IB Order Question

Discussion in 'Retail Brokers' started by paulbechard, Oct 26, 2006.

  1. Does anyone know if there is a way in TWS to submit a limit order which is automatically converted to a market order and sent after a certain amount time has elapsed without the limit order filling.

  2. Steve_IB

    Steve_IB Interactive Brokers

    You could link a Limit Order with a Market Order Good-After-Time and set them into an OCA group.

    I've never tested this, so you may want to try it first in the papertrader first.
  3. since limit orders are supported on most major exchanges. would I run the risk of having my limit order filled between the time that the market order gets sent and IB tries to cancels the limit order after the market gets filled? does IB cancel the whole OCA group when a market order is sent or when a confirmation of it being filled is received?

    would there be a way to have a limit order with a good-til-time, then once IB receives a confirmation of the limit being cancelled it sends the market order?

    thanks for your prompt reply.
  4. Steve_IB

    Steve_IB Interactive Brokers

    Yes, there is the possibility of both being filled at the same time. This could happen if the market order was sent at the same time that the limit order was filled. It's a slim possibility, but could definitly happen.
    Another way you could do it, is set-up the Limit Order Good-Till-Time, and then set-up a seperate Market Order Good-After-Time, and put say 1 minute between the two times.