Looking for recs for brokers that allow conditional equity orders, specifically something like BUY STOP MARKET 1000 SHARES of ABC, order price $5.05, to be executed at 10:30 Eastern time or later, GTC I am trying to filter out bad trades by attempting to place trades to execute one hour or later past the open. Does IB allow this? I am currently an Ameritrade user. Thanks
yes, it would require the use of a conditional order and a good after time/date order. fairly straight forward to set up.
You should read IB's user manual for more details (or use the demo of their trading application TWS) but you can specify a good after time, a good until time, and all sorts of other weird things. For example on Friday I placed a conditional order so that if my automated futures trading system went long I would buy some put options to hedge against something really bad (my previous hedge was expiring Friday). You can also place OCA (one-cancels-all) orders so if your price target gets hit the stop order gets cancelled too. SSB
Don't waste your time with IB, it doesn't not have in-build programing capabilities and possibilities limited and not time effective. Tradestation can do what you want, even more complex strategies
nana, your account was rejected at IB and as you were never an IB client. As mentioned, IB can do exactly what was requested. (there are actually alot of other funky little things you can do to trigger trades via the alerts features as well).
def, I wanted to make a relatively simple trade trigger with IB's conditional order mechanism and the IB's customer services could not tell me how to do it. One of them says it's impossible. Could you kindly let me, if possible at all, how I can set a the following trade trigger in TWS which I can set even with Ameritrade: "Trigger a trailing-stop sell order of 100 shares of XYZ with the trail (on bid/ask/last) by amount of 2% (0.02) when the stock goes up by 5% (or 0.05) from the current price."
IB, conditional orders is an excellent feature of IB servers. But ... it's missing in API. Should be implemented !!!
You can do this using the TWS Alerts Function. It's pretty easy to set-up. Accessible via the View>Alerts menu on the TWS, explanation in the release notes and user guide. You will need to specify the amount though, rather than the percentage.