Interactive Brokers - add multiple target orders to a bracket order

[waverider7]

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.

If only Ninja would make some slight adjustments for swing traders. The DOM is unfortunately too difficult to enter 3 targets on when the targets are a LONG way from the present price. The only option is to scroll the mouse for 30 minutes to try and find where to place the order! A simple option to enter actual prices would make NT awesome for swing trading.

Similarly, some FX spreads are so wide that the DOM is hard to use, this should be looked into also. NT, which is great for futures, would then be great for FX and Stocks too : )

 

[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

Hi IB AN, Again, thanks for the answer. I note the individual above mentions this order can't be modified. I've also tried to follow the above and have also noted that while it seems I can make modifications to the profit targets and increment in TWS Classic, the changes are not reflected on the chart trader, nor are they modifiable on chart trader.

When I change the order in Classic, is the order INDEED changing, even though not reflected on chart trader? If so, isn't this a bug in chart trader that should be fixed?

 

[FrankLee]

Unfortunately the bug is still there - so my optimism about this useful thread has been dashed.

I have previously found Button Trader to be a decent interface for trading IB as amongst other things, it allows you to concertina the price ladder. But there is a monthly charge, so I'll head back to using Multicharts for now

 

[rvdesh]

That was great info. Thank you. Is it possible to get scale trader like an algo order accumulate distribute for inclusion in auto trade code ?

 

[GrowleyMonster]

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.

Seems that orders can be changed right up until they are executed. The quick and dirty way to set split/scaled target or stop orders is to place TWO entry orders with attached brackets. Just hit your hotkey twice. Bam Bam. Move the target and stop loss orders as you see fit by clicking and dragging on the chart. Or type the desired values in the Orders window. My preset is 1% below parent order for stop loss, and 3% above it, for target. So I first worry about getting my entry in, then I move the bracket orders on the chart to suit me. I don't like to diddle around when I see an entry. I get on the board quick, then scoot my stop to where I want it ASAP, and take my time adjusting target.

<EDIT> I should add that I use Mosaic and the Chart Trader window. I set up multiple instances of that window, one for each stock on my watch list.

 

[rvdesh]

I got from IB-AN's suggestions how to convert a stop-limit order into scale out order. I applied your hot key suggestion. I mixed them and now by pressing hotkey only once, I am able to place buy (Limit/stop-limit) order for total quantity, attach scale-out order with initial component size, subsequent size and price increment and a single stop-loss orders. Thank you.

I was looking for help regarding coding the scale trader, like the algo order accumulate distribute, for auto-trading (in C++)!!

 

[peanuthead]

I got from IB-AN's suggestions how to convert a stop-limit order into scale out order. I applied your hot key suggestion. I mixed them and now by pressing hotkey only once, I am able to place buy (Limit/stop-limit) order for total quantity, attach scale-out order with initial component size, subsequent size and price increment and a single stop-loss orders. Thank you.

I was looking for help regarding coding the scale trader, like the algo order accumulate distribute, for auto-trading (in C++)!!

I can use it on chart trader, but how did you set up a hotkey on keyboard to achieve this?
thanks

 

[rvdesh]

I can use it on chart trader, but how did you set up a hotkey on keyboard to achieve this?
thanks

1. On the Edit menu select Global Configuration.
2. In the left pane select Hotkeys.
3. Select Buy (or Sell) as the Action and click Create Shortcut.
4. Click the Customize tab.
5. Enter action, absolute quantity, order type details on the left side
6. On the right side Enter the scale field values viz., Initial Component Size, Subsequent Comp Size, Price Increment .....as per your settings...
7. See the screenshot...first exit takes place at 2.0 points increment, subsequent orders are incremented by 1.5 points from the previous one (so it will be at 2.0 + 1.5 = 3.5, etc)
8. If you do not enter any details in target order fields, the first scale out will be at "price increment" from the buy price (1.5) and subsequent scale out will be at 1.5+1.5 = 3.0 like that
   
9. Record short cut key of your choice and do remaining settings as per your requirement...see also https://www.interactivebrokers.co.i...uretws/hotkeys.htm#XREF_39191_To_create_a_Buy

 

[peanuthead]

Thank you so much!

1. On the Edit menu select Global Configuration.
2. In the left pane select Hotkeys.
3. Select Buy (or Sell) as the Action and click Create Shortcut.
4. Click the Customize tab.
5. Enter action, absolute quantity, order type details on the left side
6. On the right side Enter the scale field values viz., Initial Component Size, Subsequent Comp Size, Price Increment .....as per your settings...
7. See the screenshot...first exit takes place at 2.0 points increment, subsequent orders are incremented by 1.5 points from the previous one (so it will be at 2.0 + 1.5 = 3.5, etc)
8. If you do not enter any details in target order fields, the first scale out will be at "price increment" from the buy price (1.5) and subsequent scale out will be at 1.5+1.5 = 3.0 like that View attachment 208142
9. Record short cut key of your choice and do remaining settings as per your requirement...see also https://www.interactivebrokers.co.i...uretws/hotkeys.htm#XREF_39191_To_create_a_Buy

Thank you so much, just use chart trader so hotkey would be even faster,thank you!

 

[Prids]

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).

This is an extremely useful method which I have been using for some time.
I have just one question.
To 'scale-out' of Options positions, is the Price Increment part relative to the Option price, or underlying Ticker price?
Thanks!