IB - TWS: homemade "conditional" stop

Discussion in 'Trading Software' started by illiquid, Jun 2, 2005.

  1. Since for some reason IB does not allow conditional stop orders (can someone from IB explain why that is?), here's a somewhat expensive solution, depending on what size you trade.

    Say you're long X at 95 targeting a long term resistance at 100. You would like to secure profits only after a break-out above 100, so once price >= 100, you want a stop in at 99. Right now, the only way to do this is:

    If long 10 contracts at 95, put a buy-stop for 1 contract @ 100 with an attached stop-loss at 99, adjusting the size to sell 11 contracts instead of 1.

    If anyone has an alternative solution for this scenario, please post here.