Interactive Brokers - add multiple target orders to a bracket order

[elitetradesman]

Conventionally, a bracket order has one entry order, one stop loss order and one target order, but I'd like to have more than one target order in a bracket order. For example, I want to buy 1000 shares at $50, but sell 600 shares at $52 and 400 shares at $51.

I tried to set them up using a bracket order and while TWS let me attach as many child orders as I wish, it wouldn't let me set the order size of child orders.

Does anyone know how to set it up or is this simply not allowed with TWS?

 

[Daring]

Probably not the answer you searching for but this is very easy and convenient if using Ninja Trader's DOM.

I find IB TWS to be obsolete in mechanics.

 

[southall]

Only way i know is to seperate it into 2 orders.

Buy 600 at 50 and buy 400 at 50.

Then add bracket orders to each.

 

[IB-AN]

Quote from elitetradesman:

Conventionally, a bracket order has one entry order, one stop loss order and one target order, but I'd like to have more than one target order in a bracket order. For example, I want to buy 1000 shares at $50, but sell 600 shares at $52 and 400 shares at $51.

I tried to set them up using a bracket order and while TWS let me attach as many child orders as I wish, it wouldn't let me set the order size of child orders.

Does anyone know how to set it up or is this simply not allowed with TWS?

There are settings withing the TWS which allow you to accomplish this by defining an initial offset from your target price and size as well as a subsequent component size and price increment.

To create the order, start by Right clicking any TWS quote line and choosing 'Configure Order Presets' from the menu. You will see a Target Order (Profit Taker) Section. For your example you want your initial Parent order to execute, then you wish to sell 400 shares 1.00 above the initital order, then 600 shares 2.00 above the initital parent order. These can be entered into the section titled 'Scale Fields'. Then click the 'Apply' and 'OK' buttons (see Exhibit 1 on attachment).

Next, proceed to your quote row and left click the ask price to create the parent order. Change the limit price to 50. Now, right click the order line and choose 'Attach' and then 'Target Order – Limit' from the pop-up menu (Exhibit 2).

Then right click the parent order one more time and choose 'Attach – Stop' from the pop up menu.

You will see the following three orders (Exhibit 3):

1. A Parent order to purchase 1000 shares for USD 50.00

2. A profit taking limit order for 400 shares with a limit of USD 51.00 (parent order + 1.00) and a second order for 600 shares at 52.0 (scale subsequent size plus scale increment of USD 1.00)

3. A stop order to sell all 1000 shares at USD 1.00 below parent level.


You will only see one order line for the scale order. To view the progress you must right click the profit taking limit order and choose “View Scale Progress” from the pop-up menu (Exhibit 4).

 

[elitetradesman]

Thank you so much, IB-AN. That was very helpful.

 

[xiaozh]

The problem is the 2 profit orders can't be modified and they are not on chart trade. This is pretty much deal break for day trade.

 

[waverider7]

There are settings withing the TWS which allow you to accomplish this by defining an initial offset from your target price and size as well as a subsequent component size and price increment.

To create the order, start by Right clicking any TWS quote line and choosing 'Configure Order Presets' from the menu. You will see a Target Order (Profit Taker) Section. For your example you want your initial Parent order to execute, then you wish to sell 400 shares 1.00 above the initital order, then 600 shares 2.00 above the initital parent order. These can be entered into the section titled 'Scale Fields'. Then click the 'Apply' and 'OK' buttons (see Exhibit 1 on attachment).

Next, proceed to your quote row and left click the ask price to create the parent order. Change the limit price to 50. Now, right click the order line and choose 'Attach' and then 'Target Order – Limit' from the pop-up menu (Exhibit 2).

Then right click the parent order one more time and choose 'Attach – Stop' from the pop up menu.

You will see the following three orders (Exhibit 3):

1. A Parent order to purchase 1000 shares for USD 50.00

2. A profit taking limit order for 400 shares with a limit of USD 51.00 (parent order + 1.00) and a second order for 600 shares at 52.0 (scale subsequent size plus scale increment of USD 1.00)

3. A stop order to sell all 1000 shares at USD 1.00 below parent level.


You will only see one order line for the scale order. To view the progress you must right click the profit taking limit order and choose “View Scale Progress” from the pop-up menu (Exhibit 4).

Hi IB,

This seems out-dated as I can't even get past step 1 as right-clicking doesn't give me that option?

Can you possibly explain the simplest way in TWS to create a new order that is:
- A Stop Limit Entry
- Has 3 different targets
- Has an OCO stop (at a single price) but as Target 1 is hit, the stop share-size will reduce, and so on for T2, and at T3, position closes.

This would be VERY much appreciated as I'm going crazy trying to find it.

 

[IB-AN]

You may wish to try the following (Classic TWS):

1. Right click any column header(i.e. bid, ask, etc.) on your Order Management Page and choose to Customize Layout.

2. Choose Order Columns.

3. On the right under Available Columns expand Scale Orders and add Initial Scale Size, Subsequent Component Size and Scale incr. Click apply, and then OK.

4. Left click the “ask” to create a buy or the “bid” to create a sell order. Choose Stop Limit as the Order Type. Enter a Stop (trigger) price and a Limit Price. DO NOT Transmit the order yet.

5. Right click the order and choose Attach, then Bracket Orders from the pop-up menus.

6. For the Profit Taking Limit Order define the Initial Component Size, the Subsequent Component Size and a Scale increment. You will see below I have a Parent order entered to buy 300 shares. For the Profit Taking Limit Order I defined an Initial Component Size of 100, a Subsequent Component Size of 100, and a Scale Increment of .50. Set this way the Profit Taker will have three levels. The first of which set to sell 100 shares at 35.35, and then two more 100 lots each set .50 higher (35.85 and 36.35).

7. To monitor the progress, right click the Profit Taking Order and choose View Scale Progress. You will also notice that the profit taker and stop order both have the same OCA identifier. This means that as the profit taker fills, the stop order will automatically reduce in size.

 

[danjuma]

Hi IB-AN,

Couple of questions please, as TWX/IB seems simple to use but yet so difficult

1)How exactly does one close orders on TWS. I right-click on an open trade and select close, but I get an order initiated with 'T' / Transmit displayed after it. Not sure whether the order is closed or I need to click the displayed 'T' / Transmit, as a few occasions when I have clicked the transmit, I get another order initiated! I am talking about trading FX here.

2) If I open an order, is there a way to get the SL to move to breakeven when it touches the elected price when I am not in front of the PC i.e. I will like to open orders the night before/or in the morning before work, but with the SL moved to BE (if it gets to that price) during when I am not at home in front of my PC? I am not talking of automation in conjunction with VPS.

Many thanks
Dan

 

[waverider7]

You may wish to try the following (Classic TWS):

1. Right click any column header(i.e. bid, ask, etc.) on your Order Management Page and choose to Customize Layout.

2. Choose Order Columns.

View attachment 151061

IB-AN Thanks SO much, that's finally the answer I've been looking for! I'm surprised such a valuable option is so hidden and difficult to find though! I'll give it a try, I hope the orders are 'changeable' once they have been entered.