Create a Trailing Stop Limit Order

A trailing stop limit order lets you create a trailing stop order with a dynamically-updating limit price. When the stop order triggers, a limit order is submitted, instead of a market order.

To use this order type from the Trading window, you may want to enable to Stop Price field. To do this, right-click in the column headings and select Customize Layout. In the Order Row list, scroll down and check Stop Price.

To enter a trailing stop limit order

  1. Click in the Ask Price to initiate a BUY order, or the Bid Price to initiate a SELL order.

  2. Click in the Type field and select TRAIL LIMIT.

  3. Enter values in the following fields:

  1. Aux Price (Trailing Amt) field. Use the dropdown to choose Amt or %. The trailing percent is calculated off the current best bid/ask. Note that  you can

  2. Limit Price - this value defaults to the current best bid/ask. The limit price will move with the trailing stop price based on the delta between the two prices (initial stop price - initial limit price = limit delta). If the limit price and stop price are equivalent, they will move together with a zero delta.

  3. Stop Price - This field is optional. By default, the initial stop price is calculated using: (market price - trailing amount). You can modify the stop price, but if it is lower than the calculated value, it will be discarded when the order is submitted. Note that the value you enter may display in the Stop Price field even if it is not used.

  1. To transmit the order, click the red "T" in the Transmit field or the Transmit icon on the trading toolbar.

For a more detailed description and example of Trailing Stop limit orders, and the products and exchanges on which they're supported, visit the Order Types information page.