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Combination Order

Trading Term

An order made up of separate legs but executed as a single order. In Trader Workstation (TWS), a combination order is an order that includes options, stock and futures legs (stock legs can be included if the order is routed through SmartRouting). Although a combination/spread order is constructed of separate legs, it is executed as a single transaction if it is routed directly to an exchange. For combination orders that are SmartRouted, each leg may be executed separately to ensure best execution. You can also create a futures EFP (Exchange of Futures for Physical) spread.

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