TT Premium Order Types

TT Premium Order Types

TT Prowler order

Overview

TT Prowler Premium Order Type behaves as an enhanced Iceberg order type that allows the user to customize values such as the minimum and maximum amounts to show in the market.

The TT Prowler order type is a liquidity seeking strategy that aims to reduce market impact by avoiding displaying the full order size or by selectively crossing the spread. Combines features of Random Iceberg, PEG, and Sniper type algorithms.

Note: At this time, TT Premium Order Types are not available in the Prod-SIM environment.

Prerequisites

Prior to using any TT Premium Order Type, your administrator must enable access by updating the settings at the user level in the User Account Permissions settings or at the account level using the Account Restrictions settings in Setup.

TT Prowler order parameters

Order Details parameters

Note: Some of the parameters listed below are optional and provided so you can enhance and customize the execution of your orders in the market.

Parameter Name Required/Optional Description Default Value
Order Type Required Sets the order type for the parent order. Possible values include: Market
Stop Price Conditional

The desired stop order's price level.

Note: Required when Order Type is set to either Stop Market or Stop Limit.

Max Show Required

Maximum open display size per price level for TT Prowler orders.

Min Show Optional

Minimum open display size per price level for TT Prowler orders. If Min Show remains blank or set equal to 0, the order always displays the amount of order quantity set by Max Show.

Null
Passive Price Lvl Conditional

Allows optimal behavior to peg orders to passive price levels in the order book. If set to No Pegging, child orders are sent at the full limit price. For other settings, the order will rest passively priced child orders even if the limit price is marketable.

  • No Pegging: Send at full limit price
  • Primary Peg: Peg to the top quote.
  • Second Level Peg: Peg to second book level.
  • Third Level Peg: Peg to third book level.
  • Primary Plus 1: Primary (passive) quote price, but improve the quote at 1 tick increments on the first posted order.
  • Primary Plus 2: Primary (passive) quote price, but improve the quote at 2 tick increments on the first posted order.
  • Primary Plus 3: Primary (passive) quote price, but improve the quote at 3 tick increments on the first posted order.

Note: Required when Num Post Levels is changed from the default value.

No Pegging
Num Post Levels Optional

Specifies the number of price levels at which to post child orders when pegging.

When Passive Price Levels is set, additional resting orders may be set at subsequent price levels in order to hold queue priority.

Default (Off)
Average Delay Optional

Sets a random delay, in seconds, between sending new orders or replacing existing child orders.

Null
I Would Qty Optional

When set to any value greater than 0, I Would Qty setting equals the minimum top of book quantity required before the order will cross the spread.

Null
I Would Qty % Optional

Similar to I Would Qty, but set as a percent of the order quantity.

Note : The field represents the number as a percent and should not be submitted as a decimal: a value of 70 equals 70%.

Null
Brisk Limit Mode Optional

Specifies whether the order should get more aggressive when opposite side quote price is at the limit price.

This setting can be used to manage fill rate risk, increasing the expected fill rate if the market is nearing the limit price, at the cost of higher expected slippage on executed quantity.

Possible values include:

  • Default (Off)
  • Aggressive More At Limit: When the opposite side quote price is equal to the limit price, the order will monitor liquidity conditions tick by tick and send extra IOC (Immediate or Cancel) orders to opportunistically take additional liquidity before the market runs away.
Default (Off)
With A Tick Qty Optional

Sets the size threshold to initiate aggressing orders to cross the spread and take liquidity when the opposing quote size falls to or below the set value.

The order will cross the spread when aggressive quote size falls to or below the value set by With A Tick Qty.

Null
With A Tick Qty % Optional

Similar to With A Tick Qty, but expressed as a percent of the order quantity.

Note : The field represents the number as a percent and should not be submitted as a decimal: a value of 70 equals 70%.

Null

Precondition Details parameters

Parameter Name Required/Optional Description Default Value
Start Time Required

Sets the date and time to start executing the synthetic order. Available settings include:

  • Now to start the synthetic order immediately
  • Time to display a date/time picker so you can indicate when to start the synthetic order.
Now
End Time Required

Sets the date and time to stop executing the logic of the synthetic order. Used as an alternative to setting Duration

Trigger Price Optional

Enables the flip side of Stop Price functionality: if present, a Buy/Sell order activates once the Last Traded Price is less/greater than or equal to Trigger Price. Can be used in combination with Stop and Stop Limit orders for One-Cancels-Other (OCO) type behavior, where an order activates when the market reaches either a profit taking or stop loss price.

Post Trigger Dur Optional

The Post Trigger Duration in minutes. If set greater than 0, will adjust EndTime once market reaches Stop Price or Trigger Price to earlier of EndTime or current time plus PostTrigger Duration minutes.