IB: Update limit prices..

Discussion in 'Retail Brokers' started by tradebanzai, Nov 25, 2006.

  1. Is there any possible way to make TWS to update automatically, not manually every time?

    Thanks for any idea
     
  2. Crowbar

    Crowbar

    Sure. Stay connected to the internet.
     
  3. The system is down saturdays...
     
  4. Crowbar

    Crowbar

    Yeah. I use TWS.
    But, " ...not manually every time?" indicated something else.
     
  5. Yeap, that manually updating stuff sounded interesting....

    :)
     
  6. So what you want is your limit to move up as the bid moves up if you are looking to buy and your limit to move down as the ask moves down if you are looking to sell. Then if there is a retracement of prices, you will hopefully get filled. Is this what you are basically looking for?

    I don't know if TWS will do this, but I'd like to find out also.
     
  7. Crowbar

    Crowbar

    Have you looked in TWS users guide/Order Types/Advanced order types ???
     
  8. Exactly. When I create an order, the price in this order remains the same and doesn't change automatically any time the price of the underlying changes. It's freezed. And when I want to transmit this I order, I need to update the price of the order (cause the price has already changed) by clicking "Update limit prices". But I don't want to click it every time, I want the system do it automatically (lets say for example every 0.5 seconds).
    For example in TOS the order price changes every time the price of the underlying changes and there's no need to update it every time. So when I'm ready to transmit the order, I just click "send".
    Hope I'm speaking clearly.
     
  9. I'm a bit unclear as to how you want your limit price to be changed as the stock's bid/ask/trade prices change. Do you want it to always equal the last trade price?

    You might just want to do a trailing stop, or this:

    http://www.interactivebrokers.com/en/trading/orders/mtl.php?ib_entity=llc

    A Market-to-Limit (MTL) order is submitted as a market order and executes at the current best market price. If the order is only partially filled, the remainder of the order is canceled and re-submitted as a limit order with the limit price equal to the price at which the filled portion of the order executed.
     
  10. Thanks for the info.
    And how does market-to-limit order acts? What price is being used for this order?

    Consider this.
    Lets say I'm watching some stock. In order to get prepared I create an order. Let's say, "buy 1 contract at limit price", but don't send it. At that time the ask was lets say 30 so the limit order also has the limit price 30. I just wait for some stock action. Then the stock begins to act in proper way (and lets say the ask is 31.15 now) and you need to send your order. What price do you have in your order that you prepared before? Right, 31.00, it haven't changed to 31.15. But the price has changed. So I want the limit price in my prepared order to change also to 31.15. And I don't want always click "Update limit prices" in order to do this. I want limit price in my prepared order always to be the same as the price of the stock.
     
    #10     Nov 28, 2006