IB "snap mid" orders,Mid price orders are an essential money saving method of trading

N

nixodian

, especially for wide bid ask spreads, like index options. “Snap mid” orders are far from developed, they can't even be used for combination / spread orders, so only single legs can be traded. Furthermore conditions can't even be attached to them, an essential element for clients who can't be at their computer 24/7. snap mid orders are therefore useless to all, even to the newbie who only enters single leg orders, as a limit order would be the equivalent
can IB developers develop it so snap orders work for combos, with conditions attached, eg selling a vertical spread in ABC, condition: when ABC is 55.
many brokers have this ability already, if IB are truly no 1 amongst brokers, then this ability should
be present. Please develop.
 
Quote from nixodian:

, especially for wide bid ask spreads, like index options. “Snap mid” orders are far from developed, they can't even be used for combination / spread orders, so only single legs can be traded. Furthermore conditions can't even be attached to them, an essential element for clients who can't be at their computer 24/7. snap mid orders are therefore useless to all, even to the newbie who only enters single leg orders, as a limit order would be the equivalent
can IB developers develop it so snap orders work for combos, with conditions attached, eg selling a vertical spread in ABC, condition: when ABC is 55.
many brokers have this ability already, if IB are truly no 1 amongst brokers, then this ability should
be present. Please develop.
More...

Just like when OCA orders could only be used for single legs! Sense has come to IB developers and they suddenly woke up, so OCA can now be used for combos as well. Should of been like that first time round. Perhaps IB are really for newbie option traders, they arent thinking about more advanced traders who almost all use combos, so surprised they even allow basic combo orders at all! Move to TOS, for all features an option trader can dream of and at $1.25 a leg for IB users. Nixodian, the savings you'd make even in a single trade with wide NBBO, and remember TOS are actually cheaper than IB for index options, IB charge ~ $1.5 a leg!
 
Quote from nixodian:

, especially for wide bid ask spreads, like index options. “Snap mid” orders are far from developed, they can't even be used for combination / spread orders, so only single legs can be traded. Furthermore conditions can't even be attached to them, an essential element for clients who can't be at their computer 24/7. snap mid orders are therefore useless to all, even to the newbie who only enters single leg orders, as a limit order would be the equivalent
can IB developers develop it so snap orders work for combos, with conditions attached, eg selling a vertical spread in ABC, condition: when ABC is 55.
many brokers have this ability already, if IB are truly no 1 amongst brokers, then this ability should
be present. Please develop.
More...

With latest TWS, you can specify/attach conditions to the SNAPMID order. The snapshot will be taken when the condition is satisfied and the order triggers. We'll add support for spreads/combos.
 
Quote from kostia00:

With latest TWS, you can specify/attach conditions to the SNAPMID order. The snapshot will be taken when the condition is satisfied and the order triggers. We'll add support for spreads/combos.
More...

Thanks Kostia00,
when can we IB traders expect? please add as soon as possible.

thanks again :)
 
If you're using IB and putting a lot of orders to work then you're wasting your time with their crappy order entry software.

Use Button Trader, takes some time to get used to and work out how to program it (not hard, but takes time). I use it for FX and can get orders working within 0.5 secs, which includes the entry order type, stop, size, target etc. Try doing all of that with IB within 0.5 secs...
 
Hi, Just wanted to see if there is any ETA on when this feature will be implemented. I and many others are eagerly waiting to use this!
Thanks
 
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