ScaleTrader Orders
ScaleTrader can be used with limit or relative orders, and helps to ensure that larger sized trades are not subject to increasingly deteriorating prices. It automatically breaks a large volume order into smaller incrementally-priced components for order submission. Define a profit offset amount to have TWS automatically submit an opposite-side profit taking order against individual components of the parent order.
Use ScaleTrader
Create a Limit or Relative order.
Set the scale attributes:
Scale Init. - This value defines the size of the first, or initial, order component. For example, if you submit a 10,000 share order with a Scale Init value of 500, the first component will be for 500 shares. If you DO NOT enter a value in the Scale Sub field, this value will also apply to the remainder of your order. In this example, your 10,000 share order would include 500 shares in each of its 20 components.
Scale Sub - Optional field used in conjunction with the Scale Init field, this value defines the order size of the subsequent scale order components. If left blank, all order components will be sized based on the Scale Init value.
Scale Incr. - Scale increment defines the price increment between scale order components. Previously the Aux Price column was used to set the increment.
Scale Profit Offset - If you enter an offset amount in this field, TWS will submit an opposite-side "profit-taking" child order against the original order, using the original limit price (plus/minus) the profit offset. For example, if you submit a 10,000 share BUY limit order at $10.00, and enter .10 as the Scale Profit Offset, TWS will submit a 10,000 share SELL limit order at $10.10.
If necessary, modify the Lmt Price which is used as the starting price for the series of order components.
Transmit the order.
Monitor the progress of scaled orders
Right-click in the order line and select View Scale Progress.