I am thinking about writing my own order management software to enter and manage orders with IB TWS API. My trading strategy is kind of scalping. Basically my highly customized esignal charts will generate about 20~40 buying/selling signals. For each signal, I will take a long or short position accordingly. For each newly initiated position, a stop order is entered at the same time as a stop loss order. Each position is also associated with a limit order which set at predefined price target. Each position may be closed at any time manually. The difference between my interface and TWS and some other software is that: first I don't need price quote data columns. Therefore there are only seven columns used: Symbol, Position, Entry Price, Profit/Loss, Stop Price, Target Price, Close Button. Actually the long positions and short positions are put in two different panels. In the bottom of the window, there is an action button panel with a set of buttons defined: long, short, close all, etc.
Second, the close of positions are explicitly done. Therefore opening a new short position is different from closing an existing long position because in the former case, there are two stop orders existing at the both sides of current price, while in the later case, no such stop orders exists. Moreover, in the former case, P/L are explicitly tracked for both positions although as long as none stop loss order is triggered, the P/L of these two positions alway offset each other.
My question is whether there already exists some order management software implementing such or similar features. If the answer is no, where can I find some source code as the start point to implement my ideas? Any help is greatly appreciated in advance.
-- Clearpicks
Second, the close of positions are explicitly done. Therefore opening a new short position is different from closing an existing long position because in the former case, there are two stop orders existing at the both sides of current price, while in the later case, no such stop orders exists. Moreover, in the former case, P/L are explicitly tracked for both positions although as long as none stop loss order is triggered, the P/L of these two positions alway offset each other.
My question is whether there already exists some order management software implementing such or similar features. If the answer is no, where can I find some source code as the start point to implement my ideas? Any help is greatly appreciated in advance.
-- Clearpicks