hi, do you guys know if it's possible to set multiple closing (profit) targets using IB TWS? if so, please advise? if not, are there outside systems that does this and are compatible with IB? thanks a lot for your help.
Yes. Buy 500 shares @5.10. Place sell limit 100 shares @ 5.25 Place sell limit 100 shares @ 5.35 Place sell limit 100 shares @ 5.45 Place sell limit 100 shares @ 5.55 Place sell limit 100 shares @ 5.65 Just add a new order to this ticker, you can have as many as you wish. You can also have other buy orders pending. Use your paper trading account to try it out.
What the guy above me says works. However, in his example the "downside" is that during a gap up overnight all 5 trades might trigger simultaneously triggering 5 different trades thus 5 different commissions. To protect against this you can add a condition to the sell limits. For example sell 100 at 5.25 only if price is < 5.30. That means the order will trigger only if the price is between 5.25 and 5.30. In addition, there are also LIT order (limit if touched) these orders contain a stop (trigger price) and a limit order. For example the trigger price may be 5.30 and the limit 5.25. This ensure you have some leeway to hit the bid price rather than the limit only order which stays at the offer in the hopes of you getting hit. I personally don't use LIT anymore, but they can come in handy for different scenarios.