Bracket Orders with %

Hi,

I'm currently using IB, and like most here, find the order entry mechanism sorely lacking.

What I'm looking for is a platform that will allow me to auto-set bracket orders (lmt and stop) to a +/- % of my entry price.

For example, assuming the lmt % is +10%, and stop % is -5%, an order at $10.00 will automatically set a limit sell at $11.00, with a stop at $9.50.

Or better yet, a system that'll allow a more complex sequence of order . i.e. avg down once at -2.5% from entry ($9.75), with a stop sell for the whole lot at -5% from entry ($9.50), and a limit sell at 10% from entry ($11.00)

I've heard great things about Button Trader and Lightspeed. Can either do that?

Thanks!

-Nick

 

you can do this with IB or any of broker that support tradelink, which is free an open source.

here is how you would implement your example

Code:

public class MyResponse : ResponseTemplate
{
 decimal PROFIT = .1m;
 decimal STOP = .05m;

  OffsetTracker _ot = new OffsetTracker();
  override void GotFill(Trade fill) 
 { 
     _ot[fill.symbol] = new OffsetInfo(fill.xprice*PROFIT,fill.xprice*STOP);
    _ot.Adjust(fill); 
 }
  override void GotTick (Tick k) {  _ot.newTick(k);   }
  override void GotPosition(Position p) { _ot.Adjust(p); }
}

http://tradelink.googlecode.com

 

I'm a couple newb when it comes to programming language, but I'll give the above and shot and see if I can learn something in the process.

Thanks for the quick and generous response!

 

np... if you have questions/problems, email the users group :

http://groups.google.com/group/tradelink-users

 

I use Bracket Trader with IB to trade index futures. It sets my stop and target when the entry order is filled then cancels the one that is not hit and can trail the stop per your instructions. It also lets you place a limit entry order with one click on the DOM. I think it is free unless you want update notifications.