changing an pending order with TWS

Discussion in 'Retail Brokers' started by DT-waw, Sep 21, 2001.

  1. DT-waw


    Is it possible to change limit of pending order ( not executed yet ) in TWS?

  2. tntneo

    tntneo Moderator

    yes, of course.
    you may change size, price for limit or stop limit orders as long as the order is not executed.
    NB : a change is not 100% sure to make it to the exchange as you know. So you may run out of time in between sending the modified order and execution.
    But usually it takes 1 or 2 sec to change an order (depending on routing of course).

  3. DT-waw


    thanks neo. That's great in situation when market is fast, and my previous order is out of current price and won't be executed fast. Order stays live, and all I have to do, is to change the limit and hit Enter!
  4. Isn't there always the chance that the first order will fill as the revised order is midway between me and them?

    I know that on cancellations, I get filled once in a while several seconds after I've sent in my cancel.

  5. Grabbit


    Yep. But that means that the order is filled so there is nothing to change anymore. So there's no problem.
  6. WarEagle

    WarEagle Moderator


    You are right that it can execute before the change goes through, but if that happens, the order can no longer be modified, so there is no fear of multiple orders getting filled. You have to create a new order line for another order to go through. This feature has been very useful for me.

  7. Okay...that makes perfect sense now. Thanks!
  8. tntneo

    tntneo Moderator

    yes that`s precisely right.
    I don't know how IB does it in fine details, but the result is as described in the thread. You change the existing order, so if filled before the change is confirmed is no issue, the order does not exist anymore. It is a great feature and unlike 'cancel-new order' cycles you find with other brokers (IB is not the only one doing it this way though).

    and again, you can change price and size. I do change size sometimes to stop and reverse (when stopped out).

  9. DT-waw


    Neo, is it possible to short 1 contract by transmitting an short order with size 2, when I currently have 1 contract long?
    In other words, to close a long position, and open a new short position ( at the same price ) by submitting only 1 order?

  10. jaan


    question for you IB-ers: does modifying the order affect the commission? for example, if i'd enter an order for 1k shares, get a partial fill for 500, then modify the price for the reminder, and get the fill at new price, would my commission be $7.50 (one 1k order) or $10 (two 500 orders)?

    i was not able to find information about this on IB website.

    - jaan
    #10     Nov 12, 2001