Conditional Orders

A Conditional Orders allow the trader to specify one or more conditions or stipulations that must be true before the order will be submitted. In a simple case, this might allow an investor to only buy or sell an option if its underlying is trading above or below a specified level. Alternatively, you could specify that the condition cause the order to transmit only when an index is trading above or below a specific range. There is no limit to the number of conditions you can draw together. While requiring that numerous le conditions be met before the order can be transmitted may make it harder for the trade to execute, it could safeguard the investor from trading outside of circumstances under which he would prefer not to trade. The trader can choose from and combine logical conditions from Price, Time and Volume variables using operators of equal to, greater or less than. Other conditions include Margin Cushion, Trade and Percentage Change.

For example, a client could enter an order to buy 10 call options on MSFT with a specified limit price of $0.85 that would be submitted only when: its underlying share price <= $46.45, Volume >25mm and the S&P 500 index was <= 2,000.

Availability & Characteristics

可用性（Availability）
Interface	产品	实体（Entity）	传递	交易者工作站（TWS）
魔方界面	差价合约	US Products	Smart	Order Ticket
交易者工作站（TWS）	期货（Futures）	Non-US Products	Directed to exchange
	免支付转账
	外汇（Forex）
	期权
	股票
	权证

注释

To create a conditional order

Select an order line.
From the right-click menu, select Modify and then select Condition.
From the Conditional tab on the order ticket click Add Condition.
Enter contract information for the contingent asset in the Conditional Order box.
Enter the trigger information for the contingent asset:

Select the trigger method.

Select whether the price of the contingent asset should be less than or equal to (<=) or greater than or equal to (>=) the trigger price.

Enter the trigger price.

If you select the double bid/ask trigger method, the greater than or equal to operator (>=) will use the BID price and the less than or equal to operator (<=) will use the ASK price.

Click OK . The condition appears in the Current Conditions list.

To set multiple conditions, use the Add Condition button and click AND or OR in the Current Conditions area.

Field/Button	描述
Add Condition	Invokes the Conditional Order entry box.
删除	Deletes the selected condition.
Modify	Opens the Conditional Order entry box for the selected condition to allow you to make changes.
Allow condition to be satisfied...	Lets the selected condition activate the order if it is satisfied outside of regular trading hours.
Action to take...	If selected conditional order is satisfied, you can elect to have the primary order submitted OR cancelled.