Split spread orders include any order that is priced within the spread between the bid price and ask price. When they fill, these orders yield significant price improvement. In addition, split spread orders typically add liquidity, often earning exchange rebates.
Our revolutionary order entry tools let you interact quickly with prices and sizes, setting new standards in speed and precision for placing orders within the spread.
Use the Price Line to set a limit price precisely between the spread with a single click.
Change the Price Line to Relative Price buttons, and have TWS calculate a split spread price by adding or subtracting ticks from the bid or ask price at the click of a button. Switch to "% of spread" mode to calculate the order price using a percentage of the bid/ask spread instead of ticks.
You can also use the Adaptive button to create an Adaptive Algo order that sets the order price withinthe bid/ask spread, and then works the order within the spread automatically.
The Relative Price Wand helps you set the limit price to a percent of the spreador a tick off the bid or ask with a click. Available throughout TWS anywhere you can enter an order.
If you like to trade on-the-go, the mobile Order Entry Wheel offers a novel way to quickly submit orders from your mobile device between the bid/ask spread
At Interactive Brokers we charge low commissions - as much as 87% lower* than our competitors - we never sell your orders, and we make it easy to submit potentially price-improving orders within the bid/ask spread, on both mobile and desktop TWS.
*see the following for more info: Commissions