Major bug in TWS desktop client

B

Bodrey

You're supposed to be able to specify a percentage for profit-taking but either this feature's not available or it doesn't work at all (major bug). Even though you can specify a percentage in the "Target Order (Profit-taker) Preset section (under Global Configuration) it doesn't take effect when you then attach a Target Order to a Parent Order:

https://1drv.ms/u/s!AvhUBZ0Ipt05jHZ4eB79bRN5COph?e=iV9zSU

In fact, the option to specify a percentage for profit-taking is not present in Bracket Orders, either. I created a test order after specifying a preset percentage value of 50% and this value was not reflected when I attached the Target Order to the Parent Order:

https://1drv.ms/u/s!AvhUBZ0Ipt05jHdju74sR4tjgp1H?e=o2htL4

How did this glaring oversight get missed prior to TWS being released? What happened to beta testing? If it IS possible and I'm just missing something then I'd appreciate someone from IB (or anyone reading this) to provide a detailed explanation and/or any video links that CLEARLY explain how to use this feature.

I've tried on several occasions to get help from IB's Support reps regarding this feature and not ONE of them could help me with it. I spoke to one rep and all he could say is that "it can't be done from the Option Chain window" and that it "must be somewhere else in the program". He didn't know how to attach a Target Order, much less how to configure the Target Order (Profit-taker) preset section. These Support reps are supposed to know how to use the app. I hate to say it, but thus far my experience with their Customer Support in general, as well as regarding this particular issue, has been absolutely dreadful; they're useless.
 
Bodrey said:
How did this glaring oversight get missed prior to TWS being released? What happened to beta testing?
More...
Because IB hires the cheapest software engineer money can buy and it shows. We the users are the beta testing.

Bodrey said:
If it IS possible and I'm just missing something then I'd appreciate someone from IB (or anyone reading this) to provide a detailed explanation and/or any video links that CLEARLY explain how to use this feature.
More...

You can reach out to @def. He/she is the IB representative here on ET. But be prepared he/she might only be able to give you a "high level" answer and might not be able to resolve this specific issue.

Bodrey said:
I've tried on several occasions to get help from IB's Support reps regarding this feature and not ONE of them could help me with it. I spoke to one rep and all he could say is that "it can't be done from the Option Chain window" and that it "must be somewhere else in the program". He didn't know how to attach a Target Order, much less how to configure the Target Order (Profit-taker) preset section. These Support reps are supposed to know how to use the app. I hate to say it, but thus far my experience with their Customer Support in general, as well as regarding this particular issue, has been absolutely dreadful; they're useless.
More...

You need to follow up again and again and again and again and again until you get someone who knows a little bit about IB or at least cares a bit to escalate the issue to "Development". You can also request to escalate to a manager but be prepared that managers at IB are just as clueless as the reps.

That's how IB is. You either live with the bugs by creating a workaround of it yourself or you go somewhere else if it's really cutting into your profit too much.
 
Hi JSOP,

It sounds like you're also very familiar with the level of customer support (or lack thereof) that they provide. LOL It's really very sad, isn't it? I'll reach out to @def but my point is I shouldn't have to contact 50 different chat reps in order to find one that knows how to use this aspect of the program. I had an issue with a TP-Link router recently and I had at least 3-4 different people call ME in an effort to try and help resolve the issue. The difference in customer service from TP-Link and IB is like night and day. Some offer stellar customer service and support and some could care less. I emailed them just a while ago and asked to schedule a phone call with a senior Support rep (Manager(?)). Based on what you've told me that may be a waste of time as well. Wow... what a joke.
 
Bodrey said:
Hi JSOP,

It sounds like you're also very familiar with the level of customer support (or lack thereof) that they provide. LOL It's really very sad, isn't it? I'll reach out to @def but my point is I shouldn't have to contact 50 different chat reps in order to find one that knows how to use this aspect of the program. I had an issue with a TP-Link router recently and I had at least 3-4 different people call ME in an effort to try and help resolve the issue. The difference in customer service from TP-Link and IB is like night and day. Some offer stellar customer service and support and some could care less. I emailed them just a while ago and asked to schedule a phone call with a senior Support rep (Manager(?)). Based on what you've told me that may be a waste of time as well. Wow... what a joke.
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That's the reality with IB. IB's customer service has improved over the years, if you can believe it. It used to be lot worse.
 
JSOP said:
That's the reality with IB. IB's customer service has improved over the years, if you can believe it. It used to be lot worse.
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Wow. That's a sad statement. I may have just found a workaround. It's just as well as the ability to specify a percentage for profit-taking appears not to be available anyway.
 
Bodrey said:
Wow. That's a sad statement. I may have just found a workaround. It's just as well as the ability to specify a percentage for profit-taking appears not to be available anyway.
More...

What's your workaround?

Would love to be able to take a % profit using a predefined order.

I can use OCA orders but it's for full size.

I had a trade this week on a 10 dollar stock.
I had two profit targets 11 and 11.5.

I would of loved to be be able to automate closing 50% of the position at each of the levels.(whilst also adjusting my stop limit order quantity)
 
I got a response from an IB rep and he showed me how to configure the "Target Order (Profit-taker)" preset settings but under the Combos subheading instead of the Options subheading (not sure if it matters which one you configure). I tested it by creating a mock order with my paper trading account and it did seem to work. Oddly, it placed the order as a BUY even though I was selling a Put Credit Spread (collecting a net premium) and then of course the profit-taker registered as a Sell order.

So, the Parent order was entered into the platform as if I was buying a Call Debit Spread. I then had to change the order from a BUY to a SELL and manually specify the amount of credit I had taken in. Back asswards software. Regardless, configuring the presets is only useful if you want to set the same size profit-taking percentage for every trade, regardless of strategy. Otherwise, this method may be a better option...

https://www.interactivebrokers.ca/en/index.php?f=584

I haven't actually tried it yet because I want to trade Bull Put Spreads and I've yet to find an easy way to accurately identify stocks with current high IVPs (read: relative to the Option's closest expiration periods). None of the IV filters in TWS will work for this purpose. Another poster said they used TWS' API to create a condition to filter for current high IV but I don't have a programming background so I don't know how to do this.
 
Bodrey said:
I got a response from an IB rep and he showed me how to configure the "Target Order (Profit-taker)" preset settings but under the Combos subheading instead of the Options subheading (not sure if it matters which one you configure). I tested it by creating a mock order with my paper trading account and it did seem to work. Oddly, it placed the order as a BUY even though I was selling a Put Credit Spread (collecting a net premium) and then of course the profit-taker registered as a Sell order.
More...

There you go

https://www.elitetrader.com/et/thre...lose-a-net-short-combo-position-on-ib.349793/
 
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