IB - Combined order possible?

Discussion in 'Order Execution' started by Sabia, Nov 13, 2007.

  1. Sabia



    Anyone know if/how this is setup please...

    If a buy Stop Limit (STP LMT) order is not triggered during the day, then buy Market On Close (MOC).

    Thanks, Sabia.
  2. Create both orders but before transmit open the 'ticket' of the orders. Link both orders into an OCA (One Cancels All) by filling in the same word or letter (make something up) in the identifier field in the OCA box. Then transmit. If the STP is executed the MOC will be cancelled, if not the MOC will be executed and so the STP will be cancelled.
  3. Sabia


    Wow, that is excellent! Thankyou.

    Will save having to check at the close.

    Cheers Sabia.
  4. Sabia



    Been reading up on OCA and was wondering if it is possible to still do as mentioned above:
    BUT also - only buy the Market On Close if the price is above an initial stop value? I understand that the STP LMT could be partially executed but do not want more at the close!
    ie: If the STP LMT is not triggered and the price is below an inital stop value then DON'T buy at the close.

    If that could be done, it would cover everything! :D ...otherwise I can cancel the order just before the close if it's below the stop value.

    Cheers, Sabia.
  5. Partial execution in itself is not a problem: you can program the OCA so that only the part number that is executed will be cancelled form the other orders.

    Re: the MOC, you could try to build an extra condition in the MOC-order, that only submits it when the price goes beyond a certain level, but I doubt you can automate a Market order based on a stop condition. Just experiment and test in the paper account.
  6. Sabia


    Thanks again MajorUrsa,

    Yes, see what you mean! :)

    It's rare in past testing that buying at the close is below the initial stop. I think easiest is to create a price alert at the initial stop (it's very wide). If alerted, check prices and cancel the order.

    Cheers Sabia.