In the next 10 days, we’ll be rolling out our latest feature - Last Trade Price (LTP).
LTP, also known as market price, is the price of the most recent transaction for a product. It reflects a product’s value better than buy/sell prices, which indicate supply and demand.
Charts, position valuations, and profit/loss will now be based on LTP instead of buy and sell prices - as is the industry standard.
This brings us closer to launching extended hours prices in Q1 2023.
More information on LTP can be found in our FAQ section.
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Now you got my attention.
FAQ section is a google doc that needs to request access?
@Vollorak Oops It’s fixed now- try again
Nice to see you back here, Tony!
Are we sure on LTP?
It depends on what you are trying to do, but the last traded price of a security on any given day may be closer to the bid or offer price depending on the particular trade reported and hence will fluctuate. These fluctuations do not necessarily correlate with the value of a listed security, hence provide a less consistent value of the relevant listed security.
Personally, I would prefer my portfolio valuation to remain on bid - effectively reflecting the current cash value I may potentially be able to sell my holdings for.
It’s certainly not standard in terms of mutual funds, and my other broker accounts work on a bid basis.
On the topic of prices, could we get the bid and ask prices in the “instrument details” back please?
Thanks @David - is it just ext hrs prices or is ext hrs trading also planned?
While I understand the general reasoning behind the change I would like to be able to see bid/ask being displayed somewhere. Preferably I’m would like to see all 3 when making an order which is similar to what @R_16 already mentioned.
Currently I see that LTP and sell price are displayed, perhaps also include the buy price.
I hope all my price alerts and limit orders stay in tack. Can you confirm if this change will be seem less? I’m begging you not to remove my price alerts
@Joey_Fantana Prices first, trading after.
Will trades be on-exchange in pre/post market trading, or in-house at 212/IBKR?
Love that this is finally coming to the platform!
It depends on where the best price is.
Not keen on the LTP as the prices to date. On some stocks they jump from one extreme to the other (depending on if the last trade was a buy / sell). Also have had various alerts not being tiggered at all when the price drops below the level set - Also prior to the LTP I’ve had various price alerts coming in 5-10 mins after the market has closed rather than when they happen.
To avoid the wild movements I’d prefer to see the Buy price or worst case the Mid price of the spread so that it at least remains more stable. The spread is important and I’d also like to see the Bid / Offer price (even if indicative as the trades could be better than those prices on the Buy/Sell side).
I bought something today based on an alert as the price had fallen only to find the execution price was higher than it was before the alert was triggerded so wasn’t impressed. Wasn’t for a large value but as market spreads widen this will cause confusion and leave people rather annoyed.
Are LTP’s actually live yet are are they being phased in/going live on one date? I know we aren’t 10 days in yet from the initial announcement but it’s not clear what is on LTP and what isn’t.
I’ve been watching a share of interest this morning and the price shown seemed to reflect the Buy side of the opening Bid/Offer spread for an hour which was nowhere near what the trades were being executed at (about 10% different from quotes I got elsewhere and not one market trade has gone through near the price listed - In fact the Bid price was almost the Offer price in reality). The price has just dropped but has started to jump around nearer the pricing I’d expect based on buy/sells.
I know prices can be more volitle during the opening period of trading but having a price around 10% higher than what is being traded doesn’t follow the LTP which I’d expect. Yesterday I put a limit order in to counter a difference which was above the price market trades were being executed for over an hour - It later expired as prices eventually moved up.
Not knowing the true indicative price makes it difficult to make decisions on what to bid as in the example from today I wouldn’t just put a market order in as it just isn’t reflective of the true market price. Limit orders may also not be executed as was the case yesterday.
Are you considering / able to show quoted prices with the option to execute which would make decision making much easier and reflective of the likely trade price.
Another side effect of the LTPs is that price alerts seem to be triggered more frequently which aren’t reflective of the market price at all (i.e nothing has changed but because of the Bid/Offer spread and executed price of a trade I’m getting alerted where the Buy price hasn’t moved and is still higher than of interest).
On penny stocks these alerts are effectively useless as they need to be based on one side. Offer price is probably better (if only one option is available) but ideally you should be able to select Bid or Offer for the alert depending it you want to monitor Buy or Sell prices.
LTPs aren’t really suitable for Alerts in my opinion but I’m sure some may differ in that view.
on a highly volatile instrument such as 3x ETFs this change is just ridiculous and it feels like it’s being implemented to complicate and confuse customers rather than make trading easier.
I opened a position last night on a GraniteShares 3x Short AMD instrument and today in the morning the graph showed me the last traded price 40% higher than the price I purchased at. So I made a decision to sell it thinking that the price I see is the price I’m selling at and it turned out that the actual market price is lower than the buy price by 10%.
What kind of joke is it? The graph does not show any kind of real data now. How can we know about the current market price of the instrument? How can we set the limit price properly?
Data in the terminal now is very misleading! It shows profit whereas I’m actually making a loss.