IB TWS convert stop to market order?

Discussion in 'Trading Software' started by illiquid, Jul 28, 2003.

  1. Is there a way to convert an open stop order into a market order, preferably with a single key?
     
  2. I believe you can setup a Hot Key to close your position.

    -FastTrader :cool:
     
  3. I need a key to convert the stop to market, not make a separate market or exit order.

    In a quick moving market this saves you a step of first canceling the stop order then sending a second exit order; exiting first can result in getting both the market and stop order executed.

    Any thoughts on making this an option in the future?
     
  4. Htrader

    Htrader Guest

    That feature doesn't exist but hopefully it will in the future.

    I've been wanting a hotkey that switches an order from Limit to Market for a while, but no luck.
     
  5. Magna

    Magna Administrator

    It would also be most useful to be able to quickly change a Stop (that's part of an OCA pair) to a Stop-Limit order (that's still a part of the same OCA pair). This would immediately take it off the IB servers and make the order native on the Globex servers if trading the minis.
     
  6. You could try giving an OCA ID to your stop order. Then you can enter a OCA market orer with the same OCA ID. That might allow you do execute a market order, and cancel the stop, with just one order.

    I haven't tried this myself though.

    -- ITZ
     
  7. It's a two step process, but I have my hot keys set up for "close position" (spacebar>return). It'll override any open order. Make sure you highlight symbol line first. Hope this helps.

    Edit: Oops, what Fast Trader said.
     
  8. That might work, will give it a shot tomorrow, thx.
     
  9. Please let us know if the OCA solution works or not. I've always wondered about it.

    Thanks.

    -- ITZ
     
  10. Yes sending a second OCA does work: send a stop order with an OCA label, then you can setup a market or limit order with same label which will cancel the first stop order upon execution.

    It's still a bit of a pain, but better than nothing -- as long as you have a few seconds to setup the OCA the result is the same as a one-click conversion of stop to market.

    Thanks for the tip ITZ.
     
    #10     Jul 31, 2003