About ScaleTrader

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.

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In addition to scaling your order, you can also define a profit offset amount which instructs TWS to automatically submit opposite-side profit taking orders against the individual components of the original order.

Create a ScaleTrader order

  1. scaleTraderIcon897.gifSelect an underlying and click the ScaleTrader icon on the trading toolbar.
  2. Define the order parameters, including the total order size, initial and subsequent component sizes, and the starting price as shown below.

Total Order Size

- This is the total quantity that you want to fill.

  1. Initial Component Size - This optional value works with the profit taking feature and defines the size of the first, or initial, order component that will be used for profit taking. This component will be submitted at the Starting Price, but profit orders against this quantity are submitted AS IF the quantity were submitted in subsequent component-sized increments using the Price Increment. For example, if you submit a 1000 share order with an Initial Component size of 300 and Subsequent Component Size of 100, the first order for 300 shares will go in at the starting price, but the profit orders off that Initial Component will be submitted in 100 share components against prices that reflect the Price Increment. After this initial order, all other orders will be submitted at the size set in the Subsequent Component Size field. Note that if you do not enter a Subsequent Component value, the Initial Component size will be used.
  2. Subsequent Component Size - This field defines the basic order size of the scale order components. If left blank, all order components will be sized based on the Initial Component Size value.
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Notes on Profit Orders

 

  1. If necessary, modify the Lmt Price which is used as the starting price for the series of order components.
  2. Transmit the order.

You can monitor the progress of your scale orders by right-clicking on the order line and selecting View Scale Progress.