buy order only if no shares left

[terzioglu]

Far from complete noob but still figuring out all of the workstation...

An example: I own PM. Have set stop order @74. I would like to attach a buy limit order at under 73.50 but ONLY if the 74 stop order had been already executed.

Is there a way to set such condition and how?

 

[terr]

I don't know about "attach" after the fact but when you're placing the stop order, see if you can do it as an "OTA" - that is, "one triggers another" with the first leg being sell stop market at 74, and second being buy limit at 73.50.

I never use TWS, I use third-party software to access IB, where you'd just place an "OTA" order, but I just ran TWS and in the "Order Entry" window there is an "advanced" button that allows you to attach some orders.. Not sure if that window allows exactly what you want though. The TWS interface is not very clear on that. I mean - if you place a stop market sell order and attach to it a "stop loss" - is that a sell or a buy?

 

[terzioglu]

"Advanced" hides only bracketing and OCO orders. Can't find anything even remotely related. I've also tried setting "conditional" order in the Classic layout but can't figure out a condition on how to combine the two trades.

 

[terr]

I know Medved Trader can do it through IB API (see the trading ticket). Not sure how it would be done through TWS.

 

[narafa]

Yes, in IB, if you right click on the main order (Which is your stop order, and I am referring to TWS Classic here) and attach a Target Order and choose "Limit", you are basically creating a child order which will only be triggered once the parent order is filled (Parent order in your case is the Stop order @$74).

So unless your stop order is filled, the child limit order will not hit the market.

 

[terzioglu]

Thank you both!

The parent-child order is the way to go. Medved seems more intuitive but with TWS is quite manageable as well. Wonder why I couldn't find this in the help sections. Probably haven't asked the right question.