When using ScaleTrader for creating generic combination orders, note the following:
When you create a STK STK generic combo, the ratios are automatically simplified when you save the combo. This means that the combo you define in the Combo Selection box to Buy 300 XYZ and sell 700 ABC ends up on the ticker line as Buy 3 XYZ and Sell 7 ABC.
Scale parameters such as Total Order Size and Initial and Subsequent Component sizes are expressed in terms of the total combo. For example, if you buy a generic STK STK combo defined as Buy 10 DELL, Sell 1 IBM, and set the Initial Component Size to 5, the first component order would be: Buy (5 x 10) DELL, Sell (5 x 1) IBM.
Guaranteed combination pairs including US stock-option and option-option pairs, and which can be traded from the Combo tab, can use the following order types:
LMT + LMT, where one or both legs are submitted as marketable limit orders when the combo becomes marketable. If one fills, the other is resubmitted as a limit order.
REL + LMT, where one or both of the legs are submitted as a simulated relative order (at the bid for a buy and at the ask for a sell). If only one leg fills, the second leg is resubmitted as a limit order.
LMT + MKT, where one or both legs are submitted as marketable limit orders when the combo becomes marketable. If only one leg fills, the second leg is resubmitted as a market order.
REL + MKT,where one or both of the legs are submitted as a simulated relative order (at the bid for a buy and at the ask for a sell). If only one leg fills, the second leg is resubmitted as a market order.
Use ScaleTrader for combination orders
Click the Combo tab in ScaleTrader.
If you opened ScaleTrader with an underlying selected, click the Edit Combo button; otherwise, enter an underlying and select from the combo type, including EFP, Futures Spread or Option Combo.
Use the ComboTrader box to define a strategy, and click Create.
You can monitor the progress of your scale orders by right-clicking on the order line and selecting View Scale Progress.
