Market order with offset?

[dfd]

I'm using IB and like the speed of market order but would prefer an offset so that my order fills a bit slower but with slightly better price. Is there such a thing?

For example, market buy at the ask - 1 cent or market sell at bid +1 cent. It would be similar to a rel order but won't fill if the current spread moves.

 

[Overnight]

I believe you'd need a limit order for that. Market orders are just that...Best price you can get at current market, which may not be +/- 1 tick from your desired fill.

 

[comagnum]

Look at 'pegged to midpoint' and 'RPI' (retail price improvement)

Problem is you may not get filled.

https://www.interactivebrokers.co.uk/en/index.php?f=4985

 

[Shadetree42]

They don't mention it, but you can submit pegged to mid orders via IEX in addition to via Nasdaq.

 

[dfd]

Thank you for the responses, all. Very helpful.