This release of StreetSmart Edge® offers features and enhancements designed to improve the trading experience.
Walk Limit is a new order type that is available for option orders (except those which contain an equity leg). Including, single leg options and multi-leg strategies of up to 4 legs.
A Walk Limit order operates by going to the market at the selected Start Price.
Once entered, it will rest for the selected Time Increment and then cancel and replace the order with a new limit, determined by selected Price Increment amount. This process will continue until the order is filled or rests as a limit order at the selected End Price (never outside of initial NBBO).
Market On Close (MOC) orders can be submitted to either Open or Close a position. A MOC order is submitted for execution as part of an exchange’s closing auction or other trade execution process.
MOC Orders must be placed or changed before 3:45pm ET (within 15 min of market close). Your ability to cancel MOC orders is governed by the rules of the exchange to which the order was routed. In most cases, cancellation requests will not be accepted after 3:55 pm ET and may be subject to restrictions at earlier times depending on exchange rules.
MOC Orders submitted in the pre and post market are queued up for the following session.
MOC Orders are not available for Single Leg options and Conditional orders.
MOC Orders cannot be placed on OTC securities.
Watch Lists can be synced across StreetSmart Edge, Schwab.com, and Schwab Mobile applications. When a Watch List is in a ‘Sync On’ state, changes to Symbols and Title become a saved event, overriding the current template and thus replicated across applications.
The Order Verification window has been streamlined to include:
Displaying Brackets that are associated with the current order entry
Color coded edits
For certain edits, the ability to; accept the edit and place the order or decline the edit and not place the order
Elimination of duplicate edits.
The Change/Close dialog windows display Streaming Quotes, providing the most current quote prior to submitting a Change or Close position order.
Options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Multiple leg options strategies will involve multiple commissions. Please read the options disclosure document titled "Characteristics and Risks of Standardized Options." Supporting documentation for any claims or statistical information is available upon request.
NBBO (National Best Bid/Offer) Spread Quote reflects the best quotes printed from participating exchanges on each leg of the spread combined. For a long leg, the NBBO single leg “ask” quote is used, while short leg quotes use the NBBO “bid” quote to combine for a synthetic NBBO combination trade quote. Please note that there are no spread markets in securities that are subject to benchmarks such as “time and sales” or “NBBO” and therefore the “market” cannot be “held” to a price.