IB TWS - Creating limit orders with pre-defined offset from last price

Discussion in 'Trading Software' started by traderm1, May 28, 2008.

  1. traderm1


    Hi, all

    Does anyone know whether it's possible to use a macro or something similar on IB's TWS platform such that everytime an offer (or bid) is clicked on, a limit order is created with a user-defined offset from the last price?

    For example, ES is trading 1489.00/1489.25, with the last price being 1489.25. Say a user has defined a one-point offset. Can he modify TWS' order creation mechanism so that when he clicks on the offer price, a limit buy order of 1488.25 is created?

    Further, can a similar macro be made for each of a large pool of different futures products?

    Thanks in advance for your input!
  2. Configure > Hotkey > Buy or sell specifi product > Create shortcut > Customize > ES then just do whatever you want under the order line
  3. traderm1


    Thanks, Nasdaq5048.
  4. Mike21


    Hi traderm,

    It would probably be easiest to do in IB's Book Trader. Watch an archived training webinar on IB's home page.

    One click limit order with an OCO stop and limit 'bracket order' attached. Then just 'drag and drop' to adjust if needed.

  5. traderm1


    Mike, thanks for your suggestion but Book Trader isn't quite what is needed for my specific purpose.

    I followed Nasdaq5048's Hotkey suggestion and achieved my objective (described in my original post) using a defined ctrl-left-click action (eg, on Ask Price for "Buy") for ES. However, apparently it's not possible to set up a different hotkey for each product since the ctrl-left-click action is now reserved exclusively for ES. There doesn't seem to be a way to define "ctrl-left-click" differently for other products. This means that, when the ask price (of any product) is ctrl-left-clicked on, an ES limit order is created!

    Have I missed something, or is this a TWS hotkey per-action limitation?

    Thanks again.
  6. Mike21



    You can set up different hotkeys. Alt-left click, shift-left click, ctrl-left click (on 'ask size' instead of ask), etc, etc, etc, etc

    A pain to keep track of.

    One of many reasons so many IB customers use a different front end. Ninja Trader, Button Trader, Bracket Trader, etc.

  7. traderm1



    Thanks for your helpful reply.

    Would you happen to know if, eg, Button Trader can achieve what I need, namely, allow the same action (eg, "ctrl-left-click" on Ask Price) to generate a limit order with a different defined offset for dissimilar instruments?

    Thanks again.
  8. Mike21


    Don't know. Send them an email.

  9. BKuerbs


    Try this: Configure a hotkey like "left-click on ask price to buy" to create a basket order. Do this from booktrader and do not enter any offsets.

    Then go to configure -> order defaults -> "FUT". If it is not already there, add an entry for ES, YM, NQ whatever future you want to trade. Then add your default size and enter an offset for your stop and stop-limit. And you have to decide whether the stop should be triggered outside RTH.

    When you now left-click the ask price in the ES book trader the defaults for ES are used to create a bracket order, similar for YM.

    The disadvantage with this method is that the offsets for stop and target are identical. If you want to change this, you have to do so after entering the order.

    And this stuff does not work for EUREX...

    To answer the question in your next post: the 3rd party programs offer a greater flexibility and comfort.


    Bernd Kuerbs
  10. jpatet


    I too would like to use these user-defined offsets. But I also need to use the Good After Time and One Cancels All functions that are available on the order ticket for the same order. It seems that the offset functions are not available on the Order Ticket and the GAT/OCA functions are not available on the hot keys. Why wouldn’t these offset functions also be available on the Order Ticket? Anyway, I suspect this may be achievable somehow in TWS. Can you help with this?
    #10     May 29, 2008