"Place a reserve order
Placing a reserve order enables you to hide the actual size of your order from the market. This can be especially useful if you think your order is large enough that it might "shock" the market, possibly causing prices to move against you before the order is complete.
With reserve orders, you specify both a display and non-display quantity. Only the display quantity of the order will be visible to the market. As the display quantity is filled, it will be replenished from the "invisible" portion of your order until the order is complete. For example, if you want to sell 50,000 shares of stock XYZ but don't want the entire number of shares to be visible to the market at once, you can choose to display your shares in groups of, for instance, 1,000. As each group of 1,000 is sold, another group of the same size will become visible to the market until all 50,000 shares are sold.
To place a reserve order: 1.Enter the information for your order in the order entry window or the local order entry ticket on either the Market Depth or Options Chain windows. For more information on entering an order, please see the Help topics for placing stock orders or basic options orders.
Notes: ?Reserve orders can be placed only as day limit orders (i.e. the Price Type must be Limit, and the Term must be Day) and Destination set as ARCA or NSDQ.
?Reserve orders are available only for stocks and basic options. Complex options, bonds, and mutual funds are not eligible. Conditional orders cannot be placed as reserve orders.
2.Check the Reserve box, and indicate how many shares or contracts you'd like to be visible to the market at any given time.
Notes:?For stocks, the display quantity must be at least 100 shares, and must be entered in round lots (increments of 100 shares). For instance, you can enter a display quantity of 500, but not 550. For options, the display quantity must be entered in increments of 1 contract (no fractional contracts).
?To be eligible as a reserve order, the overall size of your order must be at least 200 shares (for stocks) or 2 contracts (for options); if smaller, the Reserve check box will be grayed out.
3.To place your order, click the Trade button corresponding to the type of order you are placing. If order preview is turned on, an order preview message will appear, displaying the order details.
4.In the order preview window, check the order. Next to Reserve Order, the word "Yes" will indicate that your order is being placed as a reserve order; you will also be able to view your display quantity. Click OK to submit. The reserve order will then appear in the order status window. "
