Zeev's Turnips Patch-No Politics (ZEEV)

[Train Guy]

You should go here, http://www.interactivebrokers.com/index.html Click on resources and then order info and see the different kinds of orders that a full access broker has. Here's and interesting one if you want to hide the true size of your order.

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Iceberg Orders
TWS supports iceberg orders, which allow you to submit an order (generally a large volume order) while publicly disclosing only a portion of the submitted order. Iceberg orders are available for smart routed US equity, Xetra routed, and Globex routed orders. Iceberg orders are exchange native except for Globex where they are simulated by IB.

Send iceberg orders from the Order Ticket, or directly from your trading screen. To transmit from the trading screen, you must make the Disp. Size field visible. From the Page menu select Settings. In the Order Row list check Disp. Size.

To transmit an iceberg order, enter the number of shares you want publicly disclosed for a specific order in the Disp. Size field on your trading screen, or on the Order Ticket.
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Or just hide the whole order. <g>

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Hidden Orders
A Hidden order allows you to submt an order (generally a large volume order) without publicly disclosing the order information. Hidden orders are only available for US equity orders routed through Island.

You can send Hidden orders from the Order Ticket, or directly from your trading screen. To transmit from the trading screen, you must make the Hidden checkbox visible. From the Page menu select Settings. In the Order Row list check Hidden.

To hide your order, check the Hidden checkbox on the order management line before you transmit the order.
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Or here's an interesting one that will automatically scale you into and order.

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Scale Orders

Scale orders specify the total amount to be bought or sold at successively decreasing or increasing price intervals. To create a scale order, create a limit order, then right-click on the limit order and select "Create Scale Orders" from the popup menu. In the Create Scale Orders dialog box enter the number of orders and the price decrement for the scale orders.
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Or how about this one. Some of what you see is the computers of "real" brokers doing sophisticated orders and not the lame crap the Ameritrades of the world offer.

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Relative Orders

A Relative Order allows a customer to enter a more aggressive price than the current market price, and have the entered price stay within a fixed interval to the market, should prices deteriorate.

For a buy order, the customer enters an offset amount which is added to the best bid price and submitted for execution. During the next 5 seconds, if the best bid moves above the submitted bid, than we will match the best bid (additionally, if the changed best bid is on an exchange where we did not submit the order, and the exchange is not SuperSoes, Soes, or SelectNet, we will add the relative increment to the new best bid). After 5 seconds, if the order has not been filled and the market moves above the best bid of 5 seconds prior, a new price is submitted for execution by adding the offset to the new best bid price. If after 5 seconds, the order has not been filled and the best bid of 5 seconds prior stays the same or moves down, the submitted price is not changed.

For a sell order, the customer enters an offset amount which is subtracted from the best offer price and submitted for execution. During the next 5 seconds, if the best offer moves below the submitted offer, then we will match the best offer (additionally, if the changed best offer is on an exchange where we did not submit the order, and the exchange is not SuperSoes, Soes, or SelectNet, we will subtract the relative increment from the new best offer). After 5 seconds, if the order has not been filled and the market moves below the best offer of 5 seconds prior, a new price is submitted for execution by subtracting the offset from the new best offer price. If after 5 seconds, the order has not been filed and the best offer of 5 seconds prior stays the same or moves up, the submitted price is not changed.

As an example, if the market is $50-50.25 for company XYZ and a customer enters a buy relative offset of $.10, the order would be submitted at $50.10. If the market moves to $50.11-50.36 within 5 seconds on the same exchange, the bid would be resubmitted at $50.21. If the order is not executed in 5 seconds and the market moves to $50.15-50.40, the order is resubmitted at $50.25. If the order is still not executed within 5 seconds and the market moves down to $50-50.25, the buy order is left at $50.25.

A customer may also enter an optional limit with the Relative Order. This prevents a Relative Order from executing at a price which is inferior to the limit. In the above example, if a buy limit were set at $50.45, the price could only reset to $50.45, and never above this price.

US Equity Relative Orders may only be routed through Smart Order Routing or Smart ECN. Relative Orders are not available for options or commodities.