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Accumulate/Distribute
Minimize market impact for large orders by slicing the order into smaller increments, and buying or selling over time, at pre-defined, randomized time intervals. Available for stocks, options, futures and forex.

All-or-None
An AON (All-or-none) order will remain at the exchange (or in the brokerage system) until the entire quantity is available to be executed.

Arrival Price
An algo order that attempts to achieve the midpoint price at the time the order is submitted, and considers the user-defined urgency/risk aversion and max percent of daily volume values.

At Auction
An auction order is submitted at the Calculated Opening Price (COP). If the order doesn't execute, it is resubmitted as a limit order at the COP or best bid/ask.

Auction
When terms allow, your order will be submitted for inclusion in the price improvement auction, based on price and volume priority.

Balance Impact and Risk
An algo order that balances the market impact of trading the option with the risk of price change over the time horizon of the order, and considers the userdefined urgency/risk aversion and max percent of daily volume values.

Basket
A group of individual orders that are saved in a single file and submitted as a package.

Block
A large volume limit order with a minimum of 50 contracts.

Box-Top
A market order that is automatically changed to a limit order if it doesn't execute immediately at the market price.

Bracket
Bracket orders are designed to help limit your loss and help lock in a profit by "bracketing" an order with two opposite-side orders using the same quantity as the original order.

Conditional
A Conditional order is an order that will automatically be submitted or cancelled ONLY IF specified criteria for one or more defined contracts are met.

Discretionary
A Discretionary order is a limit order for which you define a discretionary amount (which is added to or subtracted from the limit price) that increases the price range over which the order is eligible to execute. The original limit price is displayed to the market.

Fill-or-Kill
A FOK (Fill-or-Kill) order must execute as a complete order as soon as it becomes available on the market, otherwise the order is canceled.

Good-after-Time/Date (GAT)
A Good-after-Time/Date order is held in the system and sent to the exchange on the date and time you enter.

Good-till-Canceled (GTC)
A Good-till-Canceled order will continue to work within the system and in the marketplace until it executes or is canceled by the customer.

Good-till-Date/Time (GTD)
A Good-till-Date/Time order will remain working within the system and in the marketplace until it executes or until the close of the market on the date specified.

Hidden
A Hidden order (generally a large volume order) shows no evidence of its existence in either the market data or the deep book.

Iceberg/Reserve
An Iceberg order allows you to submit an order (generally a large volume order) while publicly disclosing only a portion of the submitted order.

Immediate-or-Cancel (IOC)
Any portion of an IOC order that is not filled immediately is cancelled.

Limit
A limit order is an order to buy or sell a contract at a specified price or better.

Limit-if-Touched
An LIT (Limit-if-Touched) is an order to buy (or sell) an asset below (or above) the market, at the defined limit price or better. This order is held in the system until the trigger price is touched, and is then submitted as a limit order.

Limit-on-Close
A LOC (Limit-on-Close) is an order that executes at the closing price if the closing price is at or better than the submitted limit price, according to the rules of the specific exchange. Otherwise the order will be cancelled.

Limit-on-Open
A LOO (Limit-on-Open) order is a limit order executed at the market's open if the opening price is equal to or better than the limit price.

Market
A Market order is an order to buy or sell an asset at the bid or offer price currently available in the marketplace.

Market-if-Touched
An MIT (Market-if-Touched) is an order to buy (or sell) an asset below (or above) the market. This order is held in the system until the trigger price is touched, and is then submitted as a market order.

Market-on-Close
A market order that is submitted to execute as close to the closing price as possible.

Market-on-Open
A market order that is executed at the market's open at the market price.

Market-to-Limit
A Market-to-Limit order is sent in as a market order to execute at the current best price. If the entire order does not immediately execute at the market price, the remainder of the order is re-submitted as a limit order with the limit price set to the price at which the original order executed.

Market-with-Protection
A Market-with-Protection order is a market order that is cancelled and resubmitted as a limit order if the entire order does not immediately execute at the market price. The order's limit price is set by the exchange to be close to the current market price, slightly higher for a sell order and lower for a buy order.

Midpoint Match (MPM)
An ISE stock order that executes at the midpoint of the bid/ask price.

Minimize Impact
An algo order that minimizes market impact by slicing the order over time to achieve the market average without going over the user-defined max percent of daily volume.

One-Cancels-All (OCA)
Orders in a one-cancels-all group of orders will be canceled when one of the other orders executes.

Pegged-to-Market
An order that is pegged to buy on the best offer and sell on the best bid.

Pegged-to-Midpoint
An order that is pegged to buy/sell at the midpoint of the NBBO.

Pegged-to-Stock
Specifies that the option price will adjust automatically relative to the stock price, using a calculated value based on data you enter.

Percent of Volume
An algo order that participates with volume at a user-defined rate.

Relative/Pegged-to-Primary
A Relative or Pegged-to-Primary order derives its price from a combination of the market quote and a user-defined offset amount. The order is submitted as a limit order and modified according to the pricing logic until it is executed or you cancel the order.

Request-for-Quote (RFQ)
Request market quotes for non-US options, futures and options on futures.

Scale
The scale orders command automatically creates a series of buy (sell) limit orders with incrementally lower (higher) prices, based on your original limit order.

Spreads
A combination of individual orders (legs) that work together to create a single trading strategy. You can combine stock, option and futures legs into a single spread.

Stop
A Stop order becomes a market order to buy or sell securities or commodities once the specified stop price is attained or penetrated.

Stops - Adjustable
You can attach one-time adjustments to stop, stop limit, trailing stop and trailing stop limit orders which modify the stop trigger price, trailing amount and stop limit price.

Stop - Limit
A Stop Limit order becomes a limit order once the specified stop price is attained or penetrated.

Stop - Trailing Stop
A trailing stop for a sell order sets the stop price at a fixed amount below the market price. If the market price rises, the stop loss price rises by the increased amount, but if the stock price falls, the stop loss price remains the same. The reverse is true for a buy trailing stop order.

Stop - Trailing Stop Limit
A trailing stop limit for a sell order sets the stop price at a fixed amount below the market price and defines a limit price for the sell order. If the market price rises, the stop loss price rises by the increased amount, but if the stock price falls, the stop loss price remains the same. When the order triggers, a limit order is submitted at the price you defined. The reverse is true for a buy trailing stop limit order.

Sweep-to-Fill
A Sweep-to-Fill order identifies the best price and the exact quantity offered/available at the price, and transmits the corresponding portion of your order for immediate execution. Simultaneously it is identifying the next best price and quantity offered/available, and submits the matching quantity of your order for immediate execution.

TWAP
An algo order that attempts to achieve the time-weighted average price calculated from the time you submit the order to the time it completes.

Trailing Limit if Touched
An LIT (Limit-if-Touched) is similar to a trailing stop limit order, except that the sell order sets the initial stop price at a fixed amount above the market price instead of below. This order is held in the system until the trigger price is touched, and is then submitted as a limit order.

Trailing Market if Touched
A TRAIL MIT (Trailing Market-if-Touched) is is similar to a trailing stop order, except that the sell order sets the initial stop price at a fixed amount above the market price instead of below. This order is held in the system until the trigger price is touched, and is then submitted as a market order.

Volatility
A TWS-specific order where the limit price of the option or combo is calculated as a function of the implied volatility.

VWAP - Best Efforts
An algo order that achieves the Volume-Weighted Average Price on a best-effort basis, without exceeding the user-defined max percent of daily volume.

VWAP - Guaranteed
The VWAP for a stock is calculated by adding the dollars traded for every transaction in that stock ("price" x "number of shares traded") and dividing the total shares traded. By default, a VWAP order is computed from the open of the market to the market close, and is calculated by volume weighting all transactions during this time period. TWS allows you to modify the cut-off and expiration times using the Time in Force and Expiration Date fields, respectively.