Def, Pete, anyone at IB: Can't you easily give us a nice, clean, simple, generic one-triggers-other order type? That is, for any order I can attach any other child order that is submitted when the parent order is filled (for partial fills, quantity submitted in same proportion as quantity filled). I need this for executing hedged option spreads, but it has millions of other uses.
Umm ... not sure where you're coming from with that zdreg, but paying an extra dollar in commissions to timely hedge a partial fill on an option spread is better than losing, say, $10,000 or more waiting around for an all-or-none. Anyway, for index options hedged with futures at IB there is no extra commission.
Thanks for the response 1245 ... you touch on one of my main points: IB is always coming up with some feeble, useless or near-useless attached order type when they could easily kill many birds with one stone by providing an "order-triggers-order" which is completely generic as I describe above. I might add that there are two critical requirements not mentioned above: The whole OTO package must reside on the server, and the order type has to work for direct routed orders as well as SMART routed (both direct-routed parent order and/or direct-routed child order).
There are other brokers that offer platforms where you can enter a spread order to the COB or direct as a single leg and auto hedge, if that is what you are looking for. 1245
Switching brokers is a last resort, but one I am considering. Also I really need something more generic than the COB book, but nevertheless the COB book would be a big plus. Who are these brokers, and do any of them offer more generic alternatives?
Ok, last try ... is anyone at Interactive Brokers listening? If so can I please get a comment on this? If there is some technical or other reason why this order type will not ever happen then it would be good to know.
I'd like to see this too. I've asked about it but was told to code it manually. Offsets to the triggered price would be very useful as well - for example initial LMT BUY @ 95.00 triggers a second LMT BUY @ 94.90 (0.10 in the offset field). This is very straightforward and should be available by now. So many uses for this, like the OP says.
Note sure if these order types help, otherwise, perhaps conditional orders. Hedge orders (Beta, FX, Pair Trade, and Delta Hedge for option limit orders) - Select Hedge to open the inline editor and select a hedging order type. To attach and FX, Pair Trade or Delta hedge, click the Beta Hedge item and select from the drop-down list. Specify the hedging contract and other hedge order criteria. Hedge Orders https://www.interactivebrokers.com/...book/ordertypes/attach_a_beta_hedge_order.htm