Hi guys, Is there an order like this at IB ? or any other ? If multiple positions are opened separately, then is there an order (a predefined one like the SL order, that can be submitted at any point - including at the opening of the position) that can close all the open positions at a given level (as decided by the trader) of overall P/L calculated across all the open positions ? Basically a single order to take profit, profit that is spread across multiple separate open positions, all of which need to be closed, by this single order. Note: not looking for something that needs the trader to code it, but rather something that comes with the package of orders. Thank you
where there's a will there's a way. https://www.sierrachart.com/index.php?page=doc/AttachedOrders.html https://www.sierrachart.com/index.php?page=doc/OrderTypes.html#SendAttachedOrders https://www.sierrachart.com/index.php?page=doc/ChartTrading.html
Thank you jtrader Looking at the basket order, it seems that the order can be opened for multiple positions, but not sure it can have a Take profit or SL for the entire position. It has LMT price for each of the components. But I am looking for a overall position P/L level (i.e. not price but actual P/L value)
I’m sure one of the IB guys will see this and chime in, but if basket trader isn’t the answer maybe you could just enter one giant combo order with a bunch of legs? Your limit price on the combo will have the pnl target baked in. This is probably a stupid idea but just spitballing until someone who knows what they’re talking about shows up
bump up. + just to add another question - does anyone here see such order type as being useful to your trading ?
You can send an order to close all positions. There is a menu for it. Just click Account -> Trade -> Close All Positions There is a menu after that to set details, and then a final confirmation window. You can also bind it to a key using hotkeys.
Hmm, but I am not looking to close all positions using a manual order. I am looking for an automated order similar to an SL order. Such that when the sum of the P/L of all open positions reaches a certain predefined number, then all the positions are to be closed. This order would take as its input, not the price of the object being traded at which to close the position, rather it should take the input as the value of the overall P/L at which to close all positions.
Hi guys, just wanted to check - if you do not know of any order such as the one described in above messages (and quoted below) - could you please comment if you think such an order, if exists, would be useful to your trading ?
There is a small limit to the number of legs, just two, I think, maybe three. Otherwise, this would work.