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Modify the Stop Trigger Method

You can modify the trigger method for Stop, Stop Limit, Trailing Stop and Trailing Stop Limit orders on a per-order basis using the Order Ticket. You can also set the default trigger method for a strategy using the Trigger Method dropdown in the Miscellaneous section of the order Preset.

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To change the default Trigger Method

  1. On the Edit menu, select Global Configuration.
  2. In the left pane, select Presets.
  3. In the Trigger Method dropdown list, select the preferred trigger method that will be used for all orders affected by the preset.

To modify the stop trigger method for the current order

  1. Display the Trigger Method field on the trading window.
  2. Highlight a stop, stop-limit, trailing stop or trailing stop limit order and select a method from the Trigger Method field.

    Trigger Method

    Description

    Default

    Unless the customer modifies any of these features, the default trigger method for all stocks is the Last method, described below.

    For US options, the default trigger method is the double bid/ask method, where two consecutive ask price (bid price) values must be less than (greater than) or equal to the trigger price, and the second bid or ask must have greater size if it is at the same price level as the first bid or ask.

    For Forex contracts (for example EUR/USD currency pair), the default trigger method is bid/ask, where the ask price (bid price) value must be less than (greater than) or equal to the trigger price.

    For all other contracts, the default trigger method is the Last method, described below.

    Last

    For a buy (sell) order to be triggered:

    • One last price value must be greater than (less than) or equal to the trigger price; and
    • The exchange or other market center where the order is to be executed must also publish (and the system must also receive) a bid price and an ask price; and
    • Last must be within the bid/ask (i.e. >=bid and <= ask) or within leeway percentage outside the bid/ask (i.e. >=bid-0.5% of last and <=ask+0.5% of last). This 0.5% amount of leeway is subject to change at any time without notice.
    • With the exception of OTCBB- and Pink Sheets-listed stocks, stop and stop-limit order in US stocks will also only be triggered if the primary exchange on which the stock trades is open, is holding regular trading hours, and has a valid bid/ask quote for the stock. Regular trading hours are usually between 9:20 am - 4:00 pm Eastern Time, Monday through Friday for exchange-listed stocks. NOTE: This limitation does not apply to stop or stop-limit orders in futures contracts).

    Double Last

    For a buy (sell) order to be triggered:

    •  Two consecutive last price values must be greater than (less than) or equal to the trigger price; or

    •  The last price value must be greater than (less than) or equal to the trigger price and the last size must be an increase.

    Bid/Ask

    For a buy (sell) order to be triggered:

    •  A single bid (ask) price must be greater than (less than) or equal to the trigger price.

    Double Bid/Ask

    For a sell order to be triggered:

    •  Two consecutive ask prices must be less than or equal to the trigger price; or

    •  One ask price value must be less than or equal to the trigger price and the ask size must be an increase.

    For a buy order to be triggered:

    •  Two consecutive bid prices must be greater than or equal to the trigger price; or

    •  One bid price value must be greater than or equal to the trigger price and the bid size must be an increase.

    Last or Bid/Ask

    For a buy (sell) order to be triggered:

    •  A single bid (ask) or a single last price must be greater than (less than) or equal to the trigger price.

    Mid-point

    For a buy (sell) order to be triggered:

    •  The midpoint of the bid/ask must be greater than (less than) or equal to the trigger price.