Is anyone here proficient with IB's TWS such that I could set a limit above and below buy in? This is what I want to do. Once I'm in a long position. I want to set a 2% loss stop, but also a 6% gain stop. Such that when either is triggered, the other is cancelled. I faintly recall someone talking about this, but cant find info. Can someone provide a brief explanation how to do this? GREAT APPRECIATED.
They are called OCA orders Go to IB's site & look at the Users Guide. They are explained under the trading section.
Intrinsic, Miki - Thanks for the replies. Answers my question exactly and I'm already using OCA orders.
Why not figure out your own percentages as to where you want your gain/loss stops? And then put in your OCA orders?