Let's say I own a stock. I want to say "if it drops by more than X% during the day, sell at market. If it doesn't, then sell at end of day". Can that be done in IB? If so, what kind of order is it called? Thanks!
Yes. They have an API that let's you write the rules to be as creative with your trading as you want.
On TWS, you can create a 'conditional' order to trigger your first rule at X price. Your second rule, also a conditional order, can be set to trigger at a particular time. Unfortunately, with 2 conditional orders, you can't set an exit at MOC, but you can set it just before the close, for example at 15:59:50. After setting both conditional orders, be sure to mark them OCA. You don't want your target price to be hit, but the exit order to remain open. Use TWS simulated trading to practice conditional orders.
Thank you guys! Definitely good to know I can do it using their conditional orders, rather than API, as I have no clue how to program! Thanks!!!
Use the OCA function. Conditional order: 4:58:00 Sell at Market Other OCA order: set a stop-loss order based on your criteria.