IB Wheat order problem

S

svrart

hi,

i am trying to enter the following order
buy 1 zw limit 1000 1/4
and get the following error message
"order out of price limits"
right this second zw is
1042 bid 1042 1/4 ask down 24 1/4

i know wheat has traded well into the +/-70 area, the past few days. can anyone enlighten me as to why i get this error message?

i ask here, because ib customer service is just a waste of time and energy.

thank muchly,
sridhar ramasami
 
This probably has to do with the precautionary price limits set on your order defaults. They are set to 3% by default. You should be able to just say ok to the warning message and the order will enter as normal. If that does not do the trick I'm not sure then, but I've had a similar experience with this.

edit: I just tried the same order and got the same message and result. I don't know what could be the problem. I tried changing the precautionary price limit but it had no affect.
 
fwiw, this has been happening for at least 1 month. enlightenment appreciated.

just to reiterate, this is a ib specific problem.

svr
 
It is what Brock said. I get it too. You have a default % amount that IB considers "normal" and anything above that it will give you the message. I just ignore the message and it transmits the order.
 
there is a misunderstanding. i have changed the limit to 7% and STILL get the message. Also the message gets automatically rejected with no choice for me to override. There is nothing i can do to submit it!!!!!!!

svr
 
I know, that is what I said earlier. You should call IB's support and get their tech folks working on this. They will respond if you present them with the issue. It could just be an issue that was introduced with the latest build of TWS or something.

FYI, it is also doing this with other markets besides ZW. I tried this with CL and got the same result. This is a problem larger than I thought originally. This should get their attention.
 
Could be the price limits set by the exchange for the commodities.

Remember, wheat's limit is 60 cents per bushel, so it would 1000 1/4 would violate the exchange-initated limits for each trading day.
 
Your order is outside limit (as in exchange limit, currently 60), just like the error msg is telling you. This is not the same as the "Precautionary" warning with the 3% setting.

My older tws build doesn't give the error msg though, just cancels it.
 
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