IB: getting out with 2 targets

[cordura21]

Hi guys. I am trying to automate buying breakouts in IB. So far I am using STOP orders, with an added bracket for a target and a stop if after the breakout the position goes against me.

What I want to do is to have 2 targets, much the same as what Bracket Trader does (but from inside TWS):

On the first target it will sell 50% of the position,and reduce the stop size by 50%.
On the the second target it will execute the remaining contracts and cancel the rest of the stop. If it goes directly against me, execute the stop and cancel the exit orders

I spoke with IB but couldn't get an answer yet. Can you give me any advice?

Regards, Andrés

 

[judsonm123]

did you ever figure out how to buy the breakouts at IB?

 

[foible]

Is there a problem doing this with two OCA groups, one for each stop/target combo? You might even get away with one OCA group.

What have you tried & what problems did you encounter?

 

[gr8stock]

IB does not have this scaling out order type. You need to enter 4 separate orders linked with OCA groups.

Let say you are long 2 contacts based on your breakout system. You enter order A to sell one contract at target 1 price and stop order B at your stop price. You assign OCA number, let say 123 to orders A and B. Then you enter sell one contract order C at target 2 price and order D at stop loss. You assign OCA number say 456 to orders C and D. That’s what I do. Hope somebody has a better way.

It is a shame that IB would spend so many resources on stupid features, but not on this useful type of order.

 

[judsonm123]

Surely there must be a way, or a 3rd party application, to buy breakouts and adjust a trailing stop.

Any advice?

 

[dontevergiveup]

i think "scaletrader" should help with this it's one of the disabled items(buttons).

 

[Coudy]

This is, what you want.

 

[Coudy]

Quote from Coudy:

This is, what you want.

+ adjusted stop order to break-even, when the 1R target is hit

 

[cordura21]

Hi, sorry to bring back this one from the dead, but maybe you can help me. i couldn't implement the ScaleTrader alternative, mainly I think it's cause it doesn't do what I want.

What I want is -with one click- enter an order (be it breakout or limit) that will have an overall stop loss but two exits. This is exactly what Bracket Trader does, but I am pretty sure it can be done inside TWS. an example will be:

Buy 10 contracts @ 1024 with a stop in 1022.
Exit 5 contracts if you touch 1026 (and reduce the stop by 5) and sell the rest if it goes up to 1028.

Thanks a lot

 

[Coudy]

I have tried to do to with futures, but no success, sorry, stocks are no problem, minimum size for stocks is 200 pcs.