Order Entry Window Overview

When placing Discretionary order, type the discretionary price into this field. The discretionary price must be better than the posted price (higher bid or lower offer). Click here for more information on Discretionary orders.

A Discretionary order allows you to enter a hidden price component, known as the discretionary price, to improve the chances of getting a fill in a fast moving market. The discretionary price must be better than the posted price (higher bid or lower offer). The order will be posted at your initial price and filled at that price if possible. If other orders are posted at a better price, they will be filled first. If the market starts to move and an order comes in above your posted price (but below or at your discretionary price), your order will have the flexibility to move with the market. Discretionary orders can be placed on the ARCA exchange.

A Discretionary order can also be used in an illiquid market. For example, if a stock is showing a bid of 4.00 and an ask of 4.20, you can use a discretionary order to show 4.05 with a discretionary price up to 4.15. If someone comes in at that price you can be filled without changing your order.

A discretionary order is a limit order that includes a discretionary price to expand within a pre-selected price range in which the order is eligible for execution.

In a Buy order the discretionary amount is added to the limit price.
In a Sell order the discretionary amount is subtracted from the limit price.

Field Name	Description
Account drop-down list	The account used to make current trades.
Calendar Control	When placing GTD orders, use the calendar control to select the last day the order will remain live
Symbol field	The symbol for the security you want to trade.
Quantity field	The number of shares you want to trade
Order Fill drop-down list	The method you want to use to fulfill the order. Valid values are: PART - Accept partial fills AON - All or None
Price Type drop-down list	The type and amount of the order's price. Valid price types are: LMT - Limit Order MKT - Market Order MOC - Market On Close STP MKT - Stop Market Order STP LMT - Stop Limit Order TRL STP - Trailing Stop PEG BID (Pegged Bid) Orders will peg to the same side of the NBBO (i.e a buy order at the bid and a sell order at the offer) PEG MID (Mid Pegged Order) Mid-Peg will peg an order to the mid-point of the NBBO PEG ASK (Pegged Ask Order) PEG BID LMT (Pegged Bid Limit Order) PEG MID LMT (Pegged Mid Limit Order) PEG ASK LMT (Pegged Ask Limit Order)
Limit Amount field	The specific price at which you want an action to be taken.
Stop Price field	Type the stop price for the order. NOTE: This field is only available when placing Stop Market and Stop Limit orders.
Trailing Delta field	Type the trailing amount for Trailing Stop orders. NOTE: This field is available for Trailing Stop orders only.
Order Indicators	Indicate which order options are enabled: C = Convert Intention P = Use Position A = Place Proactive Orders H = Hide Orders if possible. This option only works with some exchanges.
Time In Force field	Specifies how long the order will be valid. Valid values are: DAY - Good for the Day GTC - Good Till Cancelled GTD - Good Till Day IOC - Immediate or Cancel: Any portion of an order that is NOT immediately filled is cancelled. OPG - Use OPG to send a market on open (MOO) or limit on open (LOO) order. Currently these order types are only supported for equities traded on AMEX and NYSE. RLD - Reloaded. A NYSE order that is time enforced and canceled and replaced.
Preference options:
Preference check box	Used in combination with the Preference field. When checked, indicates whether you would like to preference the order to a particular market maker or ECN. If you created the order from a Level 2 view, the ECN or the market maker on the row you clicked appears in the Preference box. You can use this entry or type over it once the Use check box is selected.
Preference field	Type the market maker ID or ECN you would like for the system to default to.
Purchase Type option buttons:
Buy option button	Click to place a buy order.
Sell option button	Click to place a sell order.
Short option button	Click to place a short order.
Cover option button	Click to place a cover order.
Exchange buttons: NOTE: Not all possible exchange options are listed here. The Order Entry window Exchange buttons on your system may appear different than in the previous graphic. Ultimate Trader will only list exchanges you are allowed to use.
Auto button	Click this button to place an order using the best available exchange.
ISLD button	routes orders to the Instinet ECN.
SNET button	Routes orders to the SelectNet system, NASDAQ's market maker-to-market maker execution system.
SOES button	Routes orders to the NASDAQ Market Maker System, sometimes referred to as the Small Order Execution System (SOES).
ARCA button	Routes orders to the Archipelago ECN.
BRUT button	Routes order to the Brut Electronic Investment Services
BTRD button	Routes orders to the Bloomberg Electronic Communications Network
INCA button	Routes orders to the Instinet Electronic Communications Network
NX button	When orders are routed to SuperDOT, one of the options that may be specified on an order is ^NX. which indicates that the order should be subrouted to NYSE DirectPlus. This allows you to enter NX limit orders of 1099 shares or less for automatic execution off the NYSE bid or offer.
RTE1 button	Routes orders to the default ECN network.
Additional Full Mode View Options
Discretion check box	Used in combination with the Discretionary Amount field when placing Discretionary orders. Click the check box so that a check mark appears to enable the Discretionary Amount field.
Discretionary Amount field	When placing Discretionary order, type the discretionary price into this field. The discretionary price must be better than the posted price (higher bid or lower offer). Click here for more information on Discretionary orders. A Discretionary order allows you to enter a hidden price component, known as the discretionary price, to improve the chances of getting a fill in a fast moving market. The discretionary price must be better than the posted price (higher bid or lower offer). The order will be posted at your initial price and filled at that price if possible. If other orders are posted at a better price, they will be filled first. If the market starts to move and an order comes in above your posted price (but below or at your discretionary price), your order will have the flexibility to move with the market. Discretionary orders can be placed on the ARCA exchange. A Discretionary order can also be used in an illiquid market. For example, if a stock is showing a bid of 4.00 and an ask of 4.20, you can use a discretionary order to show 4.05 with a discretionary price up to 4.15. If someone comes in at that price you can be filled without changing your order. A discretionary order is a limit order that includes a discretionary price to expand within a pre-selected price range in which the order is eligible for execution. In a Buy order the discretionary amount is added to the limit price. In a Sell order the discretionary amount is subtracted from the limit price.
Display Quantity check box	Used in combination with the Display Quantity field when placing Reserve orders. Click the check box so that a check mark appears to enable the Display Quantity field.
Display Quantity field	Type the amount of a Reserve order that you would like displayed to the market. Click here for more information on Reserved orders. A Reserved order hides your total order size so that you do not pay a higher price because you are buying a large volume of shares. A reserve order appears as a series of smaller orders instead of a single large order. For example, you can place a reserve order to show 1,000 shares and hide your “reserve” amount (true size) of 10,000 shares. After the first 1,000 shares are executed, the order will be replenished until either the entire “reserve” amount (10,000 shares) is filled or the order is cancelled. If a matching order is preferenced on ARCA, the order will be matched against the entire reserve amount (10,000 shares). Market orders are not accepted, however, reserve orders can be used with discretionary or stop limit orders. Reserve orders can be placed on Instinet and Arca exchanges.
Min. Quantity check box	Used in combination with the Minimum Quantity field when placing Reserve orders. Click the check box so that a check mark appears to enable the Minimum Quantity field.
Minimum Quantity field	Type the amount used to replenish additional orders when placing Reserve orders. Click here for more information on Reserved orders. A Reserved order hides your total order size so that you do not pay a higher price because you are buying a large volume of shares. A reserve order appears as a series of smaller orders instead of a single large order. For example, you can place a reserve order to show 1,000 shares and hide your “reserve” amount (true size) of 10,000 shares. After the first 1,000 shares are executed, the order will be replenished until either the entire “reserve” amount (10,000 shares) is filled or the order is cancelled. If a matching order is preferenced on ARCA, the order will be matched against the entire reserve amount (10,000 shares). Market orders are not accepted, however, reserve orders can be used with discretionary or stop limit orders. Reserve orders can be placed on Instinet and Arca exchanges.
Proactive check box	When enabled, orders are sent to a selected ECN and filled from their book, any remaining shares are then routed by the ECN to other destinations.
Hide check box	When enabled, the system will attempt to hide orders that are placed. Not all exchanges support hidden order.