hello folks, with IB cant place a conditional stop order. example forex: price now 1.5875 when price is down to 1.5825 automaticly place a buy stop order @ 1.5850..... any broker can do this?
thank you for your reply. but I`m an old fella with no technical or coding skills whatsoever. any easier solutions without a 5-year study???
You can indeed place such conditional orders with IB. You can do what you're asking with just the combination of the Conditional tab and the Basic tab in the order entry window. The conditional tab may be initially hidden, but it's there, and you can create whatever condition you want, and in the Basic tab you can create whatever type of order you want, including a stop order.
thank you for trying to help. I did as you say before: do the base order + the condition, but when I want to transmit the order I get the following message: conditional orders are supported only for Limit, Market or Relative orders. so I`m stuck:eek:
vetten, I think you can accomplish what you want by using an adjustable stop. Try the following: Create a buy stop order and set the stop price very high so it won't trigger. Go to the "Adjust" tab on the Order Ticket and set the fields as follows: Adjust to Order Type: STP Trigger Price: 1.5825 Adjusted Stop Price: 1.5850 With this order, when the price drops to 1.5825, the stop price will be updated to 1.5850. Does that work for you?
Thank you for the information. What would be the settings if you wanted to "trail" the Buy-Stop. In the above example: Adjust to Order Type: STP Trigger Price: 1.5825 Adjusted Stop Price: 1.5850 "With this order, when the price drops to 1.5825, the stop price will be updated to 1.5850" --- If price continues to drop significantly i.e. falling knife, can the buy stop be trailed? [[adj trail stop]] i.e. price plummets to 1.5725 and the buy stop was trailed on the way down by 25 Trigger Price: 1.5725 Adjusted Stop Price: 1.5750 Additionally can this be incorporated in book trader [price ladder]? Thank you kindly
On IB just use the "alert"; this will allow you to set and order be placed via: time, price, %, etc......
Your advice is very helpful. My question is: If you follow your example, as above, but as you "create the buy stop order" you also specify that the order does not enter into force until 13:59. Question: If the trigger price is hit only once,e.g., at 11:00AM will the "Adjust" adjust the prices then, or is the adjustment only empowered after 13:59, when in this case it would be meaningless?
Yes, you can also do this. Set the parameters the same as before, but change the "Adjust to Order Type" to "TRAIL" and set the "Adjusted Trailing Amount" to .0025. You can also do this from BookTrader. From BookTrader, double-click on the "Hotkey Details" toolbar icon to open the hotkey editor. Then double-click on "Buy STP" in the "Configured Shortcuts" section. Click on the "Customize" tab. On the right side, you will see the Adjusted Stop Fields. Fill them out the same as above.