IB Limit Order Adjust

I want to buy the ask with an Offset of 4 Cents. I know, when clicking on the ask, this will be my Limit Price. On fast moving stocks the ask increases sometimes very fast and i have manually adjust the limit by clicking on the ask to lift my limit. Is there a possibility for an automatic adjustment? I tried to enable the Price line. By clicking on ask+4 the limit price does not change. Has someone a solution? Thanks

 

I guess you meant bid+4 cents or ask-4 cents, otherwise the question doesn't make much sense as the order would be immediately marketable.

The Relative/Pegged-to-primary order may be what you are looking for, or at least similiar: https://www.interactivebrokers.com/en/index.php?f=613 .

Unfortunately it will only track in one direction unless you direct route to ISLAND.

 

Ninjatrader software has this ability in order entry, in their ATM engine. Not sure if that package could fulfill your other needs though.

 

Have a look at the SNAP MKT and MTL (market to limit) order types. I think those will do what you're describing.

 

Relative order. It will have the bid as a reference but you can offset it by your desired amount (to ask and above) and it will move with the market.

 

Relative order is what i meant. Thank you

 

Are you sure it will move both up and down if directed to Island?

 

That was the case years ago. Midpoint orders that move only in one direction are pretty pointless.

 

Guess my position runs against me. What would be the best order entry to get out the position immediately? Should i enter a relative order with an 5 cent offset on the ask?
Or should i click on "ask" so my limit is the best ask. But if the stock drops very quickly my limit would be to high to get filled.