Those are my choices at Fidelity for routing. Do any of those make a difference in completing my execution?? Should I just go auto, because it spreads it out quicker??
Each exchange is different. Order type, execution cost (or rebate amount), and speed of execution and queue rules are different for each exchange.
I think both Schwab and Fidelity (and all brokers) will go in house first (be their own market makers) if they have a match. After that they go to their favorite router. After a certain time it goes out to all the routes...I think...
I'm not sure about those brokers but in most cases you can opt to route your own orders. At that point, it would be prudent to understand what each exchange has to offer. If you are using a broker to auto-route your order for you, then I don't understand why you care how it's routed.
Unless you are setup cost plus (broker passes back rebate to you) it probably doesn't matter where you route.
I'll give you two examples...If you can, please show me which route would be better. Fidelity will not tell me the advantages of the routes...Schwab won't give me a choice (unless I sign up as an active trader...Which I may). GE...Wishing to buy 100 shares. Bid 14.90 Ask 14.96 I put in my price of 14.91...Many people jump in front of me. So I raise my price one cent...Fewer jump in front of me. I raise it another cent and it gets bought. In this example which route would have been the best to execute the trade?? If we are talking pennies...It doesn't make a difference to me. The execution is the key for me. I make about 50 to 100 trades total a year, in 5 different accounts at Schwab and Fidelity...Not a real active trader...Just me. Second example...I want to option (covered call) my new GE stock for Jan 2019 at 15. Bid 1.78 Ask 1.85 I put in my price of 1.79...People jump in front of me. I then up it a cent...Fewer people (computers/big boys) jump in front of me. I add another cent and it gets bought. Sometimes I will get a better price if the option is in 5 cent increments...Again, the big boys/girls can get in first while I have to do 5 cent increments...Whoever is in line first get my option...If Schwab/Fidelity can get me a better price, they will. But I am still wondering which route to use in these two examples. And can you tell me why it would be best to go that route?? Cabin
...sigh. You are opening pandoras box here and to be honest, in your case, it's not really worth digging for answers. If you trade 50x/year, just take the offer when you want to buy something or hit the bid when you want to sell it with a market order. No need to be fancy.
In the option example no routing choice would help you get filled. That option is 7 cents wide so the theo would be 1.815. Had you bid 1.81 initially the order would've probably gone to the market as a cross (market maker sends the order to the exchange and takes the other side) which would have printed at 1.81 or started a price improvement auction where other market makers could respond and sell to you at a price better than 1.81.
I have a 401k at Fidelity - DMA is cool because you know your broker is not receiving payment for order flow which always equates to crappy fills. Now, if they would just add the IEX.