I got an email from IBKR today saying I should "Consider placing split spread orders". I use MidPrice orders exclusively, is that what they are talking about or am I confused?
Go to Account Management. Left hand menu-> Settings- Manage Subscriptions. Select Subscribe to Google. Click, OK. https://www.interactivebrokers.eu/e... refers to any,may also earn exchange rebates.
When you select Mid-Price from the TWS drop down, the system locks on to an absolute price according to the current B/A. If it takes you a couple of seconds to click submit and the B/A has moved away, you are still locked into the absolute price although the relative Mid-Price has moved. By selecting the Adaptive Algo, it will find the relative "mid" when you click submit as shown on the first animation. In fact the choices are: bid +20% , bid +30%, mid, ask -30%, ask -20%. Cool. Now, I know how to capture a half-nickel increment. Gravy.
It seems the algo only adjusts to become more and more agressive until filled. I would prefer the algo to move up and down with the market. "If it doesn't fill, it is resubmitted at a slightly more aggressive price. It continues this pattern of "wait and move" within the spread until it fills, is canceled, or hits the limit price cap/floor."