In accordance with our regulatory obligations as a broker, we have implemented pre-trade size and price filters that may reject orders for a size or price determined to be potentially erroneous, manipulative or out of line with an orderly market. Please note that we may allow larger orders if submitted using an algorithmic order type that accumulates size over time or another appropriate algorithmic order type.
The IBKR Price Management Algo order attribute will activate an algo which caps (limits) the price when submitting an order if the limit price of your order is not within the allowed distance from the current reference price. If your limit order's price is too far from the calculated reference price at the time the order is entered you will have the opportunity to turn on the Price Management Algo order attribute in the Order Confirmation window. If the attribute is not enabled you can re-create and submit the order with a price closer to the current reference price.