IB screwed me with the fine print

misterkel

misterkel

Had 3 OCO orders to sell puts on COTY. It gapped down in the morning.
all 3 of my OCO orders got filled. IB just said - "sorry, it says the order may not work under certain conditions." Why does it exist? The whole point is to be able to put in different orders knowing that only one can get filled.
Do I have any recourse?
 
The fine print is clear. You selected option 1

https://www.interactivebrokers.com/en/software/tws/usersguidebook/ordertypes/oco.htm


  1. Reduce other orders: Reduces the quantity of other orders in the group by the partially filled quantity of the order. Please note that using this option without overfill protection will likely result in multiple orders being routed to an exchange, which may in turn result in an overfill, or in a rejection (e.g. in the case of multiple sell orders where one is tagged as "short sale").
  2. Reduce other orders, overfill protection: Designed to reduce quantity of other orders in the group by the partially-filled quantity of the order, and specifies that only one order at a time will be submitted to an exchange to avoid multiple orders filling (overfill).
  3. Cancel other orders: All orders in the group will be canceled. When selected, "overfill protection" is automatically enabled to prevent an overfill.
 
So he didn't read the fine print? Wouldn't the fine-print look like this?

Reduce other orders: Reduces the quantity of other orders in the group by the partially filled quantity of the order. Please note that using this option without overfill protection will likely result in multiple orders being routed to an exchange, which may in turn result in an overfill, or in a rejection (e.g. in the case of multiple sell orders where one is tagged as "short sale").
 
Another case of a someone quick to blame someone other than themselves for their inability to read a manual. Perhaps he just needs to increase the prescription of his glasses as that sure doesn't look like fine print to me. Be a man and edit the title of the thread to "I screwed myself cuz I'm too lazy to read"

Pasting the graphic and description from the link OptionsOptionsOptions posted above..

I had to check and sure enough - there is even a video. At 2:25, the OCA overfill is explained.
https://www.interactivebrokers.com/en/index.php?f=617

upload_2020-5-21_20-25-52.png
 
eastern_warrior said:
Another case of a someone quick to blame someone other than themselves for their inability to read a manual. Perhaps he just needs to increase the prescription of his glasses as that sure doesn't look like fine print to me. Be a man and edit the title of the thread to "I screwed myself cuz I'm too lazy to read"

Pasting the graphic and description from the link OptionsOptionsOptions posted above..

I had to check and sure enough - there is even a video. At 2:25, the OCA overfill is explained.
https://www.interactivebrokers.com/en/index.php?f=617

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Another arrogant a-h on ET. Quelle surprise.

I used this vid (from IB) to utilize the OCA function. You will note, if you watch it, it makes NO MENTION of the overfills functions. It states directly the function will cancel other orders when one is filled.
Perhaps you could realize that retroactively seeking information provides different results because you already know what went wrong. Makes it easy to be an arrogant POS.

 
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misterkel said:
Another arrogant a-h on ET. Quelle surprise.

I used this vid (from IB) to utilize the OCA function. You will note, if you watch it, it makes NO MENTION of the overfills functions. It states directly the function will cancel other orders when one is filled.
Perhaps you could realize that retroactively seeking information provides different results because you already know what went wrong. Makes it easy to be an arrogant POS.

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when people are fast to blame others when they don’t do their full homework or use common sense I think it should be called out. You were not screwed. You had three orders resting on an exchange during a fast drop, what do you think would happen. Maybe chalk it up to lesson learned but instead the quick - I was screwed. No sympathy here.
 
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