Hey team, I'm trying to work out how I can use the order types on IB to set my entry order, stop loss and a take profit for 50% of my position size all at once. I'm wanting to trade US stocks, but I'm in New Zealand so can't monitor my trade during trading hours as I'll be fast asleep! The only way I can see to do it is with an stop limit order for my entry, with a stop loss attached to that order. Then set a separate 'limit if touched' order for half of my position size, with the trigger being the entry price and the limit order being my take profit - that way my take profit order will only be placed if I'm entered into the trade. The issue I have with this is that I could be entered into the trade, stopped out, then my take profit could trigger, which would put me into an opposite position than intended. Is there any way I can set up orders to avoid this? Thanks in advance!
I fear that you won't be able to do this with the standard bracket order in TWS. Bracket orders assume that your stoploss and profit taker have the same quantity as the entry order. It does not allow you to enter with quantity x and then have 0.5*x be closed out on a stoploss or profit taker. The only way around this, in my view, would be to write your own program and use the API to enter into a position and then monitor that position until you have reached your stoploss or profit levels and then submit an order to exit a certain portion of the entry order.
Thanks for your reply! Managed to get a solution from another forum just in case anyone else has the same question. You can place two orders each for half the position size - the first order just has the stop loss attached, the second order has a bracket order for your take profit and stop loss.