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Percentage of Volume Strategy
Allows you to participate via volume at a user-defined rate. Order quantity and volume distribution over the day is determined using the target percent of volume you entered along with continuously updated volume forecasts calculated from TWS market data.
Target Percentage - enter the target percentage of participation in average daily volume.
Start time/End time - change the default times at which the submitted order will begin to work and be cancelled using the Start/End Time fields. Note that the algo will stop at the designated end time regardless of whether the entire quantity has filled.
Attempt to never take liquidity - check to ensure the algo order will not hit the bid or lift the offer if possible. This may help to avoid liquidity-taker fees, and could result in liquidity-adding rebates. However, it may also result in greater deviations from the benchmark.
Note: IB will use best efforts not to take liquidity, however, there will be times that it can not be avoided.