Hi friends, I want to buy a stock but only if the price is 0.5 more than the opening price. I read all of IB's commands the only thing I've found close to what I want is stop orders now since I want it to be relative I guessed trailing stop would be good but I actually dont want it to follow the stock price lets say XYZ opened at 100, I want to only buy it if XYZ is now 100.5 the only close thing I can do is to stay near the computer at opening and quickly enter a stop order for 100.5 the problem is that sometimes the stock moves too fast! and I can't send my order fast enough and I miss some money Is there a way besides programming to send a relative to open fixed stop? (By the way I looked at conditionals order but I saw I can only say a fixed known price, I wish I could set conditions on the 'change since open' field) Thanks guys!
Thanks for the quick reply, you mean I can set the stop price as bid + 0.5? I didn't see an option to use variables as a price is it in classic or mosaic?
for classic you can set up your preconfigured orders to stop bid +.05 right click the symbol and go to configure order presets set your primary order as stop set your stop as bid (or ask) +.05 you'll need to create an order ticket to specify when the order becomes active
actually, you don't need to set stop as your primary if you don't want to, just make sure your stop is set to bid +.05 and then whenever you enter stop, that is what it will be then go to order ticket and enter stop and go to the left side and enter start time
sorry, I don't think that will work, because when you enter the order it is based on current price that's the extent of my knowledge, maybe ib or someone else can help good luck
thanks for the help now I can at least do it faster thanks to your method still wonder if someone knows if I can do it automatically without actually being on the computer at market open time
Good question that made me curious too. While I was reading Loyek590's response and before he realized that it wont work I just wanted to respond that it wont work and then I realized that he already found out the problem. You can open the order window and enter the time to activate the order at 9:30. So you can enter the order the night before or like 2 hours before the open. You should do it for active stocks. Some stocks might not trade a few minutes after open. Lets say bid/ask at 9:30:00 is 12.25/12.27 so your order will be to buy at 12.30. and it might not trade till 9:31:07 and the first trade will be at 12.21 and actually you wanted your order to be at 12.26 but your stop order is at 12.30. Check the snapshot.