IB: no conditional stop order! any other broker?
- Thread starter vetten
- Start date
You can indeed place such conditional orders with IB. You can do what you're asking with just the combination of the Conditional tab and the Basic tab in the order entry window. The conditional tab may be initially hidden, but it's there, and you can create whatever condition you want, and in the Basic tab you can create whatever type of order you want, including a stop order.
vetten, I think you can accomplish what you want by using an adjustable stop. Try the following:
Create a buy stop order and set the stop price very high so it won't trigger.
Go to the "Adjust" tab on the Order Ticket and set the fields as follows:
Adjust to Order Type: STP
Trigger Price: 1.5825
Adjusted Stop Price: 1.5850
With this order, when the price drops to 1.5825, the stop price will be updated to 1.5850.
Does that work for you?
Create a buy stop order and set the stop price very high so it won't trigger.
Go to the "Adjust" tab on the Order Ticket and set the fields as follows:
Adjust to Order Type: STP
Trigger Price: 1.5825
Adjusted Stop Price: 1.5850
With this order, when the price drops to 1.5825, the stop price will be updated to 1.5850.
Does that work for you?
Thank you for the information.
What would be the settings if you wanted to "trail" the Buy-Stop.
In the above example:
Adjust to Order Type: STP
Trigger Price: 1.5825
Adjusted Stop Price: 1.5850
"With this order, when the price drops to 1.5825, the stop price will be updated to 1.5850"
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If price continues to drop significantly i.e. falling knife, can the buy stop be trailed? [[adj trail stop]]
i.e. price plummets to 1.5725 and the buy stop was trailed on the way down by 25
Trigger Price: 1.5725
Adjusted Stop Price: 1.5750
Additionally can this be incorporated in book trader [price ladder]?
Thank you kindly
Your advice is very helpful.
My question is:
If you follow your example, as above, but as you "create the buy stop order" you also specify that the order does not enter into force until 13:59.
Question: If the trigger price is hit only once,e.g., at 11:00AM will the "Adjust" adjust the prices then, or is the adjustment only empowered after 13:59, when in this case it would be meaningless?
Yes, you can also do this. Set the parameters the same as before, but change the "Adjust to Order Type" to "TRAIL" and set the "Adjusted Trailing Amount" to .0025.
You can also do this from BookTrader. From BookTrader, double-click on the "Hotkey Details" toolbar icon to open the hotkey editor. Then double-click on "Buy STP" in the "Configured Shortcuts" section. Click on the "Customize" tab. On the right side, you will see the Adjusted Stop Fields. Fill them out the same as above.
You can also do this from BookTrader. From BookTrader, double-click on the "Hotkey Details" toolbar icon to open the hotkey editor. Then double-click on "Buy STP" in the "Configured Shortcuts" section. Click on the "Customize" tab. On the right side, you will see the Adjusted Stop Fields. Fill them out the same as above.