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

To: OZ who wrote (8320)	5/6/2000 5:13:00 PM
From: brec	Respond to of 18137

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. I guess I don't understand why RealTick III can't be doing what it's supposed to be doing, i.e., putting a 99998 or 99999 in the Island order time-in-force field when I specify "Day." Also, as I mentioned previously, I don't understand how, if all my Island orders are going out as IOC (00000 in time-in-force), I can put non-marketable orders on the Island book -- which of course I can do. After all, as described by Island at the site you noted, "IOC orders will scan against the existing Island book and any portion of the order not immediately executed will be cancelled." The description doesn't say anything about whether the order is marketable (at least partially executable against the inside quote) or not.