Need help with order functions..

T

Trend Fader

I currently use IB for trading. I want to be able to place an order to buy one penny better than bid and sell one penny lower than the ask.

My goal is to try to capture the middle of the spread on avg when I trade... What order functions allow me to do this automatically.. w/o me having to adjust my order manually??


--MIKE
 
Quote from Trend Fader:

Does this automate the trade? or just a quicker way to enter manual orders?

--MIKE
More...

It allows you to execute a trade with a push of a button(s). I recommend setting up the Control key (or another key) in conjunction with a letter or number if you chose to execute the trade immediately versus having to Transmit it as a second step.
 
But that is not my question.. is it possible to place an automated order.. thatn automatically will place your bid one penny above the best bid and one penny bellow the best offer... basically trying to always get the inside market as an execution? DOes IB have this function???


--MIKE
 
IB doesn't have this function but you could easily automate it via the API or have a third party vendor do the programming for you. I'd add that you're in essence trying to be a market maker and you should really think twice about whether or not this strategy will work (ie. the risk/reward equation is flipped to small rewards and large risk).
 
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