Interactive Brokers - Can you create bracket orders for an open position?

Discussion in 'Retail Brokers' started by elitetradesman, Sep 27, 2012.

  1. Suppose I have 500 shares of a stock with no open orders. Now I want to "bracket" that position with one stop loss order and one limit target order so that if one of them is filled, the other one gets cancelled.

    Is this possible with TWS?

  2. IB-AN

    IB-AN Interactive Brokers

    Perhaps the link to this short instructional video will help. If not, feel free to PM me.

  3. Thanks, but the video shows you how to create a new order and then bracket it.

    What I'd like to do is bracket a currently open position, not an order.
  4. IB-AN

    IB-AN Interactive Brokers

    If you already have an open position, you can still bracket an order using an OCA, or One Cancels All group.

    To add the OCA group column left click the wrench shaped icon to the left of the “Trader Workstation Help / Ticker Lookup” search field found in the top right corner of the Order Management Screen. Choose the Order Columns tab which is above the list of shown columns. Now, under the list of Available Columns on the right, expand Order Attributes and choose OCA Group. Click Add.

    Click Apply, then OK.

    Now, for example, to create a bracket around a position consisting of long 500 shares, left click the bid price of the underlying security twice to create two orders. Do not transmit the orders.

    Set one of these orders as your profit taking limit order.

    Set the second order as your stop loss order.

    Before transmitting them, enter a unique OCA identifier into the OCA column cell. Make sure this identifier is identical for the two orders. As long as the OCA identifier is identical these two orders will be part of the same OCA group and the remaining orders in the group will be reduced in size or cancelled when the first order executes.

    Here's video which should help with this order type:

  5. IB-AN, this is exactly what I was looking for. Thank you so much.
  6. Hello I am sorry to revive a dead thread, but how would one go about this if one were unable to "short" stock ? My account hasn't been enabled to short stock.

    I can create bracket orders when I buy. The other day I attached a bracket profit taking GTC SELL LMT and DAY TRAIL STP. The DAY TRAIL STP got cancelled at end of day and I wanted to update and add a new GTC TRAIL STP.

    I can create a GTC TRAIL STP order but it's not in the same OCA (One Cancel All) Group. I can only do that when I create them at the same time but the system will cancel my SELL LMT automatically as I cannot short stock and it does not realize I already own that stock.

    So.. how to change OCA group on an existing order ticket? The field is grayed out. Or how to enter OCA group manually when I create a new order.