المدربAn implied-in order is a spread order which the matching engine derives from orders resting in the outright books: a bid in the front month and an offer in the back month imply a bid in the spread at the difference of their prices, for the smaller of their sizes. An implied-out order is an outright order derived from a spread order and an outright order in the other leg. Implied orders are real: they can be hit, and the engine then executes all the legs at once. Implied orders do not trade against implied orders.
