The Snap to Midpoint (SNAP MID) order is similar to a pegged order, as the original order price is determined by the current bid/ask plus or minus an offset. But unlike the pegged order price, the "snap to" order price doesn't continue to peg as the price moves.
The trader creates the order by selecting SNAP MID as the order type, then enters an offset amount which computes the active limit price as follows:
Sell order price = Midpoint of the Bid/Ask price + offset amount
Buy order price = Midpoint of the Bid/Ask price - offset amount
The Snap to Midpoint order is simulated on all exchanges.
The Reference Table to the upper right provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.
|Options||Non-US Products||Directed||Order Type|
|Futures||Time in Force|
|Open Users' Guide|
For more short videos, see our Traders' Academy Courses.