Need Help

[syd697]

Anyone familiar with IB TWS:

How do I create a bracket order for a position that's already been established? I know how to manually create 2 separate orders, one being a stop-loss, the other being a profit limit order. Can't seem to figure out how to use the "create bracket order" function for a position that's already in force. Thanks.

 

[Steve_IB]

Quote from syd697:

Anyone familiar with IB TWS:

How do I create a bracket order for a position that's already been established? I know how to manually create 2 separate orders, one being a stop-loss, the other being a profit limit order. Can't seem to figure out how to use the "create bracket order" function for a position that's already in force. Thanks.

You can't use the create bracket order function after you have placed the primary order.
You will need to use the "OCA" function. You set-up the profit taking limit order and the stop order, and flag them OCA. There are detailed instructions in the TWS User Guide and on the IB website which will explain how to set-up an OCA.

 

[AmbushHillbilly]

Steve,

While you're here..

Did the bug with GTC bracket orders get fixed? It was an issue awhile back in that your bracket orders (activated on the fill initiating the position) were only good for that first day, even though they were marked GTC. It caused me a bit of a problem with my swing trades.

The original thread f/ reference:
http://www.elitetrader.com/vb/showthread.php?s=&threadid=13432&highlight=bracket