Is API necessary for this type of order???

Discussion in 'Order Execution' started by minorearth, Jun 19, 2013.

  1. Hi everyone.

    I currently trade using the TWS platform. Below is the example of the order I'm attempting to place.

    If XYZ is currently trading at $20, I place an order to go long 100 shares at $21 via a buy stop limit order. Should prices never reach that high on the day the order is placed, I'd like a contingency that cancels the order if prices trade below $19 during that same day. I was told by IB, that the cancellation order would require an API to be written, by either myself, a programmer, or via software. Is this information true? Does a simple cancellation require one of these additional steps? Thanks.