Conditional orders anchored to fill price?

[killATwill]

Anyone know if it is possible in IB or any platform to create conditional orders where limit price of a secondary order are set based on the fill of a market order executed earlier?

For example, if market order A fills at at price X, then automatically order B with a limit price of Y, based on the previous fill price X?

 

[heispark]

Anyone know if it is possible in IB or any platform to create conditional orders where limit price of a secondary order are set based on the fill of a market order executed earlier?

For example, if market order A fills at at price X, then automatically order B with a limit price of Y, based on the previous fill price X?

OCO bracket orders? That's a common feature of major platforms......

 

[killATwill]

OCO bracket orders? That's a common feature of major platforms......

Thanks. For most OCO orders where the contingent (secondary) order is a limit order, the limit price must be set ahead of time no? Not dynamically set once the first order is filled?

 

[patrickrooney]

No. The price may be set relative to the fill prices. Check out the TT Bracket order.

https://library.tradingtechnologies.com/trade/tto-bracket-order.html

 

[guru]

In IB system, you can use bracket orders and play with these settings in configuration / Order Presets:

 

[killATwill]

@patrickrooney @guru

Thanks, super helpful.

Can the user set the limit price of the second part of bracket order as percentage of the first fill? (As opposed to a fixed increment above or below the fill?)

 

[patrickrooney]

@patrickrooney @guru

Thanks, super helpful.

Can the user set the limit price of the second part of bracket order as percentage of the first fill? (As opposed to a fixed increment above or below the fill?)

The TT Bracket order won't do that but that's a fairly easy algo to build. You could create that order type on TT without a great deal of effort.

 

[killATwill]

The TT Bracket order won't do that but that's a fairly easy algo to build. You could create that order type on TT without a great deal of effort.

Thanks for the response. Are you a programmer?

 

[patrickrooney]

Thanks for the response. Are you a programmer?

No, I am not a programmer but I build algos all the time. ADL (algo design lab) allows you to stretch together chunks of proven code. Gives you the ability to create unique algo strategies without writing code.

 

[KAISER]

bracket orders are actually not working (at least for me)
no platform -as many as I know- can assure the execution exactly at the bracket’s upper or lower rates.

on all platforms/softwares, bracket order only triggers another buy/sell order to close your open position.
there is no guarantee on the bracketed levels as contrary to generally advertised.


example;
you have a stock that you buy at $100
you set the bracket at [90-110]
that’s is your position will be closed either at -10(loss) or +10(profit).
lets say the market hits 110,
there is another order triggered to sell your stock.
due to time gap between
the market rate hits 110 and your sell order is triggered,
your execution rate almost never happens EXACTLY at 110, it can be more or less than this.
so, your open position will never be closed at 110 as you may want to see.


if there is any platform that guarantees execution at EXACTLY at bracket’s lower or upper levels,

let me know, would be happy to test.