IB has this function to attach a stop loss order that is tied to the parent order(actual filled price). It wouldn't let user transmit a new order if the stop amount is not predefined , which beats the point of a stop loss linked to parent. Can someone confirm that this function is indeed broken
The reason it's like this is that they don't want to take responsibility for setting the stop. I presume your parent order is a market order?
Yes parent is a market order. If the function is broken then IB should fix it or remove it. Do you know of a work around apart from manually keying in the stop?
How can you set a stop if you don’t know the price of the stop at the time of submission? Perhaps Try a conditional order
It's possible with market order. I've seen the tutorial video on YT but can't find it at the moment. Conditional order would require more clicks than a manual close input. Not ideal for getting in and out quick.