Pegged order

What it does: automatically adjusts your limit price to track market movement based on a reference (e.g., bid/ask or mid) plus an offset.

Typical use: staying competitive without manual repricing, especially for passive execution.

Key parameters: peg reference, offset, and optional reprice rules (where available).

Tradeoff: reduces manual work, but frequent repricing can reduce queue priority and may “chase” in fast markets.

Example: place a pegged buy at best bid minus a small offset; as the bid moves, your order reprices to maintain the chosen relationship.