# 守势相对定单

Lite
*仅用于直接传递到ISLAND的定单

## 举例

### Order Type In Depth - Passive Relative Buy Order

##### Step 1 - Enter a Passive Relative Buy Order

When you use a Passive Relative order, the value in the Limit Price field becomes the price cap, and the order price is calculated (but not displayed) using the NBB minus the offset amount (the relative amount) for a buy order, and the NBO plus the offset amount for a sell order. You want to buy 100 shares of XYZ, and you want to place a less aggressive bid than the current best bids to increase your chance of filling at a better price.

The current NBBO for shares of of XYZ stock is \$24.01 - 24.06. You create a buy order for 100 shares and select PASSV REL as the order type. You enter 24.03 as the limit price, which is the price cap for your order; this is the most you are willing to pay. You enter an offset amount of 0.02, then transmit the order.

Assumptions
Qty 100
Order Type PASSV REL
Market Price (NBBO) Range \$24.01 - 24.06
Limit Price (Price Cap) 24.03
Offset (Relative) Amount 0.02

##### Step 2 - Order Transmitted

Your order is initially submitted with a bid of \$23.99 (NBB of 24.01 - 0.02 offset amount), which is less aggressive than the NBB of \$24.01.

Assumptions
Qty 100
Order Type PASSV REL
Market Price (NBBO) Range \$24.01 - 24.06
Limit Price (Price Cap) 24.03
Offset (Relative) Amount 0.02
Bid 23.99

##### Step 3 - Price Rises, Order is Not Executed

The market rises and the NBBO for shares of XYZ rises to \$24.03-\$24.08. Your bid moves with it to \$24.01. The order does not execute. If the market continued to rise to \$24.03-24.07, your bid would be capped at \$24.03.

Assumptions
Qty 100
Order Type PASSV REL
Market Price (NBBO) Range \$24.03 - 24.08
Limit Price (Price Cap) 24.03
Offset (Relative) Amount 0.02
Bid 24.01

##### Step 4 - Price Falls, Order is Executed

The market now falls and the NBBO for XYZ shares falls to \$23.98-24.03. Your bid stays at \$24.01 and executes at that price.

Assumptions