Drip orders are orders that are identical (except for their price if a limit price is specified) which are submitted automatically at regular intervals. On the Drip Orders window you may configure a new drip order and you may view the drip order parameters of all drip orders for the accounts to which you have access.
A drip order may be enabled (active) or disabled by any user who has access to the account of the drip order. The scope of the lifetime of an enabled drip order is the current trading session (or the next trading session if the market is closed when a drip order is enabled). Regardless of when a drip order is enabled or the time when its dripping is set to end, a drip order will be disabled automatically upon receipt by R | Trade Execution Platform™ of a message indicating that the current trading session has closed.
Creating a Drip Order
You may configure an order through the Drip Order window as you would configure any other order (see the section on the Place Order window) with a few exceptions:
Buy/Sell
Select Buy or Sell. Other transaction types are not supported.
Limit/Market
Select Limit or Market. Other price types are not supported. If “Limit” is selected then a drop down box for Price Field and for Tick Offset will appear.
Price Field
Select a price from the Price Field drop down menu. If the price type selected is
“Limit” then the price at which an order will be dripped (submitted) will be based upon the price as selected in the Price Field at the time the order is to be dripped,
adjusted for the number of ticks in the Tick Offset field. For example, if a drip order has a price type of Limit and its Price Field is Bid Price and its Tick Offset is -1, then when an order is dripped it will have a price equal to 1 tick less than the bid price at the time the order is to be dripped.
Tick Offset
You may set the tick offset directly or by clicking on the up and down arrows. If the price type selected is “Limit” then the price at which an order will be dripped (submitted) will be based upon the price as selected in the Price Field at the time the order is to be dripped, adjusted for the number of ticks in the Tick Offset field. For example, if a drip order has a price type of Limit and its Price Field is Bid Price and its Tick Offset is -1, then when an order is dripped it will have a price equal to 1 tick less than the bid price at the time the order is to be dripped.
Use Account Templates Not supported.
Drip Interval
Enter the interval (frequency) at which orders are to be dripped (submitted) into the market.
Start Time
Enter the time (local time as per your computer‟s time zone) at which orders may begin to be dripped (submitted). The scope of the lifetime of an enabled drip order is the current trading session (or the next trading session if the market is closed when a drip order is enabled).
End Time
Enter the time (local time as per your computer‟s time zone) at which dripping should be stopped. The scope of the lifetime of an enabled drip order is the current trading session (or the next trading session if the market is closed when a drip order is enabled).
Once all the parameters for a drip order have been set, click on the Create Drip Order button to create the drip order.
When a drip order is created it is in a disabled state. To start dripping an order you will need to enable it. A drip order will not start dripping unless it is in an enabled state.
Drip orders have been designed to be used daily, i.e. the orders that are dripped today, may be dripped tomorrow without having to be reconfigured. When a drip order is created it is stored in R | Trade Execution Platform™ so that the state and submission of a drip order will continue as appropriate, even if you log out or lose your connection to R | Trade Execution Platform™.
Deleting a Drip Order
You may delete a drip order by right clicking on it and selecting Delete.
Disabling a Drip Order
You may Disable a drip order by clicking on the entry in status column (where it shows Enabled) or by right clicking elsewhere on the drip order and selecting Disable. A drip order will be disabled automatically upon receipt by R | Trade Execution Platform™ of a message indicating that the current trading session has closed.
Disabling all Drip Orders
You may disable all drip orders by clicking on the “Disable All Drip Orders” button.
Enabling a Drip Order
You may enable a drip order by clicking on the entry in status column (where it shows Disabled) or by right clicking elsewhere on the drip order and selecting Enable.
Enabling All Drip Orders
You may enable all drip orders by clicking on the “Enable All Drip Orders” button.
Modifying a Drip Order
You may modify the drip interval (frequency of order submission), the start and end times, the price field and tick offset of a drip order by clicking on the parameter you wish to change and entering a new value of that parameter.