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Using The Orders Panel
The Orders panel is where you actively manage orders.
The relationship between parent/child orders is shown via the Key field in the Tickets, Orders and Trades panels . Every new child order is numbered sequentially and colored to indicate its relationship to the original order.
You can modify the following parameters for a child order:
- Order Quantity, which can be modified to be equal to or less than the quantity in the Leaves status field for the order in the Tickets panel.
- Limit Price (with restrictions) - you cannot adjust the price to be more aggressive than the client’s original price, i.e. you cannot increase the price for a buy order, or decrease the price for a sell order.
- Order Type (with restrictions) including:
- Limit tickets can only be sent as a limit or relative orders.
- Market orders can be submitted as: market, limit, stop, stop limit, trailing stop, trailing stop limit and volatility. For more information on IB order types, see the Order Types page on the web site.
- Time in Force - use the drop-down menu to choose from Day, GTC, OPG, IOC or GTD.
You must set the TIF for a child order equal to or shorter than that of the parent. Otherwise, the TIF of the parent order will override that of the child order.
- Destination - choose a new routing destination for the order, create a new “Away” destination, or route to another desk within your firm.
To transmit an order
- Modify order parameters by clicking in the appropriate field and selecting or entering a new value.
Use the price or size “wand” to set a parameter by clicking and holding the mouse button in a field.
- Click the “T” in the red Status field to transmit the order.
To cancel an order
- Transmitted child orders show a “C” in the yellow Status field. Click to cancel the order.
To create a new order, right-click the original ticket in the Tickets panel.
