IB needs a daytime ONLY order for equities

[bungrider]

How many times have you had a GTC order in place, and something totally wacked out and unpredictable happened in the after hours and you got picked off? This has happened to me where I got nailed at like 7:31am right after the ECNs opened, and I basically had ZERO chance to cancel my GTC order.

My request is that TWS add a "daytime only" functionality to its GTC and DAY limit order options for ALL order venues for US equities. I had a Datek account years ago, and there was a checkbox on the orders page that did exactly that.

This would really make my life easier and less stressful.

Thanks in advance!
-b

 

[maggandre]

I thought any and every broker would have a day only function. That is bizarre.

 

[vikana]

Amen.
I only leave my limits in over night. I always cancel the stops for this exact reason. A bit of a hazzle, but not too bad.

 

[gms]

I was under the impression that it's limit orders that are still hot until 8:00 EST.

 

[loufah]

I wonder what IB's algorithm for cancelling day orders is.

I once placed a day order a bit after 4PM, and it didn't get cancelled - it got executed at 9:31AM the next day.

 

[hhandler]

I also would like a "daytime only" functionality very much .
hans

 

[ctrader]

I thought stops were only executed during the day? Thats been my experience anyway.

 

[def]

Quote from bungrider:


My request is that TWS add a "daytime only" functionality to its GTC and DAY limit order options for ALL order venues for US equities. I had a Datek account years ago, and there was a checkbox on the orders page that did exactly that.

This would really make my life easier and less stressful.

Thanks in advance!
-b

I'll make the request but if you have a limit GTC order, why wouldn't you mind getting filled after hours? If you don't want to trade after hours, don't mark them GTC. Alternatively, you could work the order as a GTC stop and flag it not to trigger after hours.

 

[vikana]

Def,

thanks, good point. But the text in the configuration for Stop orders indicate that the "allow trigger outside regular trading hours" only apply to simulated stop-limits, not plain stops. Is that not the case?

 

[bent_prop]

I think the reason why an afterhours stop order is scary is because bid/asks usually move way away from the price and if someone just decides to dump 100 shares at a low or high price it then becomes the market price and you get hit at some rediculous price not at all relavant to recent normal market prices.