A pegged-to-midpoint order provides a means for traders to seek a price improvement at the midpoint of the National Best Bid and Offer (NBBO). The price automatically adjusts to peg the midpoint as the market moves in any direction.
For U.S. stock orders you must select direct routing to submit a pegged-to-midpoint order.
Most venues (including but not limited to NASDAQ/ISLAND) do not accept an offset from the midpoint.
For orders with no offset, you must specify the value "0" or "0.0" in TWS. Note that some exchanges may allow an offset amount in the future.
You can also define a price cap using the Limit Price field, to prevent your order from being executed above or below a specified price level.
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|IBKRATS||Time in Force|
*Orders that are directed to IBKRATS will float both ways with the market, resulting in improvement or disimprovement.
|Open Users' Guide|
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