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Implied IN spread orders derive from existing outright orders in individual legs. Below is an example for an implied bid in a spread (known as an implied IN order).
| QTY | BID | ASK | QTY |
|---|---|---|---|---|
QMU1 | 15 | 74150 |
|
|
QMV1 |
|
| 75500 | 10 |
QMU1-QMV1 | 10 | -1350 |
|
|
...
Implied OUT outright orders are derived from a combination of an existing spread order and an existing outright order in one of the individual underlying legs. These two orders are used to create a contingent outright order on the other underlying leg of the spread. Below is an example for an implied bid in a leg (known as an implied OUT).
| QTY | BID | ASK | QTY |
|---|---|---|---|---|
QMU1 | 15 | 74150 |
|
|
QMV1 | 10 | 75500 |
|
|
QMU1-QMV1 |
|
| -1350 | 10 |
...