Marketable limit order

  • Thread starter Thread starter 3acor
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3acor

I have been using market orders all along using IB TWS software,

I cannot see the order type "Marketable limit order".

Anyone has an idea of how to do it?


Thanks
 
A marketable limit order is simply a limit order.

Ex market of 10.00 bid and 10.05 ask.

I want to buy but don’t want to I want to buy but don’t want to send a blank cheque so I send a limit order to buy at 10.07. This buy limit is above the best ask so it’s executed as a market order.

Now if the market jumped to 10.07/10.09 as I’m sending the order, my order is now a limit order in the queue.

I always use marketable limit orders and stop limit orders. My stop limits will have a decent range to execute on but I’ve seen way too many weird charts ( flash crashes) to use a blank stop market order.
 
Metamega said:
A marketable limit order is simply a limit order.

Ex market of 10.00 bid and 10.05 ask.

I want to buy but don’t want to I want to buy but don’t want to send a blank cheque so I send a limit order to buy at 10.07. This buy limit is above the best ask so it’s executed as a market order.

Now if the market jumped to 10.07/10.09 as I’m sending the order, my order is now a limit order in the queue.

I always use marketable limit orders and stop limit orders. My stop limits will have a decent range to execute on but I’ve seen way too many weird charts ( flash crashes) to use a blank stop market order.
More...


Thanks for the reply. Do you know how I can set up the marketable limit order in TWS.
Is is by entering a limit order and then setting by how much offset you want?

Thanks
 
Example: AMZN at 1770

BUY LIMIT = 1780 => you will instantly get filled, very unlikely that price moves above 1780 within the next 200ms or so it takes

SELL LIMIT = 1760 marketable limit sell order
 
Metamega said:
A marketable limit order is simply a limit order.

Ex market of 10.00 bid and 10.05 ask.

I want to buy but don’t want to I want to buy but don’t want to send a blank cheque so I send a limit order to buy at 10.07. This buy limit is above the best ask so it’s executed as a market order.

Now if the market jumped to 10.07/10.09 as I’m sending the order, my order is now a limit order in the queue.

I always use marketable limit orders and stop limit orders. My stop limits will have a decent range to execute on but I’ve seen way too many weird charts ( flash crashes) to use a blank stop market order.
More...
%%
Good points.
The flash crashes/bad quotes i've seen were on semi liquid stiff like DVY[av voume 977k/+]; never on SPY + stuff/super liquid ETFs . Anything could happen, so its buyer beware/seller beware. Plenty of profit is made on wide bid/ ask; small caps , for example with wide bid ask [0.5, nickel]may have more slippage.......................................................:cool::cool:
 
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