Keep in mind, my statement and opinion is just that in this post. I am not sure if this is correct myself, however it is possibly the reason, and hence, why I myself no longer use ALL-OR-NONE orders.
I find, especially with tickers which are volatile yet currently trading on low volume, that if I put a buy order in with an all-or-none requirement it either does not get filled, or, fills at the wrong price point.
This can occur EVEN with a limit order or a stop loss, mainly due to the fact that these orders are simply trigger points.
What this means, is that when the price point is reached, your sell or buy order is triggered, always, as a market order.
So, someone cannot place a limit order of 1.62 for example (as today appeared) and get it filled by some random seller buying at that level unless further restrictions are in place for each order, AND the trading price reaches that level.
To me, it appears that someone bought into FNMA today when there was very little on the ask to begin with, probably all algorithm / orders too restrictive for it to fill, until the 1.62 level, where there was a sell order large enough to fill an all or none purchase.
Additionally, I have theorized that the algorithms controlling and manipulating this stock have very small all-or-none orders which allow them not to potentially buy their own stock (if using different market managers) or, force the stock to go up / down by increasing orders or allowing non all-or-none orders to go through below or above the points where you might want to have yours go through.
PLEASE CORRECT ME IF I AM WRONG, From what I have seen of L2 screenshots / videos, it appears that L2 only shows the total shares attempting to buy per bid level, not individual bids/ask totals.
I.e. you don't see that there is 100x5 share bids for a total of 500 shares being bid, only that there are x orders and total of x shares being purchased on multiple levels.
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Example Scenarios: (similar to FNMA situations we've seen recently)
BID is: 1.82 x120 (algorithm has 120 orders at x5 shares each, all or none.)
ASK IS: 1.83 x2000 (same algorithm or someone else w/e has 2000 orders in, each at 10 shares all-or-none set)
Behind each we have a few mountain levels, such as 90,000+ which are fake walls, or even real walls created. However, if each of these walls are limited by using all-or-none orders on small share purchases such as I've already mentioned, or even if they were limited with x100 shares per order, which I think is too high as I tested it with a 19 share order today to see how it would go through. (went through after about 30 seconds when we were steady at the 1.40x1.41 level with only 2100ish on the ask.. it had just dipped so i think someone sold into me and not an algorithm.)
Anyway, continuing...
So we have 1.81 / 1.84 both with a wall of bid or asks 90,000+ at 5-10 shares all-or-none each as an example.
Well, let's say 'Joe' goes and makes a limit order of 1.81 for 3500 shares ALL-OR-NONE, once someone else reaches down and buys any stock for 1.81 that order becomes a MARKET ORDER to purchase 3500 shares, all at once or none at all.
If the only ones selling / buying for that split second, or for as long as even a few minutes even are people / algorithms with all-or-none orders, regardless of their size, they will NOT FILL Joe's order at all.
Why not?
Simple. Consider you and Joe are both trying to make a deal, he says "I'll buy 3500 shares at blah price each, but only if you will sell 3500."
You explain you only have 2,000 shares, regardless of the price he will only take 3500 which you don't have. Neither of you budge.
In this situation, a sale will not be made. (this is how all-or-none orders react with each price stage.)
As an added example, say another seller comes by and offers to sell UP TO 6000 shares at 0.20 cents higher price, if the only stipulation at this point is all or none 3500 buy, Joe will buy the higher priced sell because he can get all of his shares in one trade.
AGAIN, I am not sure if your order, once it becomes a market order, will walk up / down the bid and ask chain until it can make a deal. I have never thought this was the case but I am starting to suspect it is due to the wonky orders that keep seeming to go through on tickers I watch (not just FNMA).
This is the only explanation I can think of, because, as I've already said limit orders do not trigger specifically at that price, they ONLY create a MARKET ORDER.
I have extensively spoke with both of my brokers about this back when I first started. In fact, I generally trade only with market orders unless it is in a very tight range and I'm very specific on what price target I have. (EDIT: FNMA I often trade with a limit order due to how much manipulation there is, even then, I find my order does not buy at the exact amount in many cases.)
In conclusion, I don't recommend using ALL-OR-NONE orders, especially with FNMA / OTC. I find it too risky on low volume.
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Please post input if anyone has additional comments, thank you.
Off topic: On a side note, money runners is a scam FYI. I read a ton of posting on another board where people may have lost a ton of money due to them, again... Don't trust anyone, including me.
Everyone have a good weekend!
-Z
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