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Trailing Limit if Touched

A trailing limit if touched is similar to a trailing stop limit order, except that the sell order sets the initial stop price at a fixed amount above the market price instead of below. As the market price falls, the stop trigger price falls by the user-defined trailing amount, but if the price rises, the stop price remains the same. When the stop trigger is touched, a limit order is submitted. Reverse this for a buy trailing limit if touched order.

To create a Trailing Limit if Touched order

  1. Click the Ask price to create a BUY order, or the Bid price to create a SELL order.
  2. If not already visible, display the Stop Price and Lmt Offset fields (right-click in the column headers and select Customize Layout, then use the Order Columns tab to add fields).
  3. Enter values in the following fields:
  1. Aux Price (Trailing Amt) - This value is added to the bid price to continually recalculate the stop price, if the market price drops. Use the dropdown to choose Amt or %. The trailing percent is calculated off the current best bid/ask. Note that you can define a default Trailing Amount in the Order Defaults Default Order Offset Amounts area.
  2. Stop Price - You must enter an initial stop price. Unlike a trailing market if touched order, the initial stop price is not automatically calculated by TWS when you transmit the order, since the stop price is needed to calculate the limit price or limit offset. The stop price is continually recalculated when the market price falls. If the initial stop price is higher than the (market price - trail amount) it will not be modified.
  3. Limit Price OR Limit Offset - The limit order piece of the trailing stop limit is submitted once the stop price is penetrated. While the market price and stop price continue to fall, the limit price is also recalculated using the limit offset, and moves with the stop price.
    • If you enter a limit offset, the limit price is calculated using (stop price - limit offset).
    • If you enter a limit price, the limit offset is calculated using (stop price - limit price) when the order is submitted.
    • If the limit price and stop price are equivalent, they will move together with no offset.

  1. To transmit the order, click "T" Status field.

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For a more detailed description of relative orders visit the Order Types information page.  

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