How or wWhat is Bracket Trading with TWS

Jayford · Jan 23, 2003

Quote from Ditch:

Bracket Trader enters the bracket on the basis of the actual fill. I've been using it for quite some time now. What i like most is the ease of use.

I've heard this, but I've also heard its a nightmare to get working.

Jay

larrybf · Jan 23, 2003

i lov e bracket trader but i agree that it was a nightmare to get working..... but i am a computer dummy.... could never get esignal to work tight for me

Ditch · Jan 23, 2003

Quote from Jayford:

I've heard this, but I've also heard its a nightmare to get working.

Jay

I had no problems, i can really recommend it.

Bankedout · Jan 23, 2003

Quote from profitseer:

tws has it's own bracket trade option. You don't need to use a third party api.

you enter at a limit with an auto stop and auto target, one click

options are
1. enter limit with auto stop
2. enter limit with auto trailing stop
3. Bracket trade, enter limit with auto stop and auto target

With option #1 and possibly others, you can then change the original limit entry order to a stop limit if you wish. This has to be done after you attach your auto stop to your limit order. You would pull up the order ticket for the limit order and change it to a stop limit.

I love that feature.

Banker

damonjanis · Jan 23, 2003

Quote from Bankedout:

With option #1 and possibly others, you can then change the original limit entry order to a stop limit if you wish. This has to be done after you attach your auto stop to your limit order. You would pull up the order ticket for the limit order and change it to a stop limit.

You have to be careful doing this. When the order changes from a limit to a stop, the outside stop and limit orders become active. If the market hits one of the outside orders before hitting the 'trigger' order, the outside order will be filled, and the other outside order cancelled, with the 'trigger' order still active.

Andre · Jan 23, 2003

I just had a position that would have been nice to use bracket trading on, since I wasn't able to watch it like I perfer. Is there an extra charge to use it? Or is it still a penny per share to 500, etc.?

I know IB is slammed for their customer support

They've been fine every time I've contacted them.

AndrÃ©

damonjanis · Jan 23, 2003

There is no extra charge for using bracket orders.

My only gripe with them is they don't yet support a bracket order based on a stop-limit order, only stop orders.

Bankedout · Jan 23, 2003

Quote from damonjanis:

You have to be careful doing this. When the order changes from a limit to a stop, the outside stop and limit orders become active. If the market hits one of the outside orders before hitting the 'trigger' order, the outside order will be filled, and the other outside order cancelled, with the 'trigger' order still active.

I think you have misunderstood. I was talking about option #1. Attaching an exit stop to a limit entry. In my example, I attached an exit stop to a stop limit entry. When the stop limit order fills, the exit stop is placed for you. There is no limit order. The orders are directly tied to each other according to my contact at IB. If the entry order does not fill, the exit order is inactive.

Banker

AmbushHillbilly · Jan 23, 2003

Place an IB limit order with bracket orders. Then go back and change the entry order to stop-limit and enter the stop price.

A little hokey but seems to work.

Bankedout · Jan 24, 2003

Quote from AmbushHillbilly:

Place an IB limit order with bracket orders. Then go back and change the entry order to stop-limit and enter the stop price.

A little hokey but seems to work.

From what I hear, it won't be hokey in the future. This is just a temporary work around according to IB.

Banker