IB TWS convert stop to market order?

[illiquid]

Is there a way to convert an open stop order into a market order, preferably with a single key?

 

[EMini-Player]

I believe you can setup a Hot Key to close your position.

-FastTrader

 

[illiquid]

I need a key to convert the stop to market, not make a separate market or exit order.

In a quick moving market this saves you a step of first canceling the stop order then sending a second exit order; exiting first can result in getting both the market and stop order executed.

Any thoughts on making this an option in the future?

 

[Htrader]

That feature doesn't exist but hopefully it will in the future.

I've been wanting a hotkey that switches an order from Limit to Market for a while, but no luck.

 

[Magna]

It would also be most useful to be able to quickly change a Stop (that's part of an OCA pair) to a Stop-Limit order (that's still a part of the same OCA pair). This would immediately take it off the IB servers and make the order native on the Globex servers if trading the minis.

 

[InTheZone]

You could try giving an OCA ID to your stop order. Then you can enter a OCA market orer with the same OCA ID. That might allow you do execute a market order, and cancel the stop, with just one order.

I haven't tried this myself though.

-- ITZ

 

[bronks]

It's a two step process, but I have my hot keys set up for "close position" (spacebar>return). It'll override any open order. Make sure you highlight symbol line first. Hope this helps.

Edit: Oops, what Fast Trader said.

 

[illiquid]

Quote from InTheZone:

You could try giving an OCA ID to your stop order. Then you can enter a OCA market orer with the same OCA ID. That might allow you do execute a market order, and cancel the stop, with just one order.

I haven't tried this myself though.

-- ITZ

That might work, will give it a shot tomorrow, thx.

 

[InTheZone]

Please let us know if the OCA solution works or not. I've always wondered about it.

Thanks.

-- ITZ

 

[illiquid]

Yes sending a second OCA does work: send a stop order with an OCA label, then you can setup a market or limit order with same label which will cancel the first stop order upon execution.

It's still a bit of a pain, but better than nothing -- as long as you have a few seconds to setup the OCA the result is the same as a one-click conversion of stop to market.

Thanks for the tip ITZ.