What, so you can be a pennying dick? Actually, you can use relative orders at IB but they never "go back" in price so it limits how much of a dick you can be: http://www.interactivebrokers.com/en/trading/orders/relative.php?ib_entity=llc I guess if you want to be a supreme dick you can use the API to make your order do what you really want it to do.
I'm not one to play the spreads, but there's this one stock that I'm interested that has spreads of 5 to 20 cents. I'm really at a loss at why the spread is so high, because it's a decent stock (here in Canada) A person could make alot of money if there was a program that could do it automatically.
Was just giving you a hard time. I can't stand the auto-pennier programs. I'm pretty sure you can't do this with a native order type at IB. And now that I think about it, you probably won't find a package that will do it for you if it just uses IB quotes because your own bid/ask will mask anything behind you (does the stock you are interested have depth of market in terms of the quotes?). If you do have depth of market you could code your own using the API but that might be more work than you want to do. Have you tried narrowing the spreads on that stock manually? Are there any auto-pennying programs already running on that symbol? If so, then your idea might not pan out.
Thanks for your response Sprstpd. I checked the link, and don't think relative order is what I'm looking for. I just want to beat some bid or asks by a penny, so that's not for me. Do you know if API can allow me to automatically beat each bid or asks by a penny? I looked API on TWS help, and it sounds pretty complicated.
Thanks for the response Jaime. Could you tell me more info about that? There doesn't seem to be much in google on it.