I'm just getting my feet wet with order types that are beyond just market/limit orders. While exploring the possibilities of more advanced orders, I've been encountering some limitations and am curious if there might be another method to achieve what I want. It appears that IB does not support conditional orders involving anything but market and limit orders. Would there be another way to achieve the equivalent of a GTC trailing stop order that is triggered by a specified price? I'd especially love to hear from anyone familiar with IB's TWS (and its limitations) in particular. Any help appreciated!
Right, but what I am looking for is a separate stop and trigger price. Say I want a GTC buy order for AAPL that is triggered at $200. The order I want triggered would be a trailing stop (trailing by say $2.00). So I can't set a trailing stop to be triggered by that price condition of $200 (at least with IB). Its certainly possible I'm missing something about how I'm constructing my orders, and this could actually be a fairly common/easy thing to do.
It is Saturday so I cant fire up TWS to tell you exactly but I believe you can do what you want. You need to enable trailing stops first. Then you simply use the attach function to your limit order. Is this case you are going to attach a trailing stop. If you go to the help menu and search on advanced orders types it will give you step-by-step instructions. David
Some other poster has the link up. Here is how in detail: http://www.interactivebrokers.com/e...ook/configuretws/attached_orders_defaults.htm
If I attach one order to another, wouldn't that result in two orders being executed (firs the parent, then the child order)? What I would like is for the child order to be executed once the parent order's conditions are met. I would *not* want that parent order to be executed. Using conditional orders, IB won't let me execute anything but limit and market orders. Selecting anything else results in a dialog that reads "A conditional order can only be submitted when the order type is set to limit or market".
the goal was to create a buy order if a stock dropped by a certain amount. suppose aapl was 240. if aapl was to drop anytime by 2 points you would buy the stock. they gave numerous suggestions. none of them worked. eventually they admitted it could not be done under the current system. if someone has a TESTED successful way to do it it would be appreciated it if u posted the exact steps. tia.