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Stop with Protection Order

A Stop with Protection order combines the functionality of a stop limit order with a market with protection order. The order is set to trigger at a specified stop price. When the stop price is penetrated, the order is triggered as a market with protection order, which means that it will fill within a specified protected price range equal to the trigger price +/- the exchange-defined protection point range. Any portion of the order that does not fill within this protected range is submitted as a limit order at the exchange-defined trigger price +/- the protection points. Note, as the Stop with Protection order type is a simulated order type and thus handled on a best efforts basis, it is possible no execution may occur in the event the market price immediately moves away from the trigger price.

Notes:

The Reference Table to the upper right provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.


Products Availability Routing TWS
Futures US Products Smart Attribute
Non-US Products Directed Order Type
Time in Force
View Supported Exchanges|Open Users' Guide
Stop with Protection Buy Order

Order Type In Depth - Stop with Protection Buy Order

Step 1 – Create the Order

Place an order to buy 3 Dec 2011 Globex futures contracts with a current market price of 1206.00 – 1206.25. Select STP PRT from the Type field.

Assumptions
Action BUY
Qty 3
Order Type STP PRT
Market Price 1206.00 – 1206.25
Stop Price 1206.75
Globex-defined Limit Price
(Trigger + Protection Points)
1209.75

Step 2 – Set the Stop Trigger Price

In the Stop Price field, set the stop trigger price to 1206.75 and transmit the order. Note that the trigger price for the buy order must be greater than the last traded price for the instrument.


Step 3 – Order Transmitted

Once the instrument trades at the Stop Price, your order triggers and will fill within the protected range as defined by Globex. Any portion of the order that does not fill is re-submitted as a limit order at the Globex-defined limit price (Stop Price + Protection Points).

Assumptions
Action BUY
Qty 3
Order Type STP PRT
Market Price 1206.00 – 1206.25
Stop Price 1206.75
Globex-defined Limit Price 1209.75

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