Limit Orders
A limit order is an order to buy or sell a stock at a specific price or better.
Request and Acknowledgement
8=FIX.4.2
9=152
35=D
34=7332
49=TEST1
52=20160208-14:41:33.643
56=DWFIX01
1=DPQP000013
11=982A298766020822123456797
21=1
38=170
40=1
44=0.01
54=1
55=AMZN
60=20160208-14:41:33.643
10=243
8=FIX.4.2
9=233
35=8
34=10738
49=DWFIX01
52=20160208-14:41:34.126
56=TEST1
1=DPQP000013
6=0
11=982A298766020822123456797
14=0
17=91454714030646
20=0
21=1
31=0
32=0
37=DBCY000007
38=170
39=0
40=2
44=0.01
54=1
55=AMZN
59=0
60=20160208-14:41:34.039
99=0.01
150=0
151=170
10=152
What is a Limit Order?
A limit order is an order to buy or sell a stock at specific price or better.
Limit Order Notes
ClOrdID's requirement
ClOrdID's (FIX tag11) are persisted until Friday system reset 5-6pm ET. The sending system cannot send the sameClOrdIDduring this week period. DriveWealth recommends theClOrdIDhave a concept of uniqueness encompasing date or other non-repeating pattern.
When can a Limit Order be placed?
Limit orders can be entered 23.75 hours a day (not accepted between 16:00-16:15 PM EST). Time In Force (tag 59) is defaulted to '0', which is a Day order, and is activated for trading in core trading hours (9:30-4pm).
A limit Day order entered after 16:15 PM EST will be executed the next trading day. All unfilled limit orders in existence at 4PM will be cleared (FIX tag 150).
Extended Hours Orders
Specifying a Time in Force of '5', Good till Extended (GTX) Hours, will enable your order for execution between 4am-8pm on regular trading hours days. GTX orders will be queued by DriveWealth between 8pm-4am.
Limit Order FIX Message
| Tag | Tag Description | Example Value | Value Description | Required |
|---|---|---|---|---|
8 | BeginString | FIX.4.1 | FIX Version | Yes |
9 | BodyLength | 145 | Length of message | Yes |
35 | MsgType | D | Message type | Yes |
11 | ClOrdID | Unique identifier for the order allocated by the client. | Yes | |
12 | Commission | 10 | Commission override | |
1 | Account | 02e57c7d-d071-4c63-b491-1194a9939ea5.1452548617456 | The identity of settlement account. Used to identify DriveWealth client account. | Yes |
21 | HandlInst | 1 | 1 = Automated execution order, private, no broker intervention | Yes |
38 | OrderQty | 0.1234 | Order quantity. Must be greater than 0.0000 | Yes |
55 | Symbol | AAPL | Ticker symbol | Yes |
54 | Side | 1 | 1 - Buy2 - Sell | Yes |
60 | TransactTime | Time this order request was initiated/released by the trader or trading system. | Yes | |
40 | OrdType | 2 | 2 - Limit order | Yes |
44 | Price | 100.25 | Price in which to be executed at for limit orders only. | No |
59 | TimeInForce | 0 | 0 For Day Orders (Default)5Extended Hours | No |
432 | ExpiryDate | "2022-05-01" | The date the order expires | " |
7000-7003 | meta tags | Set any data in these tags you want returned on executions | No | |
All fields < 18000 | All fields <18000 would be echoed back, but fields 7000 - 7003 will be persisted in the database for lookup |
Updated 9 months ago