Say I have identified a stock or ETF and I have found a range where I want to scalp. Let's say that I think the stock or ETF will go higher, but it might take a while and I want to scalp it while it stays in the range. So the logic could be implemented with a basic bracket order, limit order to buy near support, stop loss somewhere lower, profit target somewhere higher. If the order is placed and it executes resulting in the profit target reached, closed trade, is there a way to automatically reenter the same order endlessly unless the stop loss is finally hit? I know how to implement this with the API, but it would be great if the order could be entered into IB once and then have IB manage it much like how it already handles a bracket order.
No such order type exists at IB or any broker I know of. You need to implement it yourself and submit bracket orders to IB each time. The implementation is rather trivial.