Suppose a stock is quoted at 32.20 by 32.40 and I place an order to buy at 32.21. Now I'm the best bid. Is there an order that will allow me to specify that if someone comes in a penny better at 32.22 then my order will be increased to 32.23 and will continue to be increased by a penny up to some limit that I choose, say 32.31? I am a user of IB and I've looked through their 50+ order types but I can't seem to find anything that does this. I would have thot that some sort of PEG order would do the trick. Any suggestions? TIA
IB guys/gals: do you see internal liquidity versus external liquidity? IB crosses orders first internally (via Timber Hill) then it sends outside. When you look at L2 and T&S can you tell if your order will be/was crossed or sent outside? OP, sorry to jack your post, semi relavent material though.
I've played that game a bit before with relative orders. Let's say it's 32.20 x 32.40 You do the relative order for 32.21 bid, incrementing by 1 cent. A few seconds later some BOT bids 32.22 Your relative order changes to 32.23 The BOT comes back with 32.24 A few seconds later you're at 32.40 & buying at market. As soon as your order is filled, price again goes to 32.20 x 32.40! I say oh, fuck this bullshit! I don't trade crap like this in a long time.
Thanks for the pointer. that will do the trick as long as there's an ability to set a price limit. Otherwise, NG. Not a problem at all That WOULD be a problem