The resting rail - a limit entry you drag into place
Sometimes you do not want to cross the market. You want to wait at a price. That is what the resting rail is for. Tick RESTING, and a rail appears on the ladder and the chart, at the live price. It is one tick, and the rail is then yours to drag.
In this video
The 30-second version
The same topic in thirty seconds, made for a phone screen.
Both videos use the desk in paper mode with made-up symbols and prices.
Read the transcript
Rest a limit, don't chase
Sometimes you do not want to cross the market. You want to wait at a price. That is what the resting rail is for. Tick RESTING, and a rail appears on the ladder and the chart, at the live price. It is one tick, and the rail is then yours to drag.
Drag it, or type it
Drag the rail to the price you want, or type the price in the box beside RESTING. Below the market, a BUY can rest there, drawn in green. Above the market, a SHORT can rest there, in red.
Why the side follows the rail
A limit on the wrong side of the market would fill at once, so the rail's position decides which side can rest. Drag it through the price, and it flips.
RESTING or NOW
The BUY and SHORT buttons then say RESTING or NOW, so you always know which one you are about to send. And the order log records the rail, and every order that rests on it. So glance at the button before each click, every time.
The trade-off
On a maker-taker commission schedule, a resting fill can be commission free, while one that crosses the market is not. But a resting order may never fill. That is the trade-off. The resting rail is for manual entries only: the automation prices its own. A resting order is a working order, so the two cancel buttons can remove it.
The plan, before you drag
The ladder's PLAN row shows the shares, the cost and the dollars at risk. Look at it before you drag, so the rail is at a price you chose.
Your broker's rules
Your BROKER window holds the commission schedule. It shows whether resting limits are free with your broker. Enter it, and check it against your broker's statement.