The Snap to Primary (SNAP PRIM) order is similar to a pegged order, as the original order price is determined by the current bid/ask plus or minus an offset. But unlike the pegged order price, the "snap to" order price doesn't continue to peg as the price moves.
The trader creates the order by selecting SNAP PRIM as the order type, then enters an offset amount which computes the active limit price as follows:
- Sell order price = Ask price - offset amount
- Buy order price = Bid price + offset amount
The Snap to Primary order is simulated on all exchanges.
Additional Information
- Snap to Primary orders in the TWS User's Guide.
- Snap to Primary Orders Study Notes
- Snap to Primary Orders on the Website's Order Type Page