Best IB Algo for very illiquid stocks?

I have been using Iceberg order so far and missing out a fair bit.

Any advice which algo would work best in a very slow moving market of small cap US equities and warrants?

 

Have you tried a midpoint peg to a dark pool?

 

Go dark and darker...!

 

Is this a joke or these are true terms ?

 

Why would it be a joke? I have no idea what IB offers on their API or terminal, but we have access to dark pools and different order types like midpoint peg. See Attached as an example.

 

I understand

 

There are a host of IBAlgos and 3rd party ones you can try. I'd suggest starting with Accumulate/Distribute which has a ton of options for you to consider and/or perhaps the Adaptive Algo. Within Accumulate distribution you can also also further customize trying different order types seeking something that works. For 3rd party algos you may consider Fox Rivers Dark Sweep, Fox Dark Attack, CSFB Crossfinder+ and/or Jefferies DarkSeek

order types and Lagos
https://www.interactivebrokers.com/en/index.php?f=4985
accumulate/distribute
https://www.interactivebrokers.com/en/index.php?f=1223

 

I see plenty of of large trades stamped with "FINRA" in the IB times and sales window. I am guessing those are OTC (over the phone or dark pools)?

If so, can a large IB client have access to such flow? (RFQ or else)...

 

And one more: is a MaxFill setting on the IB Smart Router any good vs third party services?

 

Smart includes dark pools but you can't get individual access to them. Also, there are no over the phone trades.