TradeStation Help

CBOE Futures Exchange (CFE)

The CBOE Futures Exchange allows the trading of futures contracts using the CBOEdirect platform.

• Orders can be placed between 8:00 A.M. Monday and 4:15 P.M. Friday night Eastern Time. Orders are not queued; any order placed outside the hours of operation will be rejected.
• CFE session times and price increments are defined on a per symbol basis and may be viewed for a charted futures symbol using the Properties tab of the Format Symbol dialog.

In the event of a connection outage between the TradeStation Order Execution Network and CFE, all open orders will remain working in the market as usual.

Order Durations

Day

Unfilled orders and leaves expire at the session end time of the respective futures contracts.

IOC (Immediate Or Cancel)

May be entered between 9:30 A.M. and 4:15 P.M. Eastern.

Unfilled orders and leaves expire immediately.

FOK (Fill Or Kill)

May be entered between 9:30 A.M. and 4:15 P.M. Eastern.

Orders must be filled in their entirety or will expire immediately.

GTC (Good Till Canceled)

May be entered at any time.

Unfilled orders and leaves remain alive, if applicable, across multiple days, for the DAY session until the order is filled or canceled.

Orders have a maximum life span of 90 calendar days.

Orders that are partially filled during, and remain that way until the end of, a DAY trading session, will have any remaining leaves automatically canceled.

GTD (Good Till Date)

May be entered at any time.

Unfilled orders and leaves remain alive, if applicable, across multiple days, for the DAY session until the order is filled or canceled.

Orders have a maximum life span of 90 calendar days.

Orders that are partially filled during, and remain that way until the end of, a DAY trading session, will have any remaining leaves automatically canceled.

Advanced Settings

Advanced settings for order placement on CFE are:

• Trailing Stops
• Activation Rule
• If Touched

Order Behaviors

Market Orders

• Market orders are matched against the CFE order book. CFE will seek the best price available to fill your market order.

Limit Orders

• CFE will price improve (fill at a price superior to the limit price specified), if available.
• If sufficient liquidity is not available to completely fill a marketable limit order, Any residual volume can be matched with the next price level(s) in the CFE order book until all order is completely filled or liquidity at or within the limit price has been exhausted.

• Non-marketable limit orders are posted to the CFE order book.

Stop Market Orders

• Stop Market Orders are natively supported by CFE. If a Stop Market Order is placed using a STT or a STTN trigger type it will be routed to CFE. Otherwise, the Stop Market order will be synthesized by being routed to the TradeStation Order Execution Network's Stop Server.
• Stop Market Orders routed to CFE will be held until triggered by CFE and converted into a Market order.
• Stop Market Orders routed to the stop server will be held there until triggered. Once the stop portion of the Stop Market order has been triggered, the order will be sent to CFE as a Market order and will be handled by CFE as a native market order would be (see above). CFE will only respect the time priority of an order to the extent of when the market order is received by CFE after the stop is triggered.

Stop Limit Orders

• Stop Limit Orders are natively supported by CFE. If a Stop Limit Order is placed using a STT or a STTN trigger type it will be routed to CFE. Otherwise, the Stop Limit order will be synthesized by being routed to the TradeStation Order Execution Network's Stop Server.
• Stop Limit Orders routed to CFE will be held until triggered by CFE and converted into a Limit order.
• Stop Limit Orders routed to the stop server will be held there until triggered. Once the stop portion of the Stop Limit order has been triggered, the order will be sent to CFE as a Limit order and will be handled by CFE as a native Limit order would be (see above). CFE will only respect the time priority of an order to the extent of when the Limit order is received by CFE after the stop is triggered.