IB error: Order price is outside price limits

S

SideShowBob

Anyone else received the error "Order price is outside price limits"? I received this the other day and had my order canceled and they finally got back to me with some weird explanation about daily futures price limits which clearly didn't make sense because it traded through my stop price that day (and my order was already canceled).

I also received this last night when they canceled (due to the end of the session) my Euro Schatz order.

What is going on IB?
 
I had that happen on my buy limit orders outside of regular hours. I was short the Sept YM contract and had a buy Limit order at 800 points below my entry (in anticipation of another flash crash), and during regular hours it was fine but if I adjusted during the after hours it says outside of limits and cancelled it? It allowed me to reset the limit order to 300 points max. The next day I reset to 800 points without a problem during regular trading hours.
 
Quote from SideShowBob:

Anyone else received the error "Order price is outside price limits"? I received this the other day and had my order canceled and they finally got back to me with some weird explanation about daily futures price limits which clearly didn't make sense because it traded through my stop price that day (and my order was already canceled).

I also received this last night when they canceled (due to the end of the session) my Euro Schatz order.

What is going on IB?
More...

You need to adjust your order presets.
 
Not convinced this is an order preset. First, it took the order and then canceled it the following morning. Second, my futures preset precautionary settings are 25% and 10 contracts, neither of which was anywhere close to being hit. Total amount also not close to being hit.

The response I got from IB makes me think it was an error on their end relating to decimal places on the contract (it was OJ on NYBOT -- yes I know there are definite liquidity issues with OJ but I missed $3000 in profits on this trade).
 
BUMP...the exact same thing is happening to me on MBT futures. IBKR also told me the stop was cancelled, after several hours, because price is outside price limits....I have a hard time believing they are right as my limit was within 1% of the stop.

Is anyone else having this issue on TWS?
 
They have an entity called "The Algorithm" that decides what is and isn't marketable through a process no-one in customer service is privy to (or probably could understand if they were). It isn't a bug, it's a feature just like auto liquidation that screws us as their customers to protect them, and like auto liquidation it's a blunt instrument that's often overcautious but they could give FA about that because they don't care about the customer.
 
This is a feature you cannot disable... Last spring and summer it became a pain in the *** with all the volatility.... And limit up/down even in equity futures.
Eg.
If you wanted to liquidate sunday at open on gap down you could not because of the algo...
When prices crashed right after gap down, you got screwed.
 
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