IB: Multi Brackets on one opening order

Hi, does anyone know a way to achieve the following order with IB (Ideal Pro): I want to enter on a stop, bracket the position to exit all on a single stop loss order, or 70% on a target limit. If target limit hit, move remaining 30% stop to break even and add a new target limit. Essentially it would mean 2 attached brackets to one opening order. IB tell me not possible, I can attach more than one bracket to one opening order, but one bracket will cancel all others if triggered. Only other way would be to place two opening orders and bracket them independantly, but this means additional commission and possible slippage… any ideas how to place in one opening order? I need the order held off my PC as I’m based in Asia and internet can be patchy. Thanks a lot for any ideas.

 

i dindnt look into TWS, but i use the ZeroLineTrader Frontend for TWS and on that its possible
enter on Stop
then the strategie sets 2 targets a) 70% b) 30%
stop loss 100%

thenyou set the "move Stop loss to break even" - option at the same point then the fist target, so ZLT recognise that there are only 30% left and it puts a new Stoploss at break even for 30%...

 

I believe you can do that with an Adjusted Stop order thats available over IB.

Set up your bracket order. Then attach an Adjusted Stop order on the Stop leg of the bracket - where you can set it to change your Stop once you hit the specified trigger price.

For example.

Entry $1.00

Limit $1.10

Stop $0.95.

Adjusted Stop:
Trigger $1.05
Stop $1.00

Once price hits $1.05, your original stop order of $0.95 is moved to $1.00.

Hope it helps.

-Nick

 

Hi Nick, you're right the adjusted stop allows the second unit to move to break even on the trigger, the problem I've got is managing multi target brackets in TWS attached to one initial order entry, it looks based on IB’s response like this isn’t possible. It appears the only way TWS can handle this would be to place two separate opening bracket orders, but this means paying 4 separate commissions for what could otherwise be handled in just 2 or 3.

Is 3rd party software the only way to achieve this with IB? I’m going to check out ZerolineTrader, thanks for recommended that Moarla… are there any more that anyone can recommend that will handle the above? I need to hold orders off my PC as I'm based in Asia and internet is patchy.

Many thanks