Interactive Brokers: what order type do I use if I want to buy a stock when it drops X amt from peak

So trying to figure out the order types in IB, Id like to buy a stock every time it drops say 5 bucks from the peak or something like that, preferably on a limit order. I see a trail limit order but a bit confused on the Stop and Limit Price sections. I already see Trailing amount which I can specify as 5% for example but what do you enter for stop and limit?

Thanks for any feedback

 

You may want to look at Accumulate/Distribute.
See https://www.interactivebrokers.com/en/index.php?f=1223

 

thanks for your response but I don't think that's what I'm looking for, I think that's more for large orders and you want to scale in. I just want to put 1 order out and get filled anytime there is a pullback of some kind.

 

If you sit down at the computer screen and look at a stock which you would like to do this on, and are ready to submit the first order, why not submit all the remaining orders as limit orders at 5 bucks intervals right away? (With time in force: GTC "good 'til canceled")

 

How about selling naked puts? Collect some premium and buy the stock all in a nice little package.

 

Simply by placing a buy limit order DAY expiration at $ 5 below the current price.

the order will be deleted if it is not executed at the end of the session.

 

Try Trailing Limit if Touched

 

can't people use LIT or MIT orders in these cases! what's different here ?

 

I decided to use Trailing MIT as it seems to do what I was looking for. Thanks for everyones input

 

It may depend on whether you are referring to a peak in price in the past, or in the future. If the peak occurred in the past, then you would be able to use a simple LMT (limit) order. However, if it is about a future peak, then you would need to define the peak. Would that be a peak on a minute chart, hourly chart, daily chart? It would surprise me if TWS has an order type available for that. And expect that you would need to write software to detect the peak of your choice and then submit a LMT order once the peak has been detected.