IB - DTC "Day Til Cancel" Time in force Question

Discussion in 'Order Execution' started by Ryan81, Oct 29, 2016.

  1. Ryan81

    Ryan81

    Does anybody know what criteria is used in IB/TWS to determine if the Time-In-Force for an order can be set to DTC "Day Til Cancel"?

    I've looked at these IB help pages for Order Types and TIF at the pages, without finding any details as to why the ability is/isn't available:

    https://www.interactivebrokers.com/en/index.php?f=4985

    https://www.interactivebrokers.com/...ebook/ordertypes/time_in_force_for_orders.htm

    But it seems pretty random to me whether or not I can choose DTC for the TIF of my orders. (I'm specifically referring to orders for options or spreads/combos of options.) It seems pretty arbitrary to me whether or not I can select this particular TIF.

    I assume this TIF isn't supported natively on any exchange, and it is simply IB's platform that saves this order type for possible re-submission the next day. It doesn't seem to matter what exchange the order is routed to (I typically use SMART anyway, but I also tried specifically directing to other exchanges. Doesn't seem to make a difference.)

    For example, I currently have a saved order for a risk-reversal spread on Target (TGT) that I was able to set the TIF to DTC, but I also have a saved order for a spread with a different underlying that will only let me select DAY or GTC. Similarly, I have saved orders for individual options contracts (not part of combos spreads) of which, some will let me select DTC, and some will not.

    I believe I have also observed the same inconsistency when trying to save orders for buying and selling stocks and equity ETFs too.

    This just seems puzzling to me.

    It's not that big of a deal -- I can keep some of my trade ideas written down in a spreadsheet to manually re-enter the next day. But it would be convenient if I could set more of my orders to be DTC so that they would just remain in TWS for the following days, ready for me to re-submit on demand.


    Edit: Just adding that the version of TWS I'm currently using is:
    Build 952.2s, Oct 4, 2016 3:20:38 PM