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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

...