SmartEx Order Types

StreetSmart Pro® allows you to select any of these SmartEx order and action types:

Trailing Stops

• A SmartEx Trailing Stop Buy/Sell/Short order is a stop order whose stop price will trail either the current inside ask (if buying) or inside bid (if selling/shorting) at the time the order was submitted by the number of points or the percent you specified in the Trailing Amount field.
• EXAMPLE  In the image below, we have a trailing stop of 5% set.
  
  If at any point the bid or ask price retraces the specified Trailing Amount, a SmartEx Market order will be routed for the quantity you specified.   
  If you place an order to close a position using a trailing stop set to 5%, if the bid price increases 9% and then drops 5% the order will be sent at that time. The change from the time that the trailing stop was placed would effectively be 4% above where you placed the order.
• Trailing Stop can have a Time in Force (TIF) of Day or GTC (Good 'til Canceled).
• When placing a Trailing Stop order, please note that you cannot change the order to another order type using the Change feature, nor can you change another order type to a Trailing Stop order. In both cases, you would have to cancel the order and resubmit with a different order type.
• Trailing Stop orders on symbols with wide spreads may not fire if the spread is too wide.

For some NASDAQ equity orders, you may not be able to change the order. When this occurs you will notice that your order cannot be changed because, in most cases, it will fill immediately.  You can always request to cancel a limit order that has not completely filled. Market orders can not be cancelled during Standard Market Session.