IB’s Stops Using Web Trader

Discussion in 'Retail Brokers' started by jpatet, Jul 2, 2007.

  1. jpatet

    jpatet

    How do I place a GTC futures Stop Limit order for ES with IB's Web Trader that is active around the clock rather than day-only (RTH-only)? On the order screen the "Use Regular Trading Hours" box is grayed out but not checked, and this is apparently unable to be changed. After placing the order I can find no indication in Web Trader as to the type of order that was placed (RTH-only or not). After closing Web Trader and opening TWS I always see the clock indicating RTH only, which is what I don’t want. I have been dealing with this problem for over a month. I sent a ticket and waited weeks but got nowhere. I called and I just don’t think the rep understood. I researched on this site and found some info on a roughly similar issue from jfiquette and I tried deleting ES and its defaults from TWS then reentering them to no avail. Most of all I can’t understand why Web Trader’s 'Use RTH' box would be grayed out; surely I’m missing something. This is my last resort and any help here would be greatly appreciated as sometimes I can only use Web Trader. Thank you.
     
  2. harry11

    harry11

    I have honestly been wondering the same thing for very long..!
     
  3. OMIGOSH - did you guys just get off the turnip truck or what ?
    You're using a WEB BASED tool for futures trading ?
    With all of the browser incompatibility problems and what-not, you want a solid trading platform via web browser ?

    Get real, and use a real tool that is workstation-based.
    If the web trader even works HALF the time, consider that good.
     
  4. Tums

    Tums

    reading the contract spec might help.
     
  5. TOM134 has once again proved to be a total fuckwit using this poor ignoramus's problems as an excuse for a stupidly negative rating about IB.

    Moderators, hes a total wanker ... how about removing his stupid rating (someone got rid of the last one)?
     
  6. IBmm

    IBmm Interactive Brokers

    jpatet, I believe that you are confusing the Regular Trading Hours (RTH) setting with the Time in Force (Day / Gtc).

    Globex stop limit orders are native to the exchange. This means that when the order is entered, it is not held within the IB system until triggered. The order is sent to Globex and the exchnage holds and handles the triggering of the order. As a result of this, the RTH setting does not apply because every time you enter a Globex stop limit order it is sent natively to the exchange and will trigger at any time the product is trading.

    In the Web Trader "Create Order" window, you will see a field labeled TIF (time in force). This is where traders specify whether the order being entered is a day order or a GTC order. The default selection is DAY but you will see that GTC is an option in the drop down menu.

    I hope this informaiton was helpful.
     
  7. jpatet

    jpatet

    Well IBmm, I have to differ---I am fairly certain that I am not confusing anything.

    When trading ES (that’s the electronically traded mini S&P 500 Stock Index Futures contract) using TWS you can place a Stop Limit order to be triggered either during RTH or around-the-clock and either one of those can be Day or GTC. You make the RTH-or-not choice, for example, on the order ticket’s “Allow stop triggering outside of RTH” check box. Go ahead and try it; you can place and have all 4 of these different orders active on the screen at the same time, and all of them will be displaying accurately and they will trigger, or not, correctly.

    Regardless, even if you were correct (and you are not) in stating that this Stop will always “trigger at any time the product is trading” you ignore the fact as stated in the original post that after placing that order in Web Trader, TWS always indicates exactly the opposite of what you are saying by displaying the clock in the status column indicating the order will trigger during RTH only. (Again, see the original post.)

    The problem is you need to be able to use Web Trader’s grayed-out RTH check box just like you can use TWS’ RTH check box for this same trade. The box is already in WT; it just needs to be “un-grayed.” Then there simply needs to be some status indication in WT of whether that order is RTH-only or not so that when you check on the order you can see that it is correct. That’s all I’m saying here.

    Anyway, I see this is your first post. I’m honored. And you may also be new to IB so I want to welcome you and wish you well.

    Thank you.
     
  8. IBmm

    IBmm Interactive Brokers

    I will look into this issue and will report any inaccurately displayed status to our development group. I appreciate your welcome but have actually been with the firm for some time.

    The RTH setting is one of the most frequently asked questions with respect to the TWS. I will provide some information that I hope will assist in clarifying what should be displayed.

    Native stop and stop limit orders:
    Native orders are sent directly to the exchange. These orders are handled according to the exchanges guidelines. Currently, the exchanges that accept these orders natively will trigger them at any time the product is trading and do not recognize the RTH setting that can be defined in the TWS. As a result of this, the TWS should not display a clock icon or allow traders to modify the RTH setting for native stops and stop limits.

    Simulated stop limit orders:
    Simulated stop limits are held in the IB system until the orders are triggered. These orders, at the present time, allow traders to specify RTH only or trigger at any time. If the order is entered with the RTH restriction on, the clock icon should appear in the TWS.

    Simulated stop orders:
    As a result of stop orders becoming market orders once they have been triggered, the IB system will not allow these orders to be triggered outside RTH. Because of this, the ability to change the RTH setting should not be visible and the clock icon should always be displayed.

    To complicate the above information slightly, stop orders may be accepted natively on one exchange (ex: CBOT) but may be simulated on another (ex: Globex). The same is true with stop limit orders. As a result, traders ahould review the exchange page on the IB site in order to determine which orders are native on the exchange that they intend on trading.
     
  9. jpatet

    jpatet

    IBmm, thanks again and best regards.