"Close position" hot key for IB?

H

high99

One of the available menu options for creating a hot key is "close position".
I assume this hot key determines if I am long or short, and subsequently either
buys or sells a like amount of contracts to
make me have a flat position? Does it execute the trade as a limit order or market order? Or does it key off of my
buy and sell hot keys which are set as
limit orders for the initial transaction?
 
Quote from high99:

One of the available menu options for creating a hot key is "close position".
I assume this hot key determines if I am long or short, and subsequently either
buys or sells a like amount of contracts to
make me have a flat position? Does it execute the trade as a limit order or market order? Or does it key off of my
buy and sell hot keys which are set as
limit orders for the initial transaction?
More...

I use this all the time (it helps to prevent confusion about position size and direction). I've got "X" set up as a hot key to close position. It just automatically sets up an order to fully close your position. You may be able to designate whether its market or limit...I can't remember. The position doesn't automatically close...it just sets up the order. You then have to execute it (I have "T" set up to execute the trade).

-Festus
 
Quote from Uncle Festus:



I use this all the time (it helps to prevent confusion about position size and direction). I've got "X" set up as a hot key to close position. It just automatically sets up an order to fully close your position. You may be able to designate whether its market or limit...I can't remember. The position doesn't automatically close...it just sets up the order. You then have to execute it (I have "T" set up to execute the trade).

-Festus
More...

with new "auto transmit" feature you could probably send it with one click of the "close position" hotkey fyi.
 
Quote from high99:

One of the available menu options for creating a hot key is "close position".
I assume this hot key determines if I am long or short, and subsequently either
buys or sells a like amount of contracts to
make me have a flat position? Does it execute the trade as a limit order or market order? Or does it key off of my
buy and sell hot keys which are set as
limit orders for the initial transaction?
More...
no, it keys off of your default order setting. If the order defualt is not set to mkt order, close position will enter an offsetting order, but it might not get filled.

Kind of hard to test this one, I only know because I once changed my default to stop, I hit X to close position and it enters an offsetting stop order.
 
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