steeldust
...cause i sure don't abuse the globex system with constant submit/cancel.
Like you, I do not abuse the globex system but if you, like many of us, use trailing stops that are native to IB, then a $1 mod fee would charged every single time the trailing stop was adjusted. on a good run.. this could add up considerably... which brings me to this...
I would like to get a clear understanding what this means.
Letâs say that I trade ES and I am currently flat. Lets also ignore the normal commissions.
A) I place a bracket order of stplmt buy at 1200 & stplmt sell at 1195 ⦠the buy order at 1200 is hit and filled and the stplmt sell order at 1195 is canceled. I also have an intial stoploss order at 1197, which will begin to trail when price reaches 1203.
= Cancel/Mod fee of $1.00 & Execution credit of $5.00
B) Then⦠I have a trailing stop in place, which trails the price by 3 points. Price moves to 1211 then retraces to 1208, filling my stop.
= Cancel/Mod fee of $9.00 &Execution credit of $5.00
NET RESULT = Total Cancel/Mod Fee of $10.00
Total Exceution Credit of $10.00
NET $0.00
âAâ Since the stplmt sell order was canceled via OCA, this would result in a cancellation fee⦠correct?
âBâ Since the trailing stop moved from its hard position of 1197 to B/E then moved another eight times (assuming 1pt incremental moves), this would total 9 modifications⦠correct?
Can someone please confirm if this scenario is accurate.
Thank you very much.
