The Order Defaults tab lets you set standard parameters for new orders, so you don’t have to adjust settings every time. The options are divided into Stock (equity) and Options sections.
Stock Order Defaults
Default Order Type
Limit (Default) — This order executes only at your specified price or better. It helps protect you from paying more than your limit on buys or selling for less on sells. Keep in mind, it might not execute if the stock doesn’t reach your price. This is a good choice for most traders, especially with less liquid stocks.
Market — This order executes immediately at the best available price. It guarantees execution, but the exact price isn’t known until the order fills. It works well for highly liquid stocks like SPY, QQQ, or major stocks, but can be risky for less liquid stocks with wide bid-ask spreads.
Stop Market — This order turns into a market order once the price hits a specified stop level. It’s great for automated stop losses but can sometimes lead to less favorable prices during gaps or volatile markets.
Stop Limit — This order becomes a limit order when the price reaches the stop level. It combines a stop trigger with price protection. It’s flexible but a bit more complex. For example, you might set it to sell if the stock drops to $45 (stop), but not below $44.50 (limit).
Default Quantity Settings
These settings let you set the starting order size in Active Trader when placing orders with Shares, Percent, or Dollars.
Default quantity of orders (shares) — The number of shares that will be used by default for share-based orders.
Default quantity of orders (percent) — The default percentage used for percent-based orders (usually based on buying power or available funds, depending on the situation).
Default quantity of orders (dollars) — The default dollar amount used when placing dollar-based orders.
Orders Quantity Increment
These settings control how much the quantity changes each time you use the increase or decrease buttons in Active Trader.
Orders quantity increment (shares) — The number of shares added or removed with each click.
Orders quantity increment (percent) — The percentage points added or removed with each click.
Orders quantity increment (dollars) — The dollar amount added or removed with each click.
This allows you to adjust Active Trader for either small, precise changes or quicker sizing adjustments, depending on what you prefer.
Default TIF Type (Time In Force)
This setting determines how long your orders stay active.
Until Cancelled (GTC) — Your order stays active until you cancel it. It carries over across trading sessions. Be mindful, as it might execute unexpectedly if left open for too long.
Day (Default) — Your order expires at market close (4:00 PM ET) if it’s not filled. This is the safest default to avoid unexpected orders carrying over overnight.
Extended Session — Your order stays active during pre-market (4:00 AM - 9:30 AM ET) and after-hours (4:00 PM - 8:00 PM ET). Keep in mind, liquidity is lower and spreads can be wider during these times.
Immediate or Cancel (IOC) — Your order will fill immediately for the available quantity at your price, and any remaining unfilled shares will be cancelled. No partial orders left open.
Fill or Kill (FOK) — Your order must fill completely right away or it will be cancelled. This is an all-or-nothing option, often used for block trades.
At the Open — Your order will execute at the opening bell (9:30 AM ET) at the opening price, or it will be cancelled.
At the Close — Your order will execute at 4:00 PM ET at the closing price, or it will be cancelled. This option is popular with algorithmic traders for systematic rebalancing.
Options Order Defaults
Options defaults are similar to stock defaults, with a few important differences:
Default Quantity of Orders (Contracts) — This directly indicates the number of contracts. One contract gives the right to buy or sell 100 shares.
Orders quantity increment (Contracts) — The number of contracts added or removed with each click.