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These orders are derived from existing outright orders in individual contracts (legs). This means that an outright order in a spread can be matched with other outright orders in the spread OR with a combination of orders in the legs of the spread based on price and the rules corresponding to the method of allocation being used. Refer to following two possible structures.

Implied (OUT) Orders

These orders are derived from the combination of an existing outright order in a spread and an existing outright order in one of the individual underlying legs. These two outright orders are utilized to create a contingent outright order on the other underlying leg of the spread. This means that an outright order in a leg can be matched with other outright orders for this specific leg OR with a combination of orders from any spread composed of this leg and orders of the other corresponding leg of the spread. This process is executed based on price and the rules corresponding to the method of allocation being used. Refer to the following four possible structures.