Normally I am watching all of my trades and have no need for oco orders...I just take profits manually then cancel any stops left etc. I want to set up the following, because I will be away from the screen, but seem to be having trouble. For example: The market is trading at 1000. I want to sell it on a limit order at 1010, if done buy back at 1014 stop. I also want a profit taking stop to be executed if hit, at say 990. If one stop is filled, then I want the other cancelled. When I set up a bracket order via the IB help menu it won't trigger anything. One of my stops is 'green' and the other is 'blue' on the screen. I thought both should be green, but I may be mistaken. Anyway, neither stop is being triggered, even the active green one. I have done this in the demo model.... Can someone please, if they have time, explain to me how to set up an order such as the one in my exaple above. Appreciate any assistance.
You've got to be doing something wrong on the setup. If one of the orders is green, it means it has already been triggered and sent to the exchange. No time for details from me now. if someone doesn't help I'll respond on Monday (sunday night NY time).
The one thing that I think may point in the direction of your mistake is that you are talking about two stops. If your sell order is filled at 1010, then you need a profit taking LIMIT buy order at 990, not a stop.
Thanks for the replies. Sorry, I was just being quick when I typed Lobster, but the stop and limit orders are ok, I just didn't bother to differentiate the two when I posted. BKuerbs, I had a go with your instructions, and I appreciate the time you took to post, but I was still unsuccessful in my efforts. The entry on a limit order works fine, but my subsequent orders are not triggering correctly. Maybe someone else has an idea? If not, I'll keep trying until I figure where I'm going wrong. I'll post a screenshot tomorrow if I get a chance. My bet is I'm missing a simple step someplace in the process. Thanks again.
Take a look at the attaced screenshot.. The upper set of orders is using a limit order, which goes live on Globex (Green). The latter set uses a stop limit, which you can see is standing by. This should work.
What happens if you are only partially filled ? Do the bracket orders get triggered, or do they get triggered partially or ...
Haven't been here in awhile and just saw your original inquiry. It may just be that you are trying to do this in the demo mode which will look like it is going to work but doesn't, sounds like you are setting it up correctly tho.