which software can help me with limit orders/conditional market orders?

K

killATwill

Hi there, i want to trade a system that relies on limit orders, but the problem is, i need to submit a whole bunch of limit orders, and that's something i can't do in my IB TWS. the reason of course is that the sum dollar value of the orders exceeds my buying power. (i need to place limit orders for about 100 stocks). is there a program that i can use that will trigger a limit order or market order when a price hits a certain point to get around the problem of a whole bunch of limit orders canceling each other out?
 
Quote from killATwill:

Hi there, i want to trade a system that relies on limit orders, but the problem is, i need to submit a whole bunch of limit orders, and that's something i can't do in my IB TWS. the reason of course is that the sum dollar value of the orders exceeds my buying power. (i need to place limit orders for about 100 stocks). is there a program that i can use that will trigger a limit order or market order when a price hits a certain point to get around the problem of a whole bunch of limit orders canceling each other out?
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My first reaction would be to say "Yes, it could be done with ButtonTrader", but I have some doubts about the 100 different Tickers.
If your question was about 50 or so, then I see no problem >> You can use Break and Turn-strategies with "wait-triggered-open-orders" (in which case they are only send when needed, and only then your Margin/Buying-power will be used).

But 100 is right on the limit of active Tickers you can request from TWS-API (unless you trade a lot, in which case more tickers are granted), adding some "overhead tickers" makes more than 80 not really realistic.

Anyway, If you can adapt your trading to 50, then this option would probably be better then trying it in TWS the way you currently do.
 
Quote from giggollo:

Try actually placing all your limit orders in TWS, you might be pleasantly surprised!
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Will not work....Each and every order you place will be added to your risk and Margin-needs (for in case all Orders execute at once), so the ones you place above your limits will be rejected.
 
thanks hoi...i'm not following your post 100%. are you saying that if i reduce the tickers to 50 (which i can probably do), i can do this without a problem in TWS? it sounds like i have to access a special feature of TWS in order to do this though? is that accurate?
 
Quote from killATwill:

thanks hoi...i'm not following your post 100%. are you saying that if i reduce the tickers to 50 (which i can probably do), i can do this without a problem in TWS? it sounds like i have to access a special feature of TWS in order to do this though? is that accurate?
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No then you can use ButtonTrader connected to your TWS to do it.
 
Quote from killATwill:

tells a little bit about break and turn strategies, but i don't see how it's applicable.
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Goes to far to explain it in this forum, I just wanted to help you out, to point to the fact that there are quite a lot of 3rd-party API-programs for IB-TWS. And many have features that are not offered by TWS (which explains by itself the existence of these 3rd-party programs).
If you want to know more about ButtonTrader you can PM me.
 
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