OCA orders on IB... please confirm/help

Discussion in 'Retail Brokers' started by thereuare, Jan 3, 2003.

  1. Just updated my TWS so that i can take advantage of OCA orders. Just a few questions:

    Limit Price vs Aux Price - is AUX where i want the order activated and the LIMIT price the worse price that i am willing to accept (or do i have these reversed?)

    If i'm long and want to create 2 sell orders (OCA) would i place-
    1 Sell Limit ABOVE the mkt
    1 Sell Stop Limit BELOW the mkt

    If Short then....
    1 Buy Stop Limit ABOVE the mkt
    1 Buy Limit BELOW the mkt

    I trade the e-minis so i'd like to use Limit orders so that they reside on Globex's servers.

    Thanks for confirming and/or clarifying the above for me.
  2. Usually the limit is the worst price you are willing to accept. I think they had it reversed for certain orders a few months back, but that was just a bug and has been fixed.

    That seems to make sense. However, you might want to order one of those "trading systems" they sell on TV after midnight or on Sunday mornings, which "will show you what a stock is, what a buy order is and how it can work for you etc." just to be sure you "know exactly what you are doing" and "will be on your way to the future you have always dreamed about".

  3. Hey, i did that w/o even looking it up!!

    I usually just watch the screen and send mkt orders when my upper/lower limit is hit, so i just wanted to make sure i got it right (i was 99% certain, but just wanted to make sure i laid money on the line with those type of orders).
  4. Two more questions...

    to group two (or more) orders together, all i have to do is type the same name in the OCA field?

    For instance, i can just type the letter "a" and the orders marked as such would be OCA?

    Lastly, can i have 3 orders on the same page for the same security, one is an order to buy at market and NOT marked with any name in the OCA field. The other two orders are both sell orders, one below the mkt, the other above the mkt, marked with the same OCA name.

    Can i transimit this page, the mkt order would go off immediately, and then i would have a "bracket" around my fill via the two OCA orders.

    Does the system allow you to send OCA and non-OCA orders with the same "transmit page".

    Thanks for reading.
  5. IB: 1-877-442-2757

    I've heard if you call this number someone will tell you :D


    "Take your life in your hands, and what happens? A terrible thing: no one to blame."
    - Erica Jong
  6. the, to set up a bracket, select the bracket option when you set up a hot key to buy or sell limit. You will then not need to type in an OCA code, the exit limit and stop will only become working if the entry limit is hit, and then they will be OCA.
  7. alanm


    Yes. Transmit Page doesn't know anything about the orders on the page - it just sends them as if you had hit Transmit on each individually.
  8. alanm


    You must not have tried that before ;-)
  9. white17


    Once more please for us slow kids. If I set up a bracket order I can just transmit page and the entire works should go Right ? Thanks