The Dark Ice algo is similar to an iceberg or reserve order, as it allows the user to specify a display size different from the order size, which is shown in the market. Additionally, the algo randomized the display size +/- 50%, and based on the calculated probability of the price moving favorably, it decides whether to place the order at the limit price or one tick lower than the current offer for buy orders and one tick higher than the current bid for sell orders.
To create a Dark Ice algo
Set up the order in the Mosaic Order Entry panel.
From the LMT type field, select IBALGO and then select Dark Ice.
Complete the algo parameters and click Submit to send the order.
- Display Size - enter a size that you want displayed to the market. Note that the algo will randomize the size by 50% on either side.
- Start time/End time - change the default times at which the submitted order will start to work and be can celled using the Start/End Time fields. The End Time supersedes the time in force. Note that the algo will stop at the designated end time regardless of whether the entire quantity has filled unless you check Allow trading past end time.
- Allow trading past end time - if checked, the algo will attempt completion by the specified end time, but will continue to work past the end time to execute any unfilled portion. This feature only applies when an End Time has been specified.
For more information on Dark Ice Algo, please click here.