Midprice or algo stop orders for not-time-sensitive executions.

Discussion in 'Order Execution' started by buysellhold, Sep 1, 2020.

  1. For swing trading purposes, I'd like to place stop orders but unlike daytrading, I don't need them filled quickly; I'd rather have them filled at a good price. A big market order, especially near the open if there's a gap would have terrible execution and for the limit orders it's hard to know what the right limit is.

    Instead, what I'd like is a "smart" stop order that, if the stop condition gets triggered, becomes a midpoint peg or a relative price or a 5-minute VWAP or something similar type of order. IBKR seems like the broker most likely to have it and I can simulate it by having a midpoint order "conditional" on the price being below the stop price but that's a pain to put in each time and is non-obvious. Is there a cost-of-execution aware stop order I'm missing.
  2. lindq


    Not sure what you mean being "non-obvious", but the closest you'll get to what you want is indeed a midprice order, conditionally triggered on price. Yes, it takes a minute to set up, but so what? And as always, if you're dealing with a wide spread in a fast moving market, there are no guarantees. A midprice order can float with price before being filled, and sometimes you win, sometimes you don't.
  3. d08


    Sending through API is always an option, simple terminal based approach. Will take 5 seconds to enter depending on your typing speed.