This algo strategy allows your order to work more aggressively at the start and less aggressively towards the end, or vice versa. It lets you participate via volume at a user-defined rate that varies with time based on the remaining order quantity.
To submit an IBALGO Order
1. Create an order in Classic TWS. Click the Ask price for a buy order. Click the Bid price for a sell order.
2. From the Destination field, select IBALGO (near the bottom of the list).
3. Select Size Variant Percentage of Volume as the algo.
4. Set the Initial Target Percentage of the average volume to start off the order. Enter "1" for 1% etc.
5. Set the Terminal (or ending) Target Percentage of the average volume to end the algo.
Note: The system will calculate the target percentage rates between the initial and terminal rates as the algo progresses.
6. Specify a start and end time if needed. Otherwise the algo will start when you transmit the order and end at the market's close.
7. Transmit the order.
Attempt to never take liquidity - If checked the order is guaranteed not to hit the opposite side, and it will trade at a price better or equal to the limit price.