OptionStation Pro

Placing Orders using Activation Rules

You can place an activation rule on your spread order. This order feature allows you to determine when an order will be sent to the market based on either a specified time or price action of one or more symbols. Activation rules for a given order are specified using the Activation Rule dialog.

The Activation Rule dialog allows you to add a time trigger, price trigger, or both to your spread order. Up to four equity, option, or index symbols can be added to the activation rule logic. After your order is placed, the activation rule can be viewed in the Manage tab in the Advanced column within the Today's Orders panel.

Description: note icon Activation rules are only active during the regular session.

Placing a Time-based Activation Rule

  1. From the OptionStation Pro Trade Bar, place a check mark next to Activation Rule.
  2. Click . The Activation Rule dialog is displayed.
  3. Place a check mark in Time and enter a time that the order is to be routed to the market.
  4. Click OK to save the time rule.

A time-based activation rule is only evaluated during the first active regular session after the order is created.

Placing a Price-based Activation Rule

  1. From the OptionStation Pro Trade Bar, place a check mark next to Activation Rule.
  2. Click . The Activation Rule dialog is displayed.
  3. Place a check mark in Price.
  4. Enter a symbol, or click Lookup to look up a stock, options, or index symbol.
  5. Click Add. The symbol will be displayed in the Activation Rule field.
  6. Edit a conditional operator (>, >=, <, <=), value (target price), and activation trigger type for each symbol. This will determine each of the price conditions used to activate the order. You can also specify how multiple conditions (up to four) are combined by using the 'And' and 'Or' expressions (the default is 'And'). To remove a condition, click on the X.
  7. Click OK to save the price rule.

All of the Activation Rule conditions must be true for the order to become active. For example, if an activation time of => 3 p.m. (equal to or greater than 3 p.m.) is set and a trigger price is selected for a symbol, the order will become active only if the time is 3 p.m. or greater and the symbol reaches the price target. For a GTC order, if the price-based and time-based rule conditions are not met during the first active session after the order is created, then only the price-based conditions will continue to be tested on successive sessions until the GTC order is filled or canceled.