What is the difference between an Adaptive Algo and a Price Management Algo?

A Reference Price is used when calculating the allowable order prices that can be submitted within the active Price Bands for a contract. The Reference Price may be the current Mark Price, the Close Price or a Theoretical Price that is used to create the current upper and lower limits of a Price Band.  Any order submitted with a price above or below the current Price Bands would not be accepted. Price Bands can be calculated dynamically or by using a set amount from the Reference Price. As an example, if the current Reference Price is using a Mark Price of 10.00 and the current allowable price for a sell order cannot be placed more than 18 % below 10.00, then any sell order submitted at or below 8.20 would not be accepted. If your order is not accepted due to a price that is considered too far from a Reference Price, you may try to recreate and resubmit a new order at a price within the current allowable price limits.  …

An Adaptive Algo order works by default with destination SMART and cannot be direct routed to an exchange.

More information on the Adaptive Algo can be found on our website…

A Limit order is an order to buy or sell at a specified price or better. Adaptive limit orders are designed to fill between the bid and ask prices in an effort to achieve a fast fill at the best all-in price. On average, using the Adaptive algo leads to better fill prices than using regular market or limit orders. This algo order type is most useful to an investor when the spread is wide, but can also be helpful when the spread is only one tick…

Enabling the Price Management Algo order attribute does not change the order type you used to create the order. The price of the order you submitted is checked by the Price Management Algo order attribute, but the order type remains what you have selected. …