The question was about StopLimit (wide band) and Stop orders used for stop loss. -> My mistake in the latest message (edited)
Currently I think it is the very same FIFO queue where the StopLimit and Stop orders are sitting. When the stop price is traded then this queue is checked in the first in first out basis .
CME GCC replied and there is no difference. Timestamps are the key in here ie. FIFO in the whole system. I just have to remember that if I update quantity, price, or customer id the order will be updated by a new timestamp ie. rescheduled.
Also remember to take into account how the order is held at the broker. Some "stops" are simulated by holding them at the broker, then sent to the exchange. It is instrument-exchange specific. BTW: IB says it is 250ms to get from their servers to the exchange. Generic, I know but, still about an additional amount of time of about a mouse click.
This is correct. Just check what order types the exchange natively supports and you're just fine. But of course it's up to your strategy what types you need and can you use exchange supported. IB's platform is very slow. I like TT.
Keep in mind, if you trade CME or ICE products, those exchanges *automatically* add a Stop-Limit X-points out from your regular Stop, whether you like it or not. https://www.cmegroup.com/education/protection-functionality-for-market-and-stop-orders.html
FALSE. That is only if you enter a stop or market order w/ protection. The standard joe shmoe trader does not use that order type.
It depends on the order type. There is two types of stops, and only one used the protection value. So it's optional.