Defining Recursive Covered User Defined Strategies

Before placing orders for a Covered UDS, the user must first define all nested strategies using the Security Definition Request (c) message. For each request, the user receives a response in the Security Definition (d) message containing the symbol of the nested strategy. The field IsAliveOnExchange(20635) in this response indicates the strategy’s status on the exchange.

Once all nested strategies have been successfully defined and their respective symbols obtained, the user can define the main strategy by referencing these nested symbols. The symbol for the main strategy is then received, allowing order placement.