I'm relatively new to trading and just started using the TWS platform. I noticed that when I place limit and IBALGO orders, it takes quiet awhile in order for my orders to be filled. I get frustrated since the price moves so quickly during opening and I end up cancelling my order and just placing a market order. Just wondering what seasoned traders use to get the best fill? Is there a better broker you use? I know you can direct your orders directly to certain ECN's instead of the SMART route...is that faster way to get your order filled? I've heard of marketable stop orders but don't know how to execute this... any advice would be appreciated! Thanks!
My experience has been that IBs OPG market order is efficient at the open, using Smart. Anything at the open involving stops or limits can leave you without a fill. So if getting in is important to you, try OPG, then later check it against other data sources to confirm you are getting a decent price.
There is a screen to configure the way you prefer your orders to be treated. https://ibkrguides.com/tws/usersguidebook/configuretws/configure smartrouting.htm
I didn't know there was such thing as OPG market orders.. is that under advanced section of the order? I'm just wondering how you know which ECN to direct your order to? Will you have to research individual stock to know which exchange it's a part of?
SNAPMID on liquid options works fine. It freezes the mid value the moment you send the order ; plus, you can add an offset, meaning ''ok IB, I'm fine getting filled at mid + offset'') . This mid value is not visible in the order ticket , transmitted and waiting to get filled. Specifically about orders you wish to place at the open : just a few cents of dip in price will ensure you a fill, even if usually fills at 9:30:00 (in liquid options). There's also a not-freezing mid price order : PEGMID. It means if price drops, mid follows. Try both, let us know.