Special order type IB

Discussion in 'Retail Brokers' started by hans123, Nov 19, 2006.

  1. hans123


    A question about order types for IB.

    I want to enter an order at the end of the current trading day for the next trading day. I want to buy/sell the future (FDAX) only if the next day open of the index (DAX) is up/below a certain level.

    Is this possible?

  2. dpt


    I think so.

    Check out conditional orders in the IB
    user guide under advanced order types.
    You can make orders contingent on the
    value of an index.

    It seems like you would want to set up
    an OCA order group with a buy and a sell
    order for FDAX, with each side being
    contingent on the value of DAX. That can
    be done by bringing up the order ticket
    window and clicking on the conditional tab.

    You also want to arrange that the orders
    are only in force for some reasonably
    short time period around the opening
    of DAX, so that you get something like
    the opening value. I think you can do that
    in the TIF tab by setting the time in force
    field to GTD, and entering values for both
    Good After Time and Exp. Date and Time
    that bracket the time of opening of DAX.

    Good Trading!
  3. me1969


    IF I don't get you wrong, it should be really simple: Just put a GTC Stop limit order and cancel it after the open. If you need further hep call 00800-IBBROKERS:
  4. hans123


    Thanks for the information.