBBO, then joining highest rebate venue (especially when it already has a large size posted) will not necessarily give you a fill, as the brokers that hold marketable orders are likely to send them to venues with lowest take fee

Ah, I changed on the configuration thanks. I put Highest Rebate. I just don't think the 'getting a fill' will be an issue the vast majority of the time

You mention joinning the NBBO and not getting filled what about the insinuation from previous posters that trade troughs can happen?

 

[Daal]

Actually I just realized that changing the configuration will affect market orders. How can I set non-marketable limit SMART orders to always to go for the highest rebate?

 

[IBsoft]

Quote from Daal:

Actually I just realized that changing the configuration will affect market orders. How can I set non-marketable limit SMART orders to always to go for the highest rebate?

Open the Global Configuration dialog seen below by clicking "Configure" toolbar item.
Select "Smart Routing".
Click the "Stock Strategy" drop-down.

 

[Daal]

Quote from IBsoft:

Open the Global Configuration dialog seen below by clicking "Configure" toolbar item.
Select "Smart Routing".
Click the "Stock Strategy" drop-down.

Are you saying this won't affect market orders or marketable limit orders?

 

[IBsoft]

Quote from Daal:

Are you saying this won't affect market orders or marketable limit orders?

yes

 

[Hurricane]

Quote from Options12:

Wouldn't SMART have moved to ECN Y to get the better fill in that example?

In my example, IB places the order at ECN X (for whatever reason) and the person selling into your bid either is not with IB or directed it to ECN Y for whatever reason. The point is, trades are getting placed on multiple ECNs and from time to time you may not get executed even though the market seemingly went through your price.