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How does the "Hidden" order work (the INV option)

This option allows you to place a particular stop order that will not be visible in the order book before the trigger price is reached thus, it can then be used for both closing or opening position.


inv

It is particularly suitable for trading on illiquid securities, where not appearing in the order book may be convenient, even if in this way the acquisition of temporal priority is precluded.

It is only available on MTA and MOT and it is managed by Directa
It can be entered from the oreder entry form found in the basic platform selecting the appropriate item beside the trigger price field or from the Darwin tiles buy/sell, booklet and flashbook .

E.g.: if ENI price falls to € 23, forward the purchase order for the specified quantity at limit price equal to or more than € 23.

Note If the trigger price is reached during the Closing Auction, the stop order will enter into the order book only in the next day Opening Auction (and not in the After Hours).

To know: invisible or reverse?

This order can be used as a reverse stop loss order as well because it allows sall stop orders when price rises or purchase top orders when price falls. At first glance, this is exactly the same function effectively carried out by simple limit price order: what need could there be to repeat the logic and it's complex mechanism, which also involves further disadvantage of losing time priority on the market?

The idea is that on illiquid securities it would be better to avoid using normal limit price order and stay "hidden" in the order book keeping away from ''giving information" about one's strategy to other traders. This idea comes from our customers and this is the reason why the option "hidden" was born.