A staged order essentially allows a second user to take ownership of the order to execute it themselves. According to TT’s website a scenario you might expect to use a staged order would be something along the lines of this: “A portfolio manager might need to buy a quantity of contracts sufficiently large that it would adversely affect the contract price. In such a case, the portfolio manager might want to create the initial order, but give it to an execution trader to work.”
The reason your order is not being filled is because it has not been claimed by a second user, yet. If the initial order is claimed by a second user, then the second user can begin to submit one or more child orders. These child orders must be using the same instrument, must be within the same direction (buy/sell), and the sum of the order quantities cannot exceed the quantity specified in the parent staged order.
So as you can see this type of order would typically be used by traders that utilize joint accounts, CPOs, and money managers. If you are not planning on using any of the following, I wouldn’t suggest worrying about staged orders.
I hope this helps, let me know if you have further questions related to staged orders!
Optimus Futures Support