TradeStation Help
A peg order's price changes dynamically with the market until the specified duration is met, the order is filled, or the limit price entered is reached. The value with which the peg order will float is the Best price (best Bid for a buy order and to the best Ask for a sell order) or the Mid price (midway between the Bid and Ask). This type of order is useful to achieve a fair price in a fast or volatile market.
The TradeStation Order Bar supports the peg settings shown in the table below:
| Peg | Description | Restrictions | Supporting Routes |
|---|---|---|---|
| Best | The best Bid for a buy order and the best Ask for a sell order. | ARCX, BATS, BYX, EDGA, EDGX, NQBX, NSDQ, IEX | |
| Mid | The mid-point price between the best Bid and best Ask. | ARCX, BATS, BYX, EDGA, NQBX, NSDQ |
For example, stock ABCD is 10.15 Bid and offered at 10.85. You are willing to pay 10.50, however you wish to get the lowest price possible. By pegging the order to the best Bid with a limit price of 10.50, your order will display at 10.15 in the Market Depth window. As Bid prices move, your Bid will move with the best Bid, with an upper limit of 10.50 or until filled.
This Advanced setting is available only with specific Equities order routes.