IB orders

Can anyone explain to me how you leave a one
cancels the other order (OCO) in IB. So that if my Take profit
gets done my stop is cancelled and vice versa

TIA

 

u dont have to 'leave' anythin'; u just place on OCA order that is base on 2 or more transactions, once one of the orders gets filled the remainin' ones will automatically be cancelled. that's it

 

where in the drop down list is oca, is it in the conditional or misc
area?

tia

 

Probably the easiest thing to do would be to assign a hot key that creates an OCO or braketed order.

 

u have to use the order ticker window-- selet miscellaneous and fill the spaces on OCA groups: consult tws order types guide.

 

Go to Page >> Layout

In the right hand column tick OCA Group

Click Apply and OK

On the main TWS screen you will then have a column marked OCA group

OCA = once cancels all, i.e. you can have more than two

You can click on that column (well, box really) when you have an order on that line and type in a name for your OCA order

Enter the same name for any orders you want cancelled when one of the group is filled

There is an example below of an OCA group. Assume I'm long 1 YM for the sake of it

You can also right click on an order line and Attach >> Auto stop or Attach >> Bracket Order. A bracket order consists by default of an OCO limit and stop. So you might have a market order ready to transmit and have a bracket already set to stop you out or take a profit.

 

thanks everyone

one last question, if I create an order then right click the order,
hit attach and then bracket orders, does that do it?

 

jia, u'll have treble orders for openin' lmt, stp and lmt bracket

 

I just cancelled the 3rd one.

So i have a lmt and stp with a 4 in the position trading
column. I am being lazy I know, I should read the help.

Have i created an OCA order.

 

omfg; depends what u want to do; brackets are oca or better oco as for definition; if u want to have 2 or more orders eg. buy/sell on same security because u are not immediately sure about da direction u use oca as previous poster described and as soon as one order gets filled the other is gone, otherwise u use brackets if u want to have a protective stp and set a lmt to cash your profits.
read the guide man and experiment with da demo or paper-trader.