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 set the default trigger method for a product type using the Trigger Method dropdown on the Order Defaults configuration page.

To change the default Trigger Method

  1. On the Configure menu, select Global Configuration.

  2. In the left pane, select Order then select Order Defaults. Select a product type.

  3. In the Trigger Method dropdown list, select a default type that will be used for all product-type orders.

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

For NASDAQ stocks (NMS, Small Cap, OTC) and 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 CASH contracts, 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

  • The exchange or other market center where the order is to be executed must also publish (and the system must also receive) an ask price equal to or higher than, and a bid price equal to or lower than, the trigger price.

  • 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)

NOTE: The Last method has leeway to trigger up to 0.5% above the ask price or up to 0.5% below the bid price. This 0.5% amount of leeway is subject to change at any time without notice.

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.

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