Easiest way for a noob to automate entries in Interactive Brokers?

Every morning I am scrambling on the open to manually enter stop-entry orders into TWS for multiple stocks because the trading system I am using is dependent on the day's opening price. This leads to missed fills, and is very stressful to get everything entered on time.

So my question is, what is the easiest/quickest way to automate the entry of buy orders for 10 stocks every day in IB under the following conditions:

"Buy 200 shares LMT order 5% below today's opening price, and if filled, exit on today's close."

Any insights on the easiest way for someone with very limited programming knowledge to automate the above would be appreciated. Thanks.

 

LOO (limit on open) order...enter manually without rushing prior to open
Can then manually enter MOC if get any fills on open

https://www.interactivebrokers.com/en/index.php?f=590

 

This does not work for the conditions specified by OP ("order limit 5% below today's market open").

Without any programming knowledge, OP's best bet is probably to prepare OCO orders (Limit buy, with MOC sell attached) so he only has to change the limit price after the market has opened (i.e. opening price is known) - and submit.

Of course the same can be automated, with various levels of sophistication - ranging from an 'Excel-based' solution to Gateway connection. (https://www.interactivebrokers.com/en/index.php?f=1062)

If OP has no experience and is looking to implement any solution himself, I strongly suggest semi-automation (i.e. orders are only prepared but NOT submitted) before moving on to the next step...

Hope this helps

 

Apologies...I should have read more closely that OP was trying to do it off the opening price

 

Another other option is to pay a developer to write some custom code.

Another option is to learn to code yourself. It is not that hard. Even kids can do it.

You can also ask for help here on elite trader if you get stuck.

 

That's not what he wanted. He doesn't want to buy the open. He wants to buy 5% below open.

 

You're asking IB's platform to first log the opening price, then to calculate 5% below the open, then to set a limit to buy order based on the calculation.

First, trading equities based on opening prices with IB is often flaky, and I try to avoid it. From my past experience, even their own Excel package does not provide real-time opening prices.

Second, their platform does not function as auto-trading software in the manner you described. For that, you'll need a third software solution that can send orders once the open is established.

You may also want to reconsider automating buy orders for a basket of stocks, without some type of limiting risk control in place.

 

Check out AleraTrading.com. I'm not affiliated with the company, just use the software.

 

http://bit.ly/PqGomB
you would need to get the opening prices *.95 but this should work

 

Why not? API use is a must but it would work. If all that is required is the tape open then a regular historical data request can be used. Result *0.95 is the entry.