From IB: they have implemented the new Globex native order types: "market with protection and market to limit orders" Can anyone explain what these are and how they might be used appropriately?
I also saw in the email where they said there is 24/5 support for globex with no restart. Does this mean they will not be shutting tws down at midnight anymore?
Market Order: Market Orders at CME® are implemented using a "Market With Protection" approach. Unlike a conventional "Market" order, where customers are at risk of having their orders filled at extreme prices, "Market With Protection" allows the order to be filled within a pre-defined range of prices (Protected Range). The Protected Range is typically the current best bid or offer, plus/minus the "no bust range" for that instrument. If the entire order cannot be filled within the protected range, the unfilled quantity becomes a Limit Order at the limit of the Protected Range. Market-Limit: A Market-Limit Order immediately executes as much as possible at the best available price. If the entire quantity cannot be filled at the best opposite price, the unfilled quantity remains in the market as a Limit Order at that opposite price. www.cme.com/get/abtglx/enterorder987.html
Maybe in near future, because on a reply in another post I have read from IB staff that for the Forex IB will modify the system for to keep the up in anytime, this could be do for other product at the same moment if they want to do it.
ES: 6 points NQ: 20 points See PDF file "Understanding Price Banding": www.cme.com/clr/clring/tradeprac/priceband/equity1484.html But watch out, they modify that "Protected Range" from time to time: http://www.cme.com/clr/advntc/GLOBEX/6650.html