Limit versus Limit if Touched at IB-Globex CME

Discussion in 'Order Execution' started by Bad_Badness, Aug 16, 2020.

  1. Bad_Badness

    Bad_Badness

    Hi All,

    Quick question. It seems like Limit if Touched has:

    Pro: Order is "hidden-sitting" at the broker.
    Con: Once triggered, has to be transmitted from the broker to the exchange and enter the exchange que.

    Of course this assumes:
    1) the LIT is not actually somehow "hidden-sitting" at the exchange and not the broker.
    2) the exchange has a que, aka stack, of limit orders.

    Versus a Limit transmitted to IB will immediately go to the exchange and be in the que at the exchange.

    So if one does not care if it is visible on the books at the exchange, LIT has no advantage? At what point should one care about visibility, size wise? >5 , >10, >20 > other? Guessing >10 or >20 if Med-Heavy Vol.

    Other considerations?

    And, brings up a second question. What constitutes "small" for the purposes of immediate, complete or near complete fills, at the Buy-Ask/Sell-Bid, from 30 minutes after open for 2 hours after on ES-Globex-CME? <5, <10, <15, <20? <More? Guessing <10 or <15 if Med-Heavy Vol. (And "no" I don't want to test to find out under live conditions, BEFORE asking.:banghead:o_O:caution:)

    TIA
     
    Last edited: Aug 16, 2020