In PP, what's the best way to use a market order that hits as many ECNs as possible? My office by default has market orders set to specific ECNs. IE. Brut, Arca, Island FOK. There is a SIZE key too but it has to be crossed and sometimes that is too slow.
If you talking NYSE then ARCA market hits everything. I believe the route is something like ARCA-ECN's-Regionals-ISI. Midwest is a slow fill and BOSX is auto ex basically when hitting regionals. The problem with it to me is if your trying to get out at on the offer and you miss all the ecn's, it routes to ISI and you can have many cent slippage instead of just using your other keys to cross up and hit ecn's on the next cent, so be aware.
I will just post on behalf of Nasdaq. If you want to hit all the ECNs, use SIZE. If I am totally desperate and need to get out, I just cross down or up by a few pennies with my SIZE bid/offer key, and you just get filled on the best prices available until you're filled.
Thanks for the quick replies I'm talking about Nasdaq. Sorry for not mentioning that earlier. With SIZE there's also an option for routing. What difference would using routing make? As for NYSE, some of the guys I work with tried trading it (my office is all nasdaq) and they weren't use to not having size around. If only they knew what you just mentioned, Szeven.
I was told that the arca market hits everything too but for some reason my arca market never fills on cincinatti, midwest or boston, the only reason Id even think about this is when im trying to get short when the offer crosses the bid, and midwest or something stupid is crossedI try to take the shares because the stock is on its way down and there is no way im going to get filled on the offer through the specialist, does arca routed route to regionals?
arca market has great fills in cinci and bosx... mwse is a joke... try the arca routed bid / arca routed offer guys... they are way better than using a market order... arca routed bid/offer is great for nasdaq also... esp. when arca has the bulk of shares... mnx
my arca routed for some reason always has trouble cancelling, also have you been having and problems with the new chart ware?? I have to say that might be the biggest piece of shit ive ever used in my life, any time you try to use 5 min candles on stocks with lots of volatility it just freezes, any solutions to this?
I still use the Alphatrade charts, but if you were into spending the cash you could always get esignal. I would think the charts are just like any swifttrade thing, in progress.