how send preconfigured orders in market .

[Scanman]

hello

i'm new of this forum, and maybe here is not the correct subforum to post my question.

what i ask is : how i can send a preconfigured setup of orders where i can preset the take profit and the stop loss here in the example to explain

example : i would like preset to buy at 7642 , protect at 7625 , and take profit at 7660 , of course Once Cancel the Other (OCO) .

but i dont want create the orders in real time setting on the chart the quote of action , i want my order are preconfigured to take profit at 4 point up ( or down ) and protect from loss at 2 point down ( or up) .

is it possibile ?

actually i'm using IB with NJ but i can use also other platform
thanks

best regards

Luca

 

[Robert Morse]

I can't speak for IB, but this is called a Bracket Order. Here is a description from CQG, a futures platform we offer. A multiple leg Order-Places-Order (OPO). The first leg is an order with any regular order type (main leg). Once that leg is filled or partially filled, either one or two additional orders are placed. For example, filling a buy order can trigger either a sell OCO (a profit target order and a stop loss order), a profit target order, or a stop loss order. In the case of an OCO, if one of those orders is filled, then the other order is cancelled. http://help.cqg.com/qtrader/19/#!Documents/enteringbracketorders.htm

 

[Scanman]

ok thanks

i tried wtih ninjatrader but i think i did something wrong in the setup of strategy . and i fill the main but doesnt work the other two ( profit and protect)