Equity Order Types and Modifiers

What this video covers

• How a Non-Routable Limit Order tracks an away market's protected bid and offer, separates working price from display price, and shifts between Priority 2 and Priority 3
• Why a Liquidity Adding Order (ALO) usually adds liquidity, when an aggressing ALO can take liquidity, and why the ALO designation is ignored during an auction
• How an Intermarket Sweep Order (ISO) must be marked and paired with additional ISO limit orders, plus the difference between an Immediate or Cancel (IOC) ISO and a Day ISO remainder
• Why a Day ISO can be a Reserve Order, but a Day ISO with an ALO modifier cannot, and how displayed and reserve interest are treated
• How primary until 9:45 a.m. and primary after 3:55 p.m. instructions route, return, and affect queue priority, plus how an equity Directed Order differs from an options Directed Order
• What a Queue Order (Q Order) requires from a registered market maker, including displayed round-lot size, Day duration, core-session entry, and pricing strictly below the protected offer
• How Self-Trade Prevention (STP), retail, and Minimum Trade Size (MTS) modifiers work, including the under-75% affiliate threshold, incoming-order control, written attestation, natural-person requirements, and auction exceptions