Order Entry Montage Ticket Window Descriptions
Features in Neovest's Order Entry Montage ticket window let you specify order parameters such as account, size, order type, price, destination, minimum fill, and expiration.
The following table provides descriptions of Neovest's Order Entry Montage ticket window components. By using the following table as a guide to Neovest's Order Entry Montage ticket window, you may easily enter specific order parameters in their appropriate fields to send an order.
| Feature: | Description: |
| Ref. ID | Lets you enter or select a reference ID for a particular order.
You may either click in the "Ref. ID" box and type a reference ID, or you may click on the drop-down arrow to select a reference ID that you have previously entered and saved via the "Ref. IDs" tab in Neovest's "Order Entry Preferences" box. Reference IDs are used as identifiers to distinguish individual orders after they are sent from a Neovest Order Entry window and appear in a Neovest Account+ window. Note: For information regarding how you may enter and save personal reference IDs in the "Ref. IDs" tab in Neovest's "Order Entry Preferences" box, refer to the "Ref. IDs Tab" section in the "Orders" chapter of Neovest's Help documentation. |
| Acct (Account) | Lets you select an account for an order. |
| Symbol | Lets you enter a ticker symbol for an order. |
| Size | Lets you enter a size for an order. The default is 100, but you may change the default size via the "General" tab in the "Order Entry Preferences" window if you wish. Additionally, Neovest provides timesaving hot keys that let you enter the size of an order more efficiently. For information regarding how to utilize the "Size" field's hot keys, refer to "Note (2)" following this table. |
| Order Type | Lets you select
one of 10 different order types: "Direct+," "LMT," "LOB,"
"LOC," "MKT," "MOC," "MOO," "PEG," "SLMT," and
"STOP." Note: Each destination supports different order types; therefore, as you select different destinations, the availability of certain order types will change. The proceeding 10 rows provide descriptions of the main order types that are available to you. |
| Order Type: Direct+ | If you select Direct+ as the order type, then the order will be filled using NYSE's Direct+® automatic-execution service, which will electronically execute the order at the best bid or offer. In order to select Direct+ as the order type, the order must be a Limit order with a size of less than 1,099 shares. |
| Order Type: LMT (Limit) | If you select LMT as the order type, then the order will be filled only if the entered symbol reaches or betters the price specified in the "Limit Price" field. |
| Order
Type: LOB (Limit Or Better) |
If you select LOB (you must select ARCA as the destination for Limit Or Better to be available) as the order type, then the order will be matched first with the ARCA Book if ARCA is at the inside Limit Price. If ARCA is not at the inside Limit Price, then the order will be routed for immediate execution to a select group of market participants at the inside Limit Price. If any volume remains, the residual volume will be filled at the inside Limit Price or better with ARCA or with other market participants. |
| Order
Type: LOC (Limit On Close) |
If you select LOC as the order type, then the order will be filled as a Limit order as close as possible to the end of the current day. |
| Order Type: MKT (Market) | If you select MKT as the order type, then the order will be filled at the current market price. |
| Order
Type: MOC (Market On Close) |
If you select MOC as the order type, then the order will be filled as a Market order as close as possible to the end of the current day. |
| Order
Type: MOO (Market On Open) |
If you select MOO as the order type, then the order will be filled as a Market order as close as possible to the beginning of the current day. |
| Order Type: PEG | If you select PEG as
the order type, then various pegging order types will appear in
the "Pegging" field menu. Note: Each destination supports different order types; therefore, as you select different destinations, the availability of certain pegging order types will change. For more information, refer to the "Pegging" information in this table. |
| Order Type: SLMT (Stop Limit) | If you select SLMT as the order type, then the order will be filled only if the entered symbol reaches or betters the price specified in the "Stop Price" field but does not exceed the price specified in the "Limit Price" field. You should enter a SLMT order below the current price if you are selling and above the current price if you are buying. Sell SLMT orders are generally used to limit potential losses on long stock positions in falling markets, and buy SLMT orders are generally used to protect against an upside risk if a stock has been shorted. What differentiates a SLMT order from a STOP order specifically is the price entered in the Limit Price field, which is designed to "stop" a buy or sell order from being filled if the price of the symbol exceeds the Limit Price. Once the order reaches or betters the price specified in the Stop Price field, a Limit order will be immediately generated. |
| Order Type: STOP | If you select STOP as the order type, then the order will be filled only if the entered symbol reaches or betters the price specified in the "Stop Price" field. You should enter a STOP order below the current price if you are selling and above the current price if you are buying. Sell STOP orders are generally used to limit potential losses on long stock positions in falling markets, and buy STOP orders are generally used to protect against an upside risk if a stock has been shorted. Once the order reaches or betters the price specified in the Stop Price field, a Market order will be immediately generated. |
| Limit Price | Lets you enter the price at or below which you would like to buy the entered symbol or at or above which you would like to sell the entered symbol. Depending on the order type you select, this field may be either active or inactive. |
| Stop Price | Lets you enter a maximum Stop Price for a buy order or a minimum Stop Price for a sell order. This field only becomes active if either "STOP" or "SLMT" is selected as the order type. |
| Destination | Lets you select a destination for an order. For information on the destinations that Neovest currently supports, refer to the "Order Entry Destinations" section in the "Orders" chapter of Neovest's Help documentation. |
| Instruction | Lets you select an order instruction
to send to the selected destination. Each destination supported by
Neovest provides its own instructions; therefore, as you select different
destinations in an Order Entry ticket window, the selections
in this field will change. For information on the instructions that
Neovest currently supports, refer to the "Order
Entry Destinations" section in the "Orders" chapter
of Neovest's Help documentation. Note: Each destination supports different instruction; therefore, as you select different destinations, the availability of certain instruction will change. |
| BkrStrat (Broker Strategies) |
Lets you select a broker strategy to be used to execute your order. Note: Each destination supports different broker strategies; therefore, as you select different destinations, the availability of certain broker strategies will change. |
| Discr. Qty. (Discretionary Quantity) | Lets you specify
a Discretionary Quantity value in connection with various types of
orders. This feature is generally used to determine a discretionary
quantity in connection with the quantity specified in the "Display" field. This feature may be used differently in conjunction with different
types of orders, so for assistance with specifying a Discretionary
Quantity, refer to the descriptions of the order types that each Neovest
supported destination provides in the "Order
Entry Destinations" section in the "Orders" chapter
of Neovest's Help documentation. Note: If you enter a value in this field but do not check the box associated with this feature, your entered value will not be sent with the order. |
| Discr. Offset (Discretionary Offset) | Lets you specify
a Discretionary Offset value, which will allow an order to be filled
outside the specified limit price. For example, if you enter a Discretionary
Offset of "0.10" for an order with a limit price of $50, then the order
will display at $50, but the order is given discretion to fill up
to $50.10. Note: If you enter a value in this field but do not check the box associated with this feature, your entered value will not be sent with the order. |
| Last, Bid, Ask | Displays the last, bid, and ask prices of the entered symbol. To quickly add the last, bid, or ask quote to the Limit Price and Stop Price fields (if they are currently active), simply click directly on the last, bid, or ask quote. |
| Pegging | Lets you select
from various pegging order types. As you select different destinations
in an Order Entry ticket window, the pegging selections
in this field will change. For descriptions of the pegging order
types that each Neovest supported destination provides, refer to
the "Order Entry Destinations"
section in the "Orders" chapter of Neovest's Help
documentation. Note: A pegging order will automatically move up or down with the national best bid or offer (NBBO). This type of order positions a trader to continuously participate in a moving market without directly driving the price of a ticker symbol in a specific direction. |
| Peg Offset | Lets you specify a Peg Offset value that will cause an order to follow the best bid, offer, or midpoint price (depending on the pegging order type you select) of the entered symbol. If you specify a Peg Offset value, the order will float and display at your specified increment away from the best bid, offer, or midpoint price. |
| Display | Lets you specify
a number of shares to be displayed once an order is sent. Specifying
a Display number lets you display a lower number of shares for an
order than the actual number entered in the "Size" field.
This feature is useful when you are sending a large order and you
do not wish to influence the price of the entered ticker symbol in
either direction. Note: If you enter a value in this field but do not check the box associated with this feature, your entered value will not be sent with the order. |
| Min Fill (Minimum Fill) | Lets you determine a minimum fill amount for an order. Once you enter an amount in this field for an order, the order must meet your minimum size requirement before it is filled. |
| Expire | Lets you select
one of 13 different order expiration types: "Day," "Day+," "GTC,"
"OPG," "FOK," "IOC," "GTD," "GTW," "GTM," "GTY," "GTX," "GTT," and
"NOW." Note: Each destination supports different expiration types; therefore, as you select different destinations, the availability of certain expiration types will change. The proceeding 13 rows provide descriptions of the main expiration types that are available to you. |
| Expire: DAY | If you select DAY as the Expire type, then the order must be filled by the end of the current day or the order will be canceled. |
| Expire: DAY+ | If you select DAY+ as the Expire type, then the order must be filled by the end of the current extended trading day (how long each extended trading day is depends on the destination selected for each order) or the order will be canceled. |
| Expire: GTC (Good 'Til Cancel) | If you select GTC as the Expire type, then the order will remain active until it is filled or canceled by you. |
| Expire: OPG (Opening) | If you select OPG as the Expire type, then the order must be filled at the next market open or the order will be canceled. |
| Expire: FOK (Fill Or Kill) | If you select FOK as the Expire type, then the entire size of the order must be filled immediately or the order will be canceled. |
| Expire: IOC (Immediately Or Cancel) | If you select IOC as the Expire type, then at least a portion of the order must be filled immediately or the order will be canceled. Additionally, if IOC is selected and a portion of the order is filled immediately, then the remainder of the order will be canceled. |
| Expire: GTD (Good 'Til Date) | If you select GTD as the Expire type, then the order must be filled by a specified date (chosen by you on a pop-up calendar that appears once this feature is selected) or the order will be canceled. |
| Expire: GTW (Good 'Til Week) | If you select GTW as the Expire type, then the order must be filled by the close of the last trading day of the current week or the order will be canceled. |
| Expire: GTM (Good 'Til Month) | If you select GTM as the Expire type, then the order must be filled by the close of the last trading day of the current month or the order will be canceled. |
| Expire: GTY (Good 'Til Year) | If you select GTY as the Expire type, then the order must be filled by the close of the last trading day of the current year or the order will be canceled. |
| Expire: GTX (Good 'Til Cross) | If you select GTX as the Expire type, then the order must be filled by 6:30 p.m. ET of the current trading day or the order will be canceled. This type of expiration will cause the order to remain live until 4 p.m. ET. |
| Expire: GTT (Good 'Til Time) | If you select GTT as the Expire type, then the order must be filled by a specified time (chosen by you on a pop-up calendar with a clock that appears once this feature is selected) or the order will be canceled. |
| Expire: NOW | If you select NOW (you must select ARCA as the destination for NOW to be available) as the Expire type, then the order will be matched first with the ARCA Book if ARCA is at the inside bid or offer. If ARCA is not at the inside bid or offer, then the order will be routed for immediate execution to a select group of market participants at their quoted prices. |
| Pref MM (Preferred Market Maker) | Lets you specify
a Market Maker to which you would like the selected destination to route
an order. You must enter in this field the correct MMID of the Market
Maker to which you would like to route an order for this feature to work
correctly. Note: If you enter a name in this field but do not check the box associated with this feature, your entered name will not be sent with the order. |
| Display Price | Lets you specify a Display Price in connection with certain types of orders. This feature may be used differently in conjunction with different types of orders, so for assistance with specifying a Display Price, refer to the descriptions of the order types that each Neovest supported destination provides in the "Order Entry Destinations" section in the "Orders" chapter of Neovest's Help documentation. |
| Sessions | Lets you specify during which session you wish an order to be filled. ARCA is currently the only ECN destination that allows this functionality. If ARCA is selected as the destination, you may then enter "P1" (8-9:30 a.m.), "P2" (regular market hours), or "P3" (4-8 p.m.) as the Session time. |
| Buy,
Sell, Sell Short, SSX, Buy Cover |
Lets you Buy, Sell, Sell Short, SSX, or Buy Cover an order. Buy and Sell are self-explanatory. If you anticipate a drop in the entered symbol's price and you wish to borrow shares from your brokerage, sell them, and keep the proceeds until the entered symbol's price drops, then click Sell Short. If you wish to sell short a particular symbol regardless if the sell short occurs on an up or a down tick, and if the particular symbol has been approved for this type of transaction by the SEC, then click SSX ("sell short exempt"). If you wish to buy a number of shares of the entered symbol to replace those that you borrowed from your brokerage to execute a previous sell short order, then click Buy Cover. |
| Cancel Last, Cancel Sym, Cancel All | Lets you cancel various orders that appear in the "Orders Pending" tab of Neovest's Account+ window. If you click Cancel Last, then the last sent order will be deleted if it appears in the Orders Pending tab. If you click Cancel Sym, then all sent orders for the current symbol appearing in the Orders Pending tab will be deleted. If you click Cancel All, then all sent orders appearing in the Orders Pending tab will be deleted. |
| Cash/Margin | Lets you select (via the toggle button) one of two different account types: Cash or Margin. If you agree to pay cash for an order once it is filled, then select Cash. If you agree to pay with money from a brokerage account (previously established between you and your broker) for an order once it is filled, then select Margin. |
| Part/AON | Lets you select (via the toggle button) one of two different order restrictions: Part or AON. If you select Part, then a portion of the order Size may be filled. If you select AON (all or nothing), then all of the order Size must be met for the order to be filled. |
| Solicited | Lets you designate an order to be a solicited order. If this box is checked, you are signifying that you are acting in behalf of a client regarding an order. |
| Proactive | Lets you permission the selected destination to actively attempt to fill an order with other destinations at the national best bid or offer (NBBO) if it cannot fill the order with its book. |
By using the preceding table as a guide to Neovest's Order Entry Montage ticket window, you may easily enter specific order parameters in their appropriate fields to send a high-speed order.
Note (1): Once you specify the order parameters you wish for an order and click Buy, Sell, Sell Short, or Buy Cover to send the order—Neovest by default will send the order immediately without requiring you to enter your password or confirm the order's parameters. You may, however, choose to require password verification and order parameter confirmation before an order is actually sent. For information regarding how you may require password verification and order parameter confirmation, refer to the "Security" tab in the "Order Entry Preferences" section of the "Menu" chapter in Neovest's Help documentation.
Note (2): Neovest provides timesaving hot keys that let you enter the size of an order more efficiently in an Order Entry ticket window.
The following instructions explain how you may utilize the "Size" field's hot keys in a Neovest Order Entry ticket window:
Highlight the current value in the "Size" field.
Type a period ("."), then a numeral, then press the "K" key to enter a value in the hundreds. For example, type ".5" and then press the "K" key to enter "500" in the "Size" field.
