Was wondering if anyone here (particularly IB guys) had some insight into this issue. ECBOT supports native market stop orders. However, IB doesn't support stops outside of normal market hours. This presents several problems:
1. IB defines normal market hours to be 9:30-4. As we all know, futures day sessions are different. I don't understand how a firm as well-established as IB can't deal with different markets trading at different hours. When I ask about this they just tell me it's a management policy. Something makes no sense here.
2. Why can't my market stop order work in the after hours? The order is native, so it has nothing to do with IB simulating it etc. Again, this seems like a straightforward capability that IB should be able to handle.
3. The stock answer I get from IB is that I should use stop-limit orders, which they simulate and will work in the off-hours. However, the exchange specifies the bounds within which your limit price will be accepted. These bounds change every day, and they often aren't wide enough to accommodate running deep stops. So, you run a very real risk of your stop never being elected if the market gaps substantially. In addition, you will never know if you have specified a valid limit price since IB will just accept it, and it will get bounced when your stop level is reached (when it is too late)...surprise!
If these are structural limitations in IB's system then fine, but I wish someone would be forthcoming enough to admit it to me. If not, then why not modify the system to accommodate?
1. IB defines normal market hours to be 9:30-4. As we all know, futures day sessions are different. I don't understand how a firm as well-established as IB can't deal with different markets trading at different hours. When I ask about this they just tell me it's a management policy. Something makes no sense here.
2. Why can't my market stop order work in the after hours? The order is native, so it has nothing to do with IB simulating it etc. Again, this seems like a straightforward capability that IB should be able to handle.
3. The stock answer I get from IB is that I should use stop-limit orders, which they simulate and will work in the off-hours. However, the exchange specifies the bounds within which your limit price will be accepted. These bounds change every day, and they often aren't wide enough to accommodate running deep stops. So, you run a very real risk of your stop never being elected if the market gaps substantially. In addition, you will never know if you have specified a valid limit price since IB will just accept it, and it will get bounced when your stop level is reached (when it is too late)...surprise!
If these are structural limitations in IB's system then fine, but I wish someone would be forthcoming enough to admit it to me. If not, then why not modify the system to accommodate?
