Averaging trades on Interactive Brokers

Is there a way to place a trade on Interactive Brokers that will only execute if a trade goes a certain percentage in my favor?

For example, If I buy 100 shares of XYZ at $10....Is there a way to place a trade that will purchase more shares once the trade goes 5% in my favor and hits $10.50?

 

Does it have to be a percentage? On our platforms, you can enter a stop or stop limit to open. I assume that will work with IB too. Buy 100 XYZ 10.50 Stop.

 

IB has a feature for averaging down, selling at profit, then averaging down again. But I'm not aware of averaging up, except for stop limit orders that Robert mentioned.

 

Thanks, do you know the name of the feature for averaging down?

 

Scale Trader.

 

Not sure if you can customize to to exactly what you want but check out Accumulate/Distribute Algo.

https://www.interactivebrokers.com/en/index.php?f=1223

 

Attach a conditional (XYZ >= 10.50) order to your original order.