https://cdn.cboe.com/resources/membership/EDGE_Order_Type_Guide.pdf http://nasdaqtrader.com/content/productsservices/trading/ordertypesg.pdf https://www.nyse.com/markets/order-types ... .. . Use google for the other exchanges. Over 200 different order types. If you learn when to use which order and which route you want to use for every single stock you trade within less than 6 months you probably should apply for PhD in nuclear physiscs
Thank you for the links! Is the SMART routing option on DAS or Sterling trader doing that route calculation most efficiently? I imagine brokers like IB (who, per business model, take trades against you and fudge your fills) would not put in the effort of providing the best fills, but I wonder if Sterling Trader or DAS actually make the effort.
There are a couple of dozens of SMART routers out there, every router has different functionality and purposes. Do you want to SMART route to the cheapest venue, the fastest execution, do you want your orders to be routed to dark pools, do you want a SMART router to scrape the invisible midpoint orders? It's not that easy...as already mentioned