Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: brec who wrote (8306)	5/6/2000 1:44:00 PM
From: OZ	Read Replies (1) \| Respond to of 18137

Using MB Trading's version of RTIII, the IOC option appears under "Expiration" (Day, Day+, GTC, and IOC). Thanks for reminding me of the RealTick III expiration choices; since I too always use Day, I had forgotten about the interface for the alternatives. Someone on the trading desk at MB Trading and also someone at Island told me on Friday that the balance shouldn't cancel in the instances at issue unless the order was specified by the user to be IOC; Sounds like your DD is getting you close. Glad to hear the MB desk and Island agree with what I said. Did not what to get pelted with stones. Here is another clue/hint. On 2 of the platforms I have used, the software allowed the expirations to be set by the type of order. It is not enough to have a global setting for all methods of execution. I could even set the minutes to keep the order open (this of course was a software override) of a day order. I think your orders are going out IOC on Island and your software is incorrectly giving you the cross/lock message. I suspect your DAY setting is working for SOES and SNET only. A global setting just cannot override the logic used in an Island type 00000 IOC order and turn it into a 99998 Market day order. They just simply are what they are and need to be assigned to a button/key independently (if software allows). IOW OTC NASDAQ orders are sent as what they are with expiration instructions attached to them i.e. market/day. Island orders, on the other hand, are hard coded individually as to the type of order/instructions they represent. Incidently, I do not use IOC on BTRD, INCA, ARCA or REDI. Therefore I frequently end up on the bid/offer as one of them (I have direct access to each). For those that want to see the types of Island orders, here is a link: island.com Good luck, OZ

To: brec who wrote (8306)	5/6/2000 2:41:00 PM
From: johnsto1	Read Replies (1) \| Respond to of 18137

IOC-what does this stand for,thanks

To: brec who wrote (8306)	5/8/2000 12:23:00 PM
From: brec	Read Replies (1) \| Respond to of 18137

[The question being discussed is why (or indeed if) Island cancels the balance of an order which hits/lifts the inside bid/offer and reports "would lock/cross," even when it would NOT lock cross because the previous bid/offer was alone at the inside. It is stipulated that the order is a day order during normal market hours, not subscriber-only, and not invisible.] Today I had another partial cancellation and thus was able to provide a specific instance that the Island folks could look at. The answer: When the order comes in, the Island system sees that it is against the inside quote and thus (prior to execution) would lock the market; because of that Island changes the order from Day to IOC. Therefore after the partial execution the balance is cancelled. In sum, my original hypothesis seems to have been correct: the Island software isn't "smart" enough to recognize the special case of ISLD being alone at the inside quote.