Trigger Types
Triggers specify the price pattern that will trigger a Stop, If Touched order, or Activation rule.
There is no guarantee that this feature will prevent all circumstances of a bad price tick triggering a stop order or prevent a bad stop order fill price.
From the TradeStation platform, access using the menu bar File > Preferences > TradeStation Order Entry and select Options > Triggers.
Stop/If Touched Trigger Types
Controls the TradeStation order server settings for stop order trigger types
- Select an item from the drop-down list to use as the trigger for a Stop or If Touched order.
Definitions
- Bid/Ask and Ask/Bid triggers use your order side (Buy/Cover or Sell/Sell Short) to determine which tick price to use:
- Stop orders = Bid/Ask = Sell on Bid tick/Buy on Ask tick
- Stop orders = Ask/Bid = Sell on Ask tick/Buy on Bid tick
- If Touched orders = Bid/Ask = Buy on Ask tick/Sell on Bid tick
- If Touched orders = Ask/Bid = Buy on Bid tick/Sell on Ask tick
- A Double Trade Tick (DTT) refers to two consecutive ticks, and Twice Trade Tick (TTT) refers to two ticks (can be non-consecutive) within the same trading day.
- NBBO refers to National Best Bid and Offer (Offer means Ask).
When working with multi-leg options orders, there are no trade ticks, so natural pricing is used. See below for examples of trigger types for all asset classes.
Trigger Types for Stop and If Touched Orders
The following describe the use of single
Click an arrow to expand an item, or again to collapse.
Stop Orders | If Touched Orders | ||||
---|---|---|---|---|---|
Trigger Type | Order Type | Description | Example | Description | Example |
Single Trade Tick (STT)
(Selected by Default) |
Buy Orders | One trade tick must print at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, a trade tick at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | One trade tick must print at or below your If Touched price to trigger your buy order. | If you place an order to Buy at (Undefined variable: Localization.CurrenySymbol)50, a trade tick at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | One trade tick must print at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, a trade tick at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | One trade tick must print at or above your If Touched price to trigger your sell order. | If you place an order to Sell at (Undefined variable: Localization.CurrenySymbol)50, a trade tick at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | |
Single Trade Tick within NBBO (STTN) | Buy Orders | One trade tick must print within the National Best Bid and Offer (NBBO) at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, the trade tick must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or above the stop price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | One trade tick must print within the National Best Bid and Offer (NBBO) at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, the trade tick must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or below the If Touched price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. |
Sell Orders | One trade tick must print within the National Best Bid and Offer (NBBO) at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, the trade tick must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or below the stop price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | One trade tick must print within the National Best Bid and Offer (NBBO) at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, the trade tick must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or above the If Touched price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | |
Single Bid/Ask Tick (SBA) | Buy Orders | One Ask tick must print at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, one Ask tick at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | One Ask tick must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, one Ask tick at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | One Bid tick must print at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, one Bid tick at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | One Bid tick must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, one Bid tick at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | |
Single Ask/Bid Tick (SAB) | Buy Orders | One Bid tick must print at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, one Bid tick at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | One Bid tick must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, one Bid tick at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | One Ask tick must print at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, one Ask tick at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | One Ask tick must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, One Ask tick at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Stop Orders | If Touched Orders | ||||
---|---|---|---|---|---|
Trigger Type | Order Type | Description | Example | Description | Example |
Double Trade Tick (DTT) | Buy Orders | Two consecutive trade ticks must print at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two consecutive trade ticks must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive trade ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | Two consecutive trade ticks must print at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two consecutive trade ticks must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive trade ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | |
Double Trade Tick within NBBO (DTTN) | Buy Orders | Two consecutive trade ticks must print within the National Best Bid and Offer (NBBO) at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or above the stop price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | Two consecutive trade ticks must print within the National Best Bid and Offer (NBBO) at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive trade ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or below the If Touched price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. |
Sell Orders | Two consecutive trade ticks must print within the National Best Bid and Offer (NBBO) at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or below the stop price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | Two consecutive trade ticks must print within the National Best Bid and Offer (NBBO) at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive trade ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or above the If Touched price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | |
Double Bid/Ask Tick (DBA) | Buy Orders | Two consecutive Ask ticks must print at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Ask ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two consecutive Ask ticks must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Ask ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | Two consecutive Bid ticks must print at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Bid ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two consecutive Bid ticks must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Bid ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | |
Double Ask/Bid Tick (DAB) | Buy Orders | Two consecutive Bid ticks must print at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Bid ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two consecutive Bid ticks must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Bid ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | Two consecutive Ask ticks must print at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Ask ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two consecutive Ask ticks must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Ask ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Stop Orders | If Touched Orders | ||||
---|---|---|---|---|---|
Trigger Type | Order Type | Description | Example | Description | Example |
Twice Trade Tick (TTT) | Buy Orders | Two non-consecutive trade ticks in the same day must print at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two non-consecutive trade ticks in the same day must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive trade ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | Two non-consecutive trade ticks in the same day must print at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two consecutive trade ticks must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive trade ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | |
Twice Trade Tick within NBBO (TTTN) | Buy Orders | Two non-consecutive trade ticks in the same day must print within the National Best Bid and Offer (NBBO) at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or above the stop price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | Two non-consecutive trade ticks in the same day must print within the National Best Bid and Offer (NBBO) at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive trade ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or below the If Touched price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. |
Sell Orders | Two non-consecutive trade ticks in the same day must print within the National Best Bid and Offer (NBBO) at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or below the stop price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | Two non-consecutive trade ticks in the same day must print within the National Best Bid and Offer (NBBO) at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive trade ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or above the If Touched price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | |
Twice Bid/Ask Tick (TBA) | Buy Orders | Two non-consecutive Ask ticks must print in the same day at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Ask ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two non-consecutive Ask ticks in the same day must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Ask ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | Two non-consecutive Bid ticks must print in the same day at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Bid ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two non-consecutive Bid ticks in the same day must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Bid ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | |
Twice Ask/Bid Tick (TAB) | Buy Orders | Two non-consecutive Bid ticks must print in the same day at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Bid ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two non-consecutive Bid ticks in the same day must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Bid ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | Two nonconsecutive Ask ticks must print in the same day at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Ask ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two non-consecutive Ask ticks in the same day must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Ask ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
The above trigger types (single, double, and twice) also allow you to specify the type of tick, number, and pattern of ticks that will trigger a specific row of an activation rule. Bid/Ask and Ask/Bid triggers use the comparison operator (>/>= or </<=) for the row to determine which type of tick to compare.
Examples
The following are examples of different types of Stop and If Touched triggers. Click an arrow to expand an item, or again to collapse.
Market If Touched (MIT) and Limit If Touch (LIT) Trigger Type Examples (For Equities)
Market If Touched (MIT) and Limit If Touched (LIT) Trigger Type Examples (For Single Options)
Let’s look at a table that shows If Touched trigger types for buy and sell orders for single options:
Option Price | Trigger Price for Limit Orders | Trigger Price for Market Stop Orders | Trigger Price for Market If Touched (MIT) Orders | Trigger Price for Stop Limit Order | Trigger Price for Limit if Touched (LIT) Order | |||
---|---|---|---|---|---|---|---|---|
1.50 | Buy Orders | Buy limit <= 1.20 | Buy stop >= 1.80 | Buy MIT <= 1.20 | Buy stop limit >= 1.80 | Order sent at limit price | Buy LIT <= 1.20 | Order sent at limit price |
Sell Orders | Sell limit >= 1.80 | Sell stop <= 1.20 | Sell MIT >= 1.80 | Sell stop limit <= 1.20 | Order sent at limit price | Sell LIT >= 1.80 | Order sent at limit price |
Example 1: If you place a Market if Touched buy order at <= (Undefined variable: Localization.CurrenySymbol)1.20, when the option price is (Undefined variable: Localization.CurrenySymbol)1.50, and then the option price moves to (Undefined variable: Localization.CurrenySymbol)1.20 or lower, a market order is triggered.
Example 2: If you place a Market if Touched sell order at >= (Undefined variable: Localization.CurrenySymbol)1.80, when the option price is (Undefined variable: Localization.CurrenySymbol)1.50, and then the option price moves to (Undefined variable: Localization.CurrenySymbol)1.80 or higher, a market order is triggered.