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In this scenario, the Ask for 10 in September at 9500 and the Bid for 5 at 9450 in December create an implied Ask at 50 for 5 in the Sept-Dec spread order book.
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Example: Implied OUT Orders
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In this scenario, the Ask order in Sept-Dec spread for 5 at 50 (i.e., simultaneously sell 5 September contracts and buy 5 December contracts) and the Offer order in December for 5 at 9450 create an implied Ask order in the September order book for 5 at 9500.
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Stop-Limit Orders for Implied-Eligible Instruments
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