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Box Top Orders

 
 

  
 
Products Availability Routing TWS
Options           US Products Smart         Attribute           
  Non-US Products      Directed      Order Type        
        Time in Force
Valid only for option orders routed to BOX.

 

Open Users' Guide

A Box Top order executes as a market order at the current best price. If the order is only partially filled, the remainder is submitted as a limit order with the limit price equal to the price at which the filled portion of the order executed.

 
 

 

Example

 

Order Type In Depth - Box Top Buy Order

 

 

 

 

 

Step 1 – Enter a Box Top Order

 

The JAN11 130 XYZ call is currently trading at $6.00 - $6.05. You create a market order to buy three contracts, select BOX as the Destination and BOX TOP in the Type field. The word MARKET appears in the Lmt Price field to indicate that you are willing to buy at the current market price. You transmit the order. 

A Box Top order executes as a market order at the current best price. If the order is only partially filled, the remainder is submitted as a Limit order with the Limit Price equal to the price at which the filled portion of the order executed.

Assumptions
Action BUY
Qty 3
Order Type BOX TOP
Destination BOX
Market Price 6.00 – 6.05
Limit Price MARKET (Current Market Price)
 
 
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    Step 2 – Order Transmitted and Partially Filled as a Market Order

    You've transmitted your Box Top order, and the order is partially filled as a Market order; you buy two contracts at $6.05, the best market price. The remainder of the order, one contract, is canceled and immediately re-submitted as a limit order with the Limit Price automatically set to $6.05. The Limit Price is the price at which the filled portion of the order executed.

    Assumptions
    Action BUY
    Qty 3
    Order Type BOX TOP > LMT
    Market Price 6.05
    Limit Price 6.05
     
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    Step 3 – The Remainder of the Order is Submitted as a Limit Order

    The canceled portion of your order, a single contract for a JAN11 130 XYZ call, has been resubmitted as a Limit order with the Limit Price set to $6.05, which is the price at which the market order portion of the order was filled. The contract becomes available at the Limit Price, and the order is filled at that price, completing your entire order for three contracts.

    Assumptions
    Action BUY
    Qty 1 (2 already filled)
    Order Type LMT
    Market Price 6.05
    Limit Price 6.05
     
     
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Note: Any stock or option symbols displayed are for illustrative purposes only and are not intended to portray a recommendation.

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