Hmmmmm........Is this some IB logic used to prevent you from pennying yourself, if you're the NBBO quote on that exchange? That said, it makes me think that this gives an "in" to those who know they'll be in the front of the order queue given a couple repeated "pennyings" on the same exchange. They can adjust and still be in front-when that is not what your order stipulated. It's the logic that is flawed. Say, pre-market I will pay $50.00 and put in a relative limit amount of .02. Say this tops a bid of 49.50, with an order of 49.52. It is immediately (1 second) "pennied" by 49.53 , and my order matches it??? Great. Given no other quote movement, I'm stuck in back. Any good reason for this? I'll pay $50........not paying to sit in back of the $49.53 queue, hence the discretionary amount, all the way up to $50.00.
If you go into the Feature Selector, make sure you enable all order entry types. If you do that, hopefully you should see REL as an option. In other words, you might have REL orders disabled currently (or the TWS automatically turned them off at some point because you weren't using them).
Hey, thanks a lot, enabled ALL features... and saved me a call to Customer Support. I've been thinking about this REL order and feel it's of limited utility... And completely useless for low volume stocks... Because the Specialist or dealer can easily bump your bid before hitting it. What would be really powerful... Is a REL order that would be relative to another one of ** your ** orders. As I keep building my ATS... I'm gonna incorporate "wishlist" stuff like that. If IB can support REL orders... they can support anything. rm+
Well, changing the limit price seemed to work. Thanks for the help! Is there a way to view what I am currently bidding at without assuming? Can I view my current "live" bid?
Hey IB users Is there a monthly charge to use IB's platform? if so, how much is it? Are there any other monetary obligation? Ameritrade is eating too much out of my profit. I want to try some other cheaper platform. I'd appreciate some thoughtfull answers! Thanks
You pay $10 a month unless you generate $30 a month in commissions. It is free otherwise. We do not have hidden fees.
I am testing out relative orders in one of my systems and so far they are working great. Sometimes you get a better price than market. With unbundled commisions sometimes you get rebates. My average commision has been 0.004, instead of base commision 0.005. I trade liquid stocks and use offset from 1-3 pennies.
Wow!!!!! I'm definitely going to sing up! It looks as if it is practically free Thanks for the info Gents
Thanks to the help of SPRSTPD, we have indeed found a problem with Relative orders. The problem occurs when the order is Relative + Iceberg. When these orders are entered the relative order price is not updated if your price is bettered. We will start rolling out a fix for this on Monday and should be completed by Wed.