Did IB recently remove the capability to enter midprice orders directed to specific exchanges (IEX, Island, ...)? I could swear I did just that a few weeks ago, but now I can only route midprice orders to "SMART" with no control over which exchange it goes to.
Don't think IB allows darkpools or specific ECN routing anymore. Though I recently switched to a prop but hearing the same complaints from lot of traders on the retail side
No, those still work. Maybe you did something odd to your settings? There’s also the SMART MIDPRICE route which does something like that. https://www.interactivebrokers.com/en/index.php?f=36735
IB still offers all the routes they used to, nothing has changed. You can definitely direct route if you want.
I didn't change anything in my settings related to this. I'm in TWS Classic (auto-updating STABLE version) in the portfolio window. In an order line item, when I select SMART as destination, I get the option of Midprice order type in the order type dropdown selector. However when I select any other destination (NYSE, Island, IEX, ...), then click on the order type dropdown selector, the Midprice does NOT show up. Does it show up for you? Likewise, when I first select Midprice in the order type column, then switch the destination to anything else but SMART, the Midprice changes to some other order type, which tells me that they no longer allow midprice orders directly routed to a specific exchange. I could swear I routed midprice orders to IEX, and 2-3 other exchanges, a few weeks ago, using the same process that I always use from the portfolio window, selecting order type and routing destination in the respective columns or an order line item. Or does STABLE not support direct routed midprice orders? I was forced to switch from LATEST to STABLE recently due to a few bugs with charts.
“midprice” is the name of an IB algo. You want one of the “Peg” order types if you’re routing it yourself to a specific exchange. Try this https://guides.interactivebrokers.com/tws/twsguide.htm#cshid=usersguidebook/ordertypes/pegmid.htm there are lots of variations, peg to primary, IBKRATS ones, etc
I think "Peg Mid" is what I used. Didn't find it any more because it doesn't show when "SMART" is selected. It only shows when FIRST a destination is selected that has this order type. Thanks for helping!