What program can do this?

Discussion in 'Trading Software' started by PetaDollar, Jan 16, 2004.

  1. PetaDollar

    PetaDollar Moderator

    Is there any existing trading software that can do this (i'm using TWS or the TWS API):

    --> Trail a stop until that stop gets to breakeven, then cease to trail

    --> Pair (OCO) this special trailing stop with a profit-taking limit order

    THANKS

    Pete
     
  2. button trader?
     
  3. H2O

    H2O

    I think (didn't try) that TWS can do that with 3rd party software !!

    Take a look at conditional orders :

    You create 4 orders which can be divided in two groups.

    1.
    Your trailing stop & Your profit taking limit

    2
    A stop at your entry price & Your profit taking limit

    The 2 orders in each group are linked OCO (Look at the ticket screen & help to see how this is done (easy))

    If you have these 2 "pairs" of orders, right click on each of them and select : Make conditional

    You will have to set a trigger (the symbol you are tracking) and a trigger price (your entry price adjusted with you trailing number in this case) If that price is touched, you can to select "Transmit the order" or "Cancel the order" in the conditional screen.

    To make this work, the orders in your first group must be set to cancel at the specified trigger price and the orders in the second group must be set to transmit.

    Hope this helps
     
  4. What you describe can be done with Wealth-Lab Developer. WLD has an extensive scripting language and a seemless interface to the TWS.
    www.wealth-lab.com

    Cheers!
     
  5. Vishnu

    Vishnu

    Every time a question like this comes up I hit my head and ask "why isn't everyone just using Wealth-lab?" I guess, though, thank the good lord they aren't or my edges would start to fray.
     
  6. Well, it was just my opinion, I am using it and happy with it. I can't answer your question but I still think my answer is correct. I am sure there are many more tools around that do this but I know that WLD is capable. Just wanted to help... :confused:
     
  7. Vishnu

    Vishnu

    Jose, I am agreeing with you. I think WL is by far the best. No competiition. Thats what I'm saying in my post.