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ScaleTrader supports regular single-contract limit or relative orders, and combination limit orders. It is designed to help prevent larger sized trades from being subject to increasingly deteriorating prices by scaling your order into smaller, incrementally priced components based on user-specified price and size instructions.
In addition to scaling your order, you can also define a
Create a ScaleTrader order
Total Order Size
- This is the total quantity that you want to fill.
- Top Price/Bottom Price - These values work with the Profit taking feature, showing the top price (for a buy order) and the bottom price (for a sell order) at which the profit orders from the Initial Component size will be calculated.
- Starting Price - This is the price at which the initial component will be submitted, and the price used along with the Price Increment to calculate the subsequent component price.
- Price Increment - This amount is used to calculate the per-unit price of each component in the scale ladder.
- Order Type - Choose from Limit or Relative order types.
- Offset Amount - For use with the Relative order type.
- Create profit taking order - Check to have
TWSautomatically submit opposite-side profit orders using the Profit Offset amount.
- Profit Offset - This value defines the minimum amount of profitability you will accept to exit a position. ScaleTrader will submit an opposite-side profit order against the original order, using the limit price of the parent component plus/minus the profit offset. For example, if you submit a 10,000 share BUY limit order at $65.00 with a component size of 1000, and enter $15.00 as the Scale Profit Offset, as soon as the first component executes,
TWSwill submit a 1000 share SELL limit order at $80.00.
- ScaleTrader will not submit a profit order until the original scale component, or a portion of the component, executes.
- Profit orders are always scaled to the Subsequent Component Size (if it is different from Initial Component Size). For example, for a 10,000 lot order with a 2000 initial component size and 1000 subsequent component size, the profit orders submitted in response to the 2000 initial order execution would be 1000 at fill price +/- profit offset, and 1000 at the next price increment +/- profit offset.
- Once transmitted, you cannot modify any part of the profit order.
You can monitor the progress of your scale orders by right-clicking on the order line and selecting .