Parent/child order linked to stock price

D

dwhitzel

Hey Guys,

Below is an example of an options order setup i am looking to create but having issues trying to create in IB TWS. I would like to link the orders to a trigger price in the stock. Not sure if its possible or have to use a 3rd party. All orders would be GTC.

6.0 buy 12 V 340 call 9/9/21 @ MKT - trigger > 339.1
6.1 stop sell 12 @ MKT - trigger < 336.4
6.2 sell 3 @ MKT - trigger > 342.1
6.3 sell 3 @ MKT - trigger > 343.9
6.4 sell 3 @ MKT - trigger > 346.1

If i have to use a 3rd party can anyone recommend a service that i can link to my IB account.

Thanks all.
 
I don't see a way of doing this with OCA or conditionals. Use the API, monitor executions, cancel as fills come about.
 
dwhitzel said:
Not sure if its possible
More...
This is not possible with a bracket order in TWS. The reason is that the child orders must each have the same quantity as the parent order. In your case has the parent order a quantity of 12, and several of the child orders a quantity of 3 (the profit taking orders). The stop loss order has the same quantity, so you would be able to submit the opening order and the stoploss as a bracket order.
You would need to write your own software which monitors the price and submits the profit taking orders when each of the criteria is met. IB offers and API in multiple software languages for you to create this software.
 
This doesn’t even make much sense because no one trades or should trade options at market prices.
Except for a few most liquid names, you’ll get robbed by market makers selling you options at prices that no sane person would pay.
 
You must log in or register to reply here.
Back
Top