Define Order Preset Value

Timing and Size Settings

Define default values for time in force and trading hours, order quantity, size increment used in the size wand and more.

Field Name	Description	Notes
Time in Force	The time in force determines how long the order will remain working at its destination.
Start Time/End Time	Enter date only, time only, or date and time in one or both fields.
Allow order to be activated, triggered or filled outside of regular trading hours	If unchecked, trading hours are determined by the opening/closing times of the order destination, stop orders will not trigger outside of regular trading hours.	Please note that the Fill During RTH feature may not be available for particular products that are not listed on an exchange. Clients are solely responsible for ensuring that this parameter is available for the product involved. May not be available for IOC, At-the-Open (MOO and LOO), FOK, MOC or LOC orders.
Allow order to be routed and executed during pre-open session.	Check to allow orders to participate in the pre-open session from 4:00 - 8:00 am.	Can be applied to orders set for Regular Trading Hours only.
Ignore opening auction	Check to ignore the opening auction which takes place at the open.
Quantity	Choose the unit (shares, contracts) to specify a default order quantity. Choose Amount to calculate the quantity based on the default amount. The Amount is assumed to be in the currency of the traded asset; no currency conversion is done. Choose Available Amount to base the quantity on the available bid or ask size.
Display Size	The default amount that will be displayed for Iceberg orders.
Size Increment	The interval by which the order size increase/decrease is displayed when using the size wand, or the amount by which the quantity will increase/decrease when using the hotkeys.
BookTrader Quantity Multiples	Enter a comma-delimited list of values that will be used to multiply the default order size for BookTrader orders.	You must activate this feature from the Configure menu in BookTrader.
Use closing position size if possible	When checked, if you hold a position in the asset, the system will create the order equal to the quantity of your open position on the assumption that you want to close out your position. If you hold no position, the system will use the default order size.
Use cumulative size for market depth	If checked, when you create an order from any line in the aggregated Market Depth window, the order size is set to the total cumulative size x 100. Otherwise, the order size will be equal to the default order quantity.

Primary Order Settings

The primary order is also called the parent order. Values you set will be used when you select the associated order type, for example, the Stop Price value will only be used if you select Stop as the order type. Based on the settings below, the default order type is a LIMIT order.

Field Name	Description	Notes
Values entered are for buy orders and will be flipped for sell orders.	Relevant properties will be inverted for sell orders.	NOTE: This feature can only be turned off in the user-defined named presets.
Order Type	The default order type that will be used any time you create an order using this preset.
Limit price	The value used for the default limit price, if your order uses a limit price. Pick from Bid, Ask, Last or Bid/Ask Midpoint.	Use the +/- offset field to enter an offset amount, percentage or ticks that will be added to/subtracted from the price. Note that you can enter a positive or negative value.
Stop Price	The value used for the default stop price. Pick from Bid, Ask, Last or Bid/Ask Midpoint. This value is used if the default order type is a stop order, and also if the default order type is not a stop order, but in the order line you elect to change the order type to a Stop order.	Use the +/- offset field to enter an offset amount, percentage or ticks that will be added to/subtracted from the price. Note that you can enter a positive or negative value.
Stop-limit price	The value used to determine the limit price in a stop limit order. Pick from Bid, Ask, Last or Bid/Ask Midpoint.	The value used to determine the limit price in a stop limit order. Pick from Bid, Ask, Last or Bid/Ask Midpoint.
Offset Amount	The offset amount used for Relative and RPI (Retail Price Improvement) orders. This amount will be added to the best bid (for a buy order) and subtracted from the best ask (for a sell order) to create the limit price at which the order will be submitted.
Relative limit price	The value used to calculate the starting price for a Relative order. Choose from Bid, Ask, Last, Bid/Ask Midpoint or None. If you choose None, the price defaults to the Bid price for Sell, and the Ask price for a Buy.
Trailing amount	The trailing value used for a trailing stop order.
Touched trigger	Value used to calculate the Trigger Price for Limit if Touched and Market if Touched orders. Pick from Bid, Ask, Last or Bid/Ask Midpoint.
Discretionary Amt.	The default value that will be applied when you use the discretionary order attribute.

Scale and Adjusted Stop Fields

These fields show only for named presets and apply to the primary order.

Field Name	Description	Notes
Initial Component Size	Set a default size for the initial component of a scale order.
Price Increment	The incremental amount by which the price of each successive component will change.
Subsequent Component Size	Set the component size for all remaining order components of the scale order.	Leave blank to use the Initial Component Size for all components.
Profit-taker	Define the amount that will be added to/subtracted from the last filled component price for the opposite side profit order.
Restore size after taking profit	Check to have the size of the order restored at a specific price level after the profit order fills.
Adjusted order type	When you select an adjusted order type, the stop order you're adjusting will not trigger when the stop price is hit. Instead, it will be changed to this order type, and use the other parameters below. Select one of the stop order types. When your current stop price is penetrated, it will change to this order type and use the instructions you set in the following fields.
Adjusted stop price	When the trigger price is hit, the adjusted stop price is implemented for the new order.
Adjusted stop limit price	Used for Stop Limit and Trailing Stop Limit orders. This value will be the limit price of the order if it is triggered and submitted.
Adjusted trailing amount	Used for Trailing Stop and Trailing Stop Limit orders. This value will replace the original trailing amount if the adjusted order is triggered.

Target Order (Profit-taker) Settings

The target order fields are linked to the parent or Primary order, and will not be available if you elect a scale primary order with Restore size after taking profit enabled.

Note: You must enter these values as if the parent order were a Buy order. In the case that the parent order is a sell, the values will automatically be flipped.

Field Name	Description	Notes
Order Type	The order type for the child profit-taking order.	If you select None no target order will be created.
Limit Price	The limit price for the profit taker.	Select Parent order to create a target price equal to the price of the parent order +/- a defined offset amount or percent.
Apply offset to parent	If you elect to apply the offset to the parent order price, check to have the offset applied to the actual fill price of the parent order.
Offset Amount	If the Relative or RPI (Retail Price Improvement) order type is selected, defines the offset amount.
Initial Component Size	Set a default size for the initial component of a scale order.
Price Increment	The incremental amount by which the price of each successive component will change.
Subsequent Component Size	Set the component size for all remaining order components of the scale order.	Leave blank to use the Initial Component Size for all components.

Attached Stop Order Settings

The attached stop fields are related to the parent order.

Field Name	Description	Notes
Order Type	The order type for the attached child order.	If you select None no attached order will be created.
Stop Price	The stop trigger price for the attached stop order.	Select Parent order to create a stop price equal to the price of the parent order +/- a defined offset amount or percent.
Stop-limit Price	The limit price at which the attached order will be submitted when triggered.	Only used if the order is a stop limit or trailing stop limit order type.
Trailing Amount	If the order is a trailing order, this value represents the amount by which the order will trail the market price.	The order trails in only one direction.

Attached Stop Order Fields

Field Name	Description
Adjusted Trigger Price	The trigger price that triggers adjustments to the existing stop order.
Adjusted Stop Price	The adjusted stop trigger price for the order.
Adjusted Stop Limit Price	The adjusted limit price at which the order will be submitted.
Adjusted Trailing Amount	The new trailing amount which defines the amount by which the order will now trail the market price.

Miscellaneous Defaults

Define defaults to be used for all sub-presets (i.e. stocks, options, specific symbols etc) that you don't set.

Field	Description	Notes
Trigger Method	The trigger method is used to trigger Stop, Stop Limit, Trailing Stop and Trailing Stop Limit orders.	You can Modify the Stop Trigger Method.
Open/Close	Identifies the default action to either open or close a position.	For non-cleared clients.
Order Ref.	A user-controlled field to identify orders.	This setting will be overridden by the page level setting.
Clearing Acct	Select the clearing account.	For non-cleared clients.
Order Origin	Defines the origin of your order in relation to the market.
ISE Order Type	The Standard order is completely anonymous. The SOI order broadcasts the symbol to other ISE MPM members and may get execution priority.
Post only	If checked, when there is non-displayed liquidity at the same price point, the order price is adjusted low (for a buy) or higher (for a sell) by one penny to avoid taking that liquidity. If the order comes in at a price higher (for a buy) or lower (for a sell) than an order already sitting on the book, it becomes an IOC (immediate-or-cancel) order at the better price.	For smart-routed US stocks and options.
Prefer SMART	If checked, TWS will SMART route all orders if Smart-routing is available, regardless of the routing selection defined for the ticker.
No default destination	If checked, all orders using this preset will be created with a blank default routing destination.
Consider cost when routing	If checked, Smart routing will consider the total cost of executing the order, including commissions and other fees, when deciding where to route the order. If unchecked, only the exchange price is considered.	For smart-routed European stocks.
Hidden	Check to hide the entire order quantity from the market.
Auto-cancel parent	For orders with a parent-child pair, check to have the parent order canceled when the child order is canceled.

OCA Group Defaults

Use the One-Cancels-All order attribute to work related orders in conjunction with one another.

If one order in group is partially filled, other orders should be...

Reduced in size: Reduces the quantity of other orders in the group by the partially filled quantity of the order. Please note that using this option without overfill protection may likely result in multiple orders being routed to an exchange. This may result in an overfill, or in a rejection in the case of multiple sell orders where one is tagged as "short sale."
Reduced in size with Overfill Protection: Designed to reduce quantity of other orders in the group by the partially-filled quantity of the order, and specifies that only one order at a time will be submitted to an exchange to avoid multiple orders filling (overfill).
Cancelled: All orders in the group will be canceled. When selected, "overfill protection" is automatically enabled to prevent an overfill.

Define Precautionary Settings

Precautionary values are used by the system as safety checks. If you submit an order that violates any of these custom settings, you will have to confirm your intent to transmit the order before TWS submits it.

Field Name	Description	Notes
Percentage	This option was created as a safety net to prevent you from transmitting a limit order that has a mistyped limit price. If you attempt to transmit a limit order with a price outside of this calculated percent off the market price, you will receive a message asking you to verify that you meant to enter that off-percentage price before it will transmit the order. The market price used is the price displayed in either the bid (sell) or ask (buy) field at the time you transmit the order. This option can be left blank.
Total Value Limit	If you transmit an order with a price that exceeds the total dollar amount you specify, you will receive a message informing you that the Total Value constraint has been violated, and you must confirm that you want to submit the order regardless.
Size Limit	Limits the value in the Quantity field. If you enter a higher value, you can override the default size limit by clicking Yes in the warning box.
Number of Ticks	Like the Percentage option above, number of ticks is also a safety net to prevent you from transmitting a limit order that has a mistyped limit price. If you attempt to transmit a limit order with a price outside of this calculated number of ticks off the market price, you will get a message asking you to verify that you meant to enter the off-percentage price before it will transmit the order. The market price used is the price displayed in either the bid (sell) or ask (buy) field at the time you transmit the order. This option can be left blank.
Algorithm Total Value Limit	If you transmit an algo order with a price that exceeds the total dollar amount you specify, you will receive a message informing you that the Total Value constraint has been violated, and you must confirm that you want to submit the order regardless.	Enter “0” to disable the limit. If you do not enter a value, the algo value limit defaults to the Total Value Limit (above) x 10.
Algorithm Size Limit	Limits the value in the Quantity field for algo orders. If you enter a higher value, you can override the default size limit by clicking Yes in the warning box.	Enter “0” to disable the limit. If you do not enter a value, the algo size limit defaults to the Size Limit (above)x 10.

Algorithm Settings

Choose an algo destination to use the algo order as the default order type.

Default Display Settings

Display settings change the way values are displayed on the trading window.

Field Name	Description	Notes
Multiplier	Multiplies the price by this value.
Offset	You can use this to offset a displayed price for instance for a specific futures contract. Say ES bid/ask is 1314.75/1315.00. First, select Futures in the middle pane, then click the Add button at the bottom of the column and enter ES. Enter an offset of 1300. To see how this will display, in the Test box enter 1314.75 and click the Test button. The example displays as 14.75.
Rounding	Change the default of None to Round, Nearest Valid Price or Truncate. Use the Test entry field to enter a value, can click Test to see the result.
Decimals	Overrides the default 2 decimal-place price display.
Show using italics	Displays price data italicized.
Show Reciprocal	Re-calculates the quote to 1/quote. This setting allows Asian contracts to be viewed in the familiar local format.	You can apply the reciprocal display to specific contracts using the Add button beneath the left-pane list. Select an instrument type, click Add, and enter a symbol. Highlight that symbol and click Show Reciprocal.
Test	Used to test the display changes you have made. Enter a hypothetical price value, then click the Test button. All of the Display Setting changes are applied and the result shows as the Example.

Using Presets from the Trading Window

To use a Preset order default strategy, simply select it from the Preset field in the ticker line on your trading window. To do so, please take the steps outlined below.

Right-click the row of field headings and select Customize Layout.
From the Order Presets category, select Preset and Add to the Shown Columns list.
Click the Preset drop-down from a market data line to see the preset strategies available for the selected ticker.

To associate a Preset with a Quote Monitor

This procedure assumes that you have already created the preset you want to associate. If you have not, please Create Order Presets.

Right-click the title of a page and select Settings.
In the Order Presets field, select the name of the preset to associate with the page.
Click OK.

Additional Information

Presets created at the top Presets level are available on any instrument.
Presets created at the instrument level are available only for that instrument.

Ticker level - only one preset can be created for a specific symbol, and it can only be used for that symbol. A ticker-level preset is used as the default for the symbol.

Alternatively, you can associate a preset strategy with a Quote Monitor to guarantee that all orders created on a specific page will use a specified preset.
If the page does not have the Preset column displayed, a Strategy icon appears next to any tickers that have a custom strategy applied. If no strategy icon is displayed, the ticker uses the default instrument-type set of order defaults.

Note: Existing clients: Each top level instrument strategy uses the original order defaults you defined, unless you elect to copy and paste a new set of values. The displayed value is the default strategy for that instrument or ticker; select a new strategy from the drop-down list. The list includes all global presets and all instrument-level presets. The Default is the current active strategy defined in Global Configuration. New orders will use the displayed preset strategy. If you change the strategy, the change will not apply to existing orders.

Modify the Stop Trigger Method

You can modify the trigger method for Stop, Stop Limit, Trailing Stop and Trailing Stop Limit orders on a per-order basis using the Order Ticket. You can also set the default trigger method for a strategy using the Trigger Method drop-down in the Miscellaneous section of the order Preset.

Please note that the trigger method set in TWS applies only to Stop orders that are simulated by IBKR, and may be ignored if the order is handled natively by the exchange. For more clarification on Native vs. Simulated triggers, please see the Stop Orders order page.

To change the default Trigger Method, please take the steps outlined below.

From Global Configuration, click Presets in the left pane.
In the Trigger Method dropdown list, select the preferred trigger method that will be used for all orders affected by the preset.

To modify the stop trigger method for the current order, please take the steps outlined below.

Display the Trigger Method field on the trading window.
Highlight a stop, stop-limit, trailing stop or trailing stop limit order and select a method from the Trigger Method field.

Trigger Method	Description
Default	Stocks: Unless the client modifies any of these features, the default trigger method for all stocks is the Last method, described below. Options: For US options and some USD-denominated options on European exchanges, the default trigger method is the double bid/ask method, where two consecutive ask price (bid price) values must be less than (greater than) or equal to the trigger price, and the second bid or ask must have greater size if it is at the same price level as the first bid or ask. Forex: For Forex contracts (for example EUR/USD currency pair), the default trigger method is bid/ask, where the ask price (bid price) value must be less than (greater than) or equal to the trigger price. Structured Products: For all structured products the default trigger method is "Last or Bid/Ask" as described below. Combos: For Combos, the default trigger method is bid/ask, where the ask price (bid price) value must be less than (greater than) or equal to the trigger price. Commodities: For commodities, the default trigger method is bid/ask, where the ask price (bid price) value must be less than (greater than) or equal to the trigger price. Other: For all other contracts not specified above, the default trigger method is the Last method, described below.
Last	For a buy (sell) order to be triggered: One last price value must be greater than (less than) or equal to the trigger price; and The exchange or other market center where the order is to be executed must also publish (and the system must also receive) a bid price and an ask price; and Last must be within the bid/ask (i.e. >=bid and <= ask) or within leeway percentage outside the bid/ask (i.e. >=bid-0.5% of last and <=ask+0.5% of last). This 0.5% amount of leeway is subject to change at any time without notice. With the exception of OTCBB- and Pink Sheets-listed stocks, stop and stop-limit order in US stocks will also only be triggered if the primary exchange on which the stock trades is open, is holding regular trading hours, and has a valid bid/ask quote for the stock. Regular trading hours are usually between 9:20 am - 4:00 pm Eastern Time, Monday through Friday for exchange-listed stocks. NOTE: This limitation does not apply to stop or stop-limit orders in futures contracts).
Double Last	For a buy (sell) order to be triggered: Two consecutive last price values must be greater than (less than) or equal to the trigger price; or The last price must be greater than (less than) or equal to the trigger price and the SIZE on the second last price must be an increase if the price level is the same as the first.
Bid/Ask	For a buy (sell) order to be triggered: A single bid (ask) price must be greater than (less than) or equal to the trigger price.
Double Bid/Ask	For a sell order to be triggered: Two consecutive ask prices must be less than or equal to the trigger price; or One ask price value must be less than or equal to the trigger price and the size of the second ask must be an increase if the price level is the same as the first. For a buy order to be triggered: Two consecutive bid prices must be greater than or equal to the trigger price; or One bid price value must be greater than or equal to the trigger price and the size of the second bid must be an increase if the price level is the same as the first.
Last or Bid/Ask	For a buy (sell) order to be triggered: A single bid (ask) or a single last price must be greater than (less than) or equal to the trigger price.
Mid-point	For a buy (sell) order to be triggered: A single bid (ask) or a single last price must be greater than (less than) or equal to the trigger price.

Define Order Preset Value

Instructions

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