Introduction to TWS Order Types

Now that you have opened a trading account, you may want to buy or sell some stocks or other assets. This course will explain Order Types and the way they help you create orders to suit the way you trade.

This lesson explains the trade-off between a Limit and Market order. It also demonstrates the creation of Market orders using TWS Mosaic.

This lesson explains the uses of the Limit Order type using TWS Mosaic. Investors can set a minimum desired price to sell, or a maximum desired price to pay when creating orders.

The Good-Til-Cancelled order type enables users to create stop loss or profit-taking orders using the GTC time-in-force. That means users can place and monitor orders well away from the market infrequently rather than having to repeat the process. This lesson explains how to set up and monitor GTC orders using TWS Mosaic.

Bracket orders are designed to help limit your loss and lock in a profit by "bracketing" an order with two opposite-side orders.

This lesson will show you the Mosaic MidPrice order which is designed to split the difference between the bid and ask prices and fill at the current midpoint of the National Best Bid and Offer – the NBBO – or better.

TWS users may create several orders simultaneously and group them together. The software can then be programmed to respond automatically with cancellation instructions when one piece of the order starts to fill. This lesson demonstrates the creation of the One-Cancels-All order type in Mosaic.

The Relative order type enables investors to use an offset amount to make their orders more aggressive than the prevailing NBBO in the market. This lesson explains how to set up such orders in TWS Mosaic and illustrates why such orders stand a greater chance of being filled.

Stop orders may help investors protect profits and cut losses. This lesson helps distinguish between Stop and Stop Limit Order types in TWS Mosaic.

A Trailing Stop order is available for U.S and certain Non-US Products on the Pro platform. Accessible through both Mosaic, Classic TWS, and Mobile.

A Hidden order attribute is available for U.S and Non-US products on the Pro platform. Accessible through both Mosaic, Classic TWS, and Mobile.

An All-Or-None order is available for U.S Stocks and Options on the Pro platform. Accessible through both Mosaic and Classic TWS.

A Snap to Market order is available for U.S Stocks, Options, and Futures on the Pro platform. Accessible through both Mosaic and Classic TWS.

A Trailing Stop Limit order is available for U.S and certain Non-US Products on the Pro platform. Accessible through both Mosaic, Classic TWS, and Mobile.

A Snap to Midpoint order is available for U.S Stocks, Options, and Futures on the Pro platform. Accessible through both Mosaic and Classic TWS.

A Snap to Primary order is available for U.S Stocks, Options, and Futures on the Pro platform. Accessible through both Mosaic and Classic TWS.

Conditional orders are available for available for US and certain Non-US Products on the Pro platform. Accessible through both Mosaic and Classic TWS.

When trading a stock in a different currency then your base unit, you can attach an FX order to convert the base currency into the contract currency and cover the cost of the trade. This feature is available in both Mosaic and Classic TWS.

An investor can choose which exchange to directly route an order to through the IBKR (Interactive Brokers) Trader Workstation (TWS) Mosaic Screen.

An investor can choose which exchange to directly route an order to through the Interactive Brokers (IBKR) Trader Workstation (TWS) Classic TWS screen.

Interactive Brokers’ (IBKR) IBUSOPT allows the investor to rest liquidity adding orders option orders and interact with other IBKR investors who send marketable orders.