now TWS can only config default offset amount for stop and trailing, if user enter a bracket order, stop amount is used for both target price and stop price, but usually we want to have ratio > 1:1, for example, if trading YM, we want stop 10 points below, but target limited price to be 20 above. this is very useful when using booktrader to quickly enter order. please add a target limit price in default order offset amount. and for bracket order to work with stock with wide range of price (i.e , $1 stock to $500 stock), set amount offset is not practical, for example, $1 offset is too big for 1$ stock, but too small for $500 stock, please add an option to choose percentage as default offset amount, for example, stop is 3% below, and target is 5% above thx
The first one you can do in Booktrader. When in Book Trader, click on Configure Hotkeys. Then you can Create a Shortcut, that sends a bracket order with a different stop and target limit offset. Trailing Stop by % is available. Standard Stop by % is not available - but you can set-up sepearate hotkeys with different offsets. i.e. A=Bracket with $1 offset, B= Bracket with $10 offset, etc
thanks steve for your prompt reply, it solve problems partially, if customers trade 5 or 10 or even more contracts, it's not practical to hit right shortcuts everytime. imaging that TWS allow customers to set separate stop and target offset for contracts, one mouse click customers can enter order with desired stop and target price. I'm sure we will love that. in addition, could you add several action to adjust stop and target after order is filled in possible action panel? for example, breakeven action to move stop to break even, increase /decrease target price with customizable offset, increase /decrease stop price with customizable offset, so we can create buttons in button panel to control order easily. I mainly trade futures, so second request about percentage stop and target for stocks is not my main focus, but I think adding percentage in addition to existing dollar amount and ticks is a great feature to consider. shortcuts can be very confusing when you have more than 10, specially when market is moving fast, thanks a lot.
I would second the motion to add the option to set it in the order defaults where we could set targets for each contract. Using the hotkeys makes it the same amount for any contract; trying to set up separate hotkeys for the different contracts would be cumbersome and not really practical. Setting one hotkey which would then draw from the order defaults (like it does now for the stop offsets) would be much easier to use. I am not sure I quite understand the reluctance to add this additional field in the order defaults. Watching Cynthia's training, she mentions this quite often (why not just upgrade it!).
Steve, What if I want to set only one half of the bracket and don't want the other? E.g., when a pre-entered limit buy order is executed I want to activate a limit sell order to lock in a profit but I don't want the limit loss order. I only want the upper half of the bracket, not the lower. How do you you do this? Thanks.