Bracket Entry Orders with TWS

B

Bankedout

Does anybody know if I can use bracket orders to enter positions with IB's TWS?

For going long I would like to do this:

Buy 100 XYZ at $9.00 limit
---------OR-----------------
Buy 100 XYZ at $10 stop

If one fills, the other is cancelled. Then I want to attach my auto stop exit order to the bracket.

Does anyone know if this is possible?

Thanks in advance,

Banker
 
You should be able to set up something like this with conditional orders but the user manual at IB's site gives an exact description of all the different order types.
 
Quote from easyrider:

You should be able to set up something like this with conditional orders but the user manual at IB's site gives an exact description of all the different order types.
More...

Thanks Easyrider, I should have read the descriptions before posting. It sounds like bracket orders are out of the question.

Does anyone know how I would create the conditional order that I want? I have never made one.

The idea behind this type of buy is that:

1. I want to enter at limit if the stock retraces that far.
2. If the stock does not retrace, I want to enter at stop so I don't miss the move entirely.
3. I want to place an exit stop when either order is filled.
4. I want to cancel the other entry order when either order is filled.

Thanks in advance,

Banker
 
Sure you can do this. Simply place the first order, assign a user defined id value under the OCA column, place the second order and assign it the same id you assigned the 1st order. When one the orders are filled, the other will automatically cancel.
 
Thank you Shadowpug. That makes sense. I will try it out in TWS. I hope to be able to use the "attach auto stop" on my manually created bracket. I don't like to be in the market without an exit stop in place.

Banker
 
I created this in TWS, and am wondering if it will work.

Buy XXX SCOX Market

I made that order conditional

if SCOX SMART <= $16.95
---------OR---------------
if SCOX SMART >= $18.01

Does that seem better than an OCA group? I like this way because I can attach my auto stop to the single order line.

When I made the OCA orders, I had to attach my auto stops to both of them. At least it seemed like I had to.

I don't like the idea of submitting orders unless I'm certain that they will be executed as I intended.

Thanks in advance,

Banker
 
Quote from Bankedout:

I created this in TWS, and am wondering if it will work.

Buy XXX SCOX Market

I made that order conditional

if SCOX SMART <= $16.95
---------OR---------------
if SCOX SMART >= $18.01

Does that seem better than an OCA group? I like this way because I can attach my auto stop to the single order line.

When I made the OCA orders, I had to attach my auto stops to both of them. At least it seemed like I had to.

I don't like the idea of submitting orders unless I'm certain that they will be executed as I intended.

Thanks in advance,

Banker
More...

I dont have experience with conditional orders in TWS so I can't say if your approach is better or not than using OCA's. I personally use OCA's but I do it programmatically in software that I myself have developed. I dont use auto attach stop either. The software itself submits the stops/targets once the one of the OCA orders have been filled. Here is an image of what I mean.
 
I'm also wondering if I can make conditions like this

Buy XXX SCOX @ Market

(SCOX SMART <= $16.95 AND SCOX SMART >= $15.00)
------------------------OR---------------------------------------
(SCOX SMART >= $18.01 AND SCOX SMART <= $19.00)

I don't see the parentheses in the conditional order area. The idea would be to have the downside order have a limit of lows, it's a bargain at a certain sale price, but if it gets marked down too much, it might be on sale for a reason. The upside order would act more like a stop limit. That way if I trigger above $18.01 on a gap to $22 it won't fill.

Banker
 
I think to make the order described above, you would use two separate Conditional orders. Instead of the OR, you would assign them the same OCA group. You would have to attach auto stops to both conditional orders.

In case anybody else was wondering or cares.

Banker
 
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