Stop with Protection Order
A Stop with Protection order combines the functionality of a stop limit order with a market with protection order. The order is set to trigger at a specified stop price. When the stop price is penetrated, the order is triggered as a market with protection order, which means that it will fill within a specified protected price range equal to the trigger price +/- the exchange-defined protection point range. Any portion of the order that does not fill within this protected range is submitted as a limit order at the exchange-defined trigger price +/- the protection points. Note, as the Stop with Protection order type is a simulated order type and thus handled on a best efforts basis, it is possible no execution may occur in the event the market price immediately moves away from the trigger price.
Notes:
The Reference Table to the upper right provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.
| Products | Availability | Routing | TWS | ||||
|---|---|---|---|---|---|---|---|
| Futures | US Products | Smart | Attribute | ||||
| Non-US Products | Directed | Order Type | |||||
| Time in Force | |||||||
| View Supported Exchanges|Open Users' Guide | |||||||
Order Type In Depth - Stop with Protection Buy Order
Step 1 – Create the Order
Place an order to buy 3 Dec 2011 Globex futures contracts with a current market price of 1206.00 – 1206.25. Select STP PRT from the Type field.
| Assumptions | |
|---|---|
| Action | BUY |
| Qty | 3 |
| Order Type | STP PRT |
| Market Price | 1206.00 – 1206.25 |
| Stop Price | 1206.75 |
| Globex-defined Limit Price (Trigger + Protection Points) |
1209.75 |
Step 2 – Set the Stop Trigger Price
In the Stop Price field, set the stop trigger price to 1206.75 and transmit the order. Note that the trigger price for the buy order must be greater than the last traded price for the instrument.
Step 3 – Order Transmitted
Once the instrument trades at the Stop Price, your order triggers and will fill within the protected range as defined by Globex. Any portion of the order that does not fill is re-submitted as a limit order at the Globex-defined limit price (Stop Price + Protection Points).
| Assumptions | |
|---|---|
| Action | BUY |
| Qty | 3 |
| Order Type | STP PRT |
| Market Price | 1206.00 – 1206.25 |
| Stop Price | 1206.75 |
| Globex-defined Limit Price | 1209.75 |