{"id":8600,"date":"2020-08-27T17:39:00","date_gmt":"2020-08-27T21:39:00","guid":{"rendered":"https:\/\/ibkrcampus.eu\/trading-lessons\/mosaic-limit-order-type\/"},"modified":"2023-12-19T15:21:31","modified_gmt":"2023-12-19T15:21:31","slug":"mosaic-limit-order-type","status":"publish","type":"trading-lessons","link":"https:\/\/www.interactivebrokers.eu\/campus\/trading-lessons\/mosaic-limit-order-type\/","title":{"rendered":"Mosaic Limit Order Type"},"content":{"rendered":"<p>In this lesson, we\u2019ll walk you through how to set up a Mosaic Limit order using TWS Mosaic.<\/p>\n<ul>\n<li>We\u2019ll define the objective of the Limit order type<\/li>\n<li>Show you how to create a Limit order in TWS Mosiac<\/li>\n<li>Show you where you can locate Limit orders within the Activity panel<\/li>\n<\/ul>\n<h4>Limit order<\/h4>\n<p>When you select a <strong>limit order<\/strong>, you\u2019re choosing to buy or sell shares at a specified price or better \u2013 that is the highest amount you\u2019re willing to pay for your shares, and the least you\u2019re willing to sell them at.<\/p>\n<p>If the order fills, the limit order ensures that it will not be at a price less favorable than your limit price. However, it does not guarantee a fill \u2013 especially in quickly moving markets.<\/p>\n<h4>Creating a Limit order in TWS Mosaic<\/h4>\n<p>IBKR\u2019s Trader Workstation offers you the option of using the Limit Order type when submitting your trade.<\/p>\n<p>Here\u2019s how it\u2019s done:<\/p>\n<p><em>Select your desired ticker symbol on a Watchlist in the Monitor Panel, and you\u2019ll see it populate in the Order Entry window.<\/em><\/p>\n<p>For illustration purposes, I\u2019ll choose NFLX, the ticker symbol for Netflix.<\/p>\n<p>Here, you can see the current market price for the stock in the BID ASK quote above the Buy or Sell triggers.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-medium wp-image-2372 lazyload\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord7.png\" alt=\"\" width=\"960\" height=\"490\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 960px; aspect-ratio: 960\/490;\">Now, watch closely as I create an order to Buy Netflix shares at a little above the prevailing price.<\/p>\n<p>Let\u2019s say I want to purchase 100 shares of this company.<\/p>\n<p>Well, I can either enter that number directly into this input field, or I can click on Quantity and select it.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-medium wp-image-2371 lazyload\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord8.png\" alt=\"\" width=\"960\" height=\"492\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 960px; aspect-ratio: 960\/492;\"><\/p>\n<p>Now, I want this to be a Limit Order, so I\u2019ll choose LMT for limit in the order type dropdown menu.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-medium wp-image-2374 lazyload\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord8-1.png\" alt=\"\" width=\"960\" height=\"490\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 960px; aspect-ratio: 960\/490;\"><\/p>\n<p>You\u2019ll also want to specify your desired limit price \u2013 which you can do with this price wand.<\/p>\n<p><strong>*Remember<\/strong>, since this is a buy limit order, this is the highest amount you\u2019re prepared to pay for these shares.<\/p>\n<p>When you click the Price input field you can easily see the prevailing Bid and Ask values. You may choose these, or the calculated Midpoint, which is also noted.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-medium wp-image-2373 lazyload\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord9.png\" alt=\"\" width=\"960\" height=\"492\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 960px; aspect-ratio: 960\/492;\">Or scroll up or down with the mouse wheel to locate higher prices \u2013 or lower ones if this was a sell limit order.<\/p>\n<p>Use the +\/- tick column to select values relative to the bid.<\/p>\n<p>Notice the percent or penny icons \u2013 these display the values differently. <em>For example<\/em>, for any limit order, If I choose the penny display, I can easily select a specific number of pennies above or below the prevailing quote.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-medium wp-image-2376 lazyload\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord10.png\" alt=\"\" width=\"960\" height=\"490\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 960px; aspect-ratio: 960\/490;\">Now let\u2019s go back and complete our limit order.<\/p>\n<p><em>In this example<\/em>, I want to submit this as a Limit order good for the day only and so will leave the Time-in-Force input field as Day. You can also choose Good-till-Cancelled as another option.<\/p>\n<p>Let\u2019s look at what we\u2019ve done so far. Go ahead and click on the submit button to pull up the Order Confirmation window.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-medium wp-image-2377 lazyload\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord11.png\" alt=\"\" width=\"960\" height=\"497\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 960px; aspect-ratio: 960\/497;\"><\/p>\n<p>Here you can see the number of shares we said we wanted to buy \u2013 100 shares of Netflix \u2013 along with the Limit Price we specified, as well as the Day order we asked for. Great, all the details match the buy limit order we wanted.<\/p>\n<p><strong>*Remember<\/strong>, you can enter Limits for Good-Till-Cancelled orders, as well as for open positions, not just new ones.<\/p>\n<p>Ok, we\u2019re almost done.<\/p>\n<h4>Locating Limit orders within the Activity panel<\/h4>\n<p>Once you click the Transmit button and submit your order for execution, you can see it on the Orders tab below in the Activity monitor.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-2378 lazyload\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2022\/11\/ord12.png\" alt=\"\" width=\"681\" height=\"206\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 681px; aspect-ratio: 681\/206;\"><\/p>\n<p>You can also see live orders displayed on the chart of the security.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-medium wp-image-2381 lazyload\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord13.png\" alt=\"\" width=\"960\" height=\"535\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 960px; aspect-ratio: 960\/535;\">Buy orders created in the order entry panel are denoted with a green horizontal line. If this was a sell order, you\u2019d see a red horizontal line. You can also adjust the line in the chart to modify the order.<\/p>\n<p>Limit order<\/p>\n<p><strong>*Again<\/strong>, Limit orders may not execute, or may not fully execute, when you specify your Limit price.<\/p>\n<p>While that is a restriction of this order type, some investors may prefer that outcome to using a market order that fills regardless of price.<\/p>\n<p>Now that you know how to create a Limit order in Mosaic, let\u2019s turn our attention in the next lesson on order types in Traders\u2019 Academy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This lesson explains the uses of the Limit Order type using TWS Mosaic.  Investors can set a minimum desired price to sell, or a maximum desired price to pay when creating orders.<\/p>\n","protected":false},"author":899,"featured_media":8629,"parent":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"contributors-categories":[149],"traders-academy":[100,103,105],"class_list":{"0":"post-8600","1":"trading-lessons","2":"type-trading-lessons","3":"status-publish","4":"has-post-thumbnail","6":"contributors-categories-interactive-brokers","7":"traders-academy-beginner-trading","8":"traders-academy-level","9":"traders-academy-trading-lesson"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Archives | Traders&#039; Academy | IBKR Campus<\/title>\n<meta name=\"description\" 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