Stop order not executed (Interactive Brokers, trading Oil Future)

J

JasonLi

Hi there,

I have several Interactive Brokers stop orders not executed. Luckily I was watching and closed my position manually with smaller loss. It is scary by just imaging how much I had lost if I was not watching it...I wonder:
a. If anyone else had similar issues with interactive brokers?
b. What I could try to eliminate the problem?
c. Could you please give me some suggestions other than IB, for a reliable trading broker/platform?

Below is my situation:
1. When stop orders not executed: 18:00~23:00 eastern time
2. App: IBKR on my iPhone 8 plus
3. Trading: Crude Oil Futures - CL NYMEX Apr'22
4. Order type: Stoploss of brackets with targets and stops (market stop, not stop limit)
5. RTH enabled
6. Time in force: Good till cancel
7. Status of those not executed orders: I got the positions through the bracket orders and was waiting for either stops or targets to be reached
8. All manual trades worked fine

I did not call IB customer service since I thought this wouldn't be an isolated case on my account only, but a software/system issue. Here is an old post I referred to: https://www.elitetrader.com/et/threads/interactive-brokers-stop-order-not-executed.326952/
 
Last edited:
JasonLi said:
Hi there,

I have several Interactive Brokers stop orders not executed. Luckily I was watching and closed my position manually with smaller loss. It is scary by just imaging how much I had lost if I was not watching it...I wonder:
a. If anyone else had similar issues with interactive brokers?
b. What I could try to eliminate the problem?
c. Could you please give me some suggestions other than IB, for a reliable trading broker/platform?

Below is my situation:
1. When stop orders not executed: 18:00~23:00 eastern time
2. App: IBKR on my iPhone 8 plus
3. Trading: Crude Oil Futures - CL NYMEX Apr'22
4. Order type: Stoploss of brackets with targets and stops (market stop, not stop limit)
5. RTH enabled
6. Time in force: Good till cancel
7. Status of those not executed orders: I got the positions through the bracket orders and was waiting for either stops or targets to be reached
8. All manual trades worked fine

I did not call IB customer service since I thought this wouldn't be an isolated case on my account only, but a software/system issue. Here is an old post I referred to: https://www.elitetrader.com/et/threads/interactive-brokers-stop-order-not-executed.326952/
More...


Does your platform have GTC+ ? I mainly use tradestation and not IB, so forgive me if this doesn't help. But my understanding for TS is that GTC will stay in place until end of the session. However, you need to select GTC+ if you want it to extend beyond the normal session.
 
Concinnity said:
Does your platform have GTC+ ? I mainly use tradestation and not IB, so forgive me if this doesn't help. But my understanding for TS is that GTC will stay in place until end of the session. However, you need to select GTC+ if you want it to extend beyond the normal session.
More...
Thanks for the quick response. As item 6 above mentioned, I did have GTC (good till cancel) which will allow the order to be active for several months. Actually for my cases it was all in same session from entering the position to reaching the stop( in hours).
 
JasonLi said:
Thanks for the quick response. As item 6 above mentioned, I did have GTC (good till cancel). Actually it was all in same session from entering the position to reaching the stop( in hours).
More...


Yes, I understand you had GTC. But there is GTC and GTC+ in tradestation. GTC is only in effect during normal market orders for my platform. You need to select GTC+ for it to cover after hours trading.
 
Concinnity said:
Yes, I understand you had GTC. But there is GTC and GTC+ in tradestation. GTC is only in effect during normal market orders for my platform. You need to select GTC+ for it to cover after hours trading.
More...
I think IB’s GTC is same as your GTC+. And I was in the SAME session from entering position to reaching the stop.
 
JasonLi said:
I think IB’s GTC is same as your GTC+. And I was in the SAME session from entering position to reaching the stop.
More...


Ok.... you seem pretty confident in that so I won't keep beating a dead horse. Maybe I am the one missing the point here, if that's the case all I can do is apologize and look like an idiot. However, regardless of that risk. I am going to give it one last shot as I did find this on IB's website:

" From the Time-in-Force selection box, choose GTC to ensure the order remains in force until filled. Note also that there are options to make the order active outside of regular trading hours (RTH) and allow it to fill in the pre-open session, which can be enabled by placing a check in the appropriate box"

And you mentioned 1800-2300, which still leads me to believe they are considering your GTC only in effect for the day session, regardless of the fact that futures trade near 24/7. So, I would just do a quick double check on the additional options there and make sure, before you dig too deep into other area's. Because if this isn't the reason like you said, you likely have a much deeper and complex issue to solve.
 
Concinnity said:
Ok.... you seem pretty confident in that so I won't keep beating a dead horse. Maybe I am the one missing the point here, if that's the case all I can do is apologize and look like an idiot. However, regardless of that risk. I am going to give it one last shot as I did find this on IB's website:

" From the Time-in-Force selection box, choose GTC to ensure the order remains in force until filled. Note also that there are options to make the order active outside of regular trading hours (RTH) and allow it to fill in the pre-open session, which can be enabled by placing a check in the appropriate box"

And you mentioned 1800-2300, which still leads me to believe they are considering your GTC only in effect for the day session, regardless of the fact that futures trade near 24/7. So, I would just do a quick double check on the additional options there and make sure, before you dig too deep into other area's. Because if this isn't the reason like you said, you likely have a much deeper and complex issue to solve.
More...
Really appreciate your time Concinnity! As I mentioned in item 5, I did have RTH (allow orders active out of Regular Trading Hours).
 
JasonLi said:
Really appreciate your time Concinnity! As I mentioned in item 5, I did have RTH (allow orders active out of Regular Trading Hours).
More...


Ok. Sorry I took RTH enabled as "Real time hours" enabled. Ok sorry couldn't help solve the problem. You may have to contact IB. Good luck man.
 
Consider drilling down to the instrument level. Different instruments behave differently after hours based on the order, exchange and broker. There are issues such as where the order is stored, i.e. native or not, and if not is it synthetic, i.e. held at the broker until an event and then generated. That and the E-CBOT (NYMex) being closed could be your problem.


https://www.interactivebrokers.ca/en/index.php?f=719. My emphasis added.

" CBOT (E-CBOT)
Stop-Limit Orders: Stop-limit orders configured to trigger outside RTH are submitted using the exchange's native order type and can be placed at any time during regular trading E-CBOT trading hours. Stop-limit orders on E-CBOT (and NYMEX) configured to trigger outside of regular trading hours with a trigger method set to bid/ask may trigger in illiquid markets and/or based on quotes with wide bid/ask spreads. Please note the following restrictions placed by E-CBOT:

  • Trades outside the "fair market value" will be cancelled by E-CBOT and the party responsible for entering the order into the electronic trading system that gave rise to the trade cancellation or price adjustment shall pay an administrative fee to the Exchange in the amount of $500 for each such occurrence.
  • Closed daily from 17:00 - 20:40 and 23:40 - 00:15 ET for CBOT/IB daily maintenance.
  • Day orders will be cancelled at 17:00 ET.
  • GTC and GTD orders cannot be cancelled from 23:40 - 00:15 ET."

Also sometimes this helps diagnose the issue: https://www.interactivebrokers.com/php/whiteLabel/TWS_Reference_Information/orderStatus.htm
 
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