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Create a Combination Order
You can create any kind of combination spread order using the Combination Composition box, including multiple leg combos, futures spreads and EFPs, and inter-market Smart combos.
To create a combo order
- Enter an underlying on a blank line and select Combinations, then choose from the available combo selection types, including Smart option combos, Futures Spreads and EFPs.
- From the Pair or Leg-by-Leg tab, define each leg.
- After you have added all desired legs click OK, and the spread appears as a market data line on your quote monitor.
The implied price is calculated based on the underlying price of each leg, and changes with variations in the price of each underlying. Based on the implied price, SmartRouting will route each leg of the order separately to get the best price.
Note: To see individual leg prices for a combination or spread order, open the Execution reports window by clicking the Trades icon on the Trading Toolbar. Double-click the desired combination execution report line in the Execution window (or right-click on the line and select Show Legs) to open the Execution Window for Legs.
To create an EFP combo
- Enter an underlying on a blank line and select Combinations, then select EFPs.
- Click the Single tab at the top of Combo Selection box.
- Choose Futures as the leg type, and Future EFP as the strategy.
- Select the last trading day on the futures leg and click OK.
Note: EFP combos created using the template are Smart-routed.
To create a combination strategy
- Right-click on a blank line and select Generic Combo, or create a market data line with the instrument type Comb.
- In the Leg Query section, enter the underlying symbol for the first leg of the order.
- Use the Combo Template tab to select a strategy.
- Select data for all legs of the order and click OK. The combination order strategy appears on your trading screen as a market data line.
Guaranteed and Non-Guaranteed Combo Orders
IB supports both guaranteed (where executions are guaranteed to be delivered simultaneously for each leg and in proportion to the leg ratio) and non-guaranteed combo orders. To understand the differences between guaranteed and non-guaranteed combination orders, please see the knowledgebase article.
Notes on using Futures legs
- Intermarket combos that contain futures legs are supported for contracts on the following exchanges: Globex, One Chicago, CFE, EurexUS.
- Only US contracts are supported for Smart combos.