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Looking for advice on how to manage order in TWS
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Looking for advice on how to manage order in TWS

  #1 (permalink)
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sharp2be's Avatar
 
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Looking for advice on how to manage order in TWS

Hi, I would like to use TWS to manage the following order and I wonder if anyone can tell me if it's possible and how easy it is to do it:

1. As soon as I open a position I would like to enter an OCO order as follows

1. Target 1 - say 2 es points above entry
2. Target 2 - say 4 es points above entry
3. Stop (cancels orders 1 & 2 when hit)

I also would like for the stop to be moved to break even as soon as target 1 is hit

Is this possible? Thanks in advance

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  #3 (permalink)
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  #4 (permalink)
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Front-end for TWS

This will do it:
Bracket Trader Blog | Announcements, etcetera

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  #5 (permalink)
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You can either use

- NinjaTrader
- Button Trader
- or Bracket Trader

as a front end for Interactive Brokers. I think MultiCharts will do as well, but I haven't tested it yet.

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  #6 (permalink)
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Answer
This post has been selected as an answer to the original posters question Answer

See attached charts:

Attached Thumbnails
Looking for advice on how to manage order in TWS-j1.jpg   Looking for advice on how to manage order in TWS-j3.jpg  
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  #7 (permalink)
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Zwaen View Post
See attached charts:


You can do a simple bracket order i TWS - you canīt do multiple targits etc- You need another tool like the ones suggested above
I am using multichart with tws

rgds mengelbrecht

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  #8 (permalink)
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mengelbrecht View Post
You can do a simple bracket order i TWS - you canīt do multiple targits etc- You need another tool like the ones suggested above
I am using multichart with tws

rgds mengelbrecht


You are right about this. For example when entering with 2 units, you need need to open the orders seperately since profit-taking cannot be divided between lots in tws, when entered in 1 order.

So for example, you would like to enter short eurusd using 2 futures,

1 future, entry 1.3260 SL= 1.3270 Target1= 1.3250
1 future, entry 1.3260 SL= 1.3270 Target2= 1.3205

then your orders would look like( see chart)

Attached Thumbnails
Looking for advice on how to manage order in TWS-d1.jpg  

Last edited by Zwaen; October 3rd, 2011 at 01:42 PM. Reason: neverending typos..
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  #9 (permalink)
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sharp2be View Post
Hi, I would like to use TWS to manage the following order and I wonder if anyone can tell me if it's possible and how easy it is to do it:

1. As soon as I open a position I would like to enter an OCO order as follows

1. Target 1 - say 2 es points above entry
2. Target 2 - say 4 es points above entry
3. Stop (cancels orders 1 & 2 when hit)

I also would like for the stop to be moved to break even as soon as target 1 is hit

Is this possible? Thanks in advance

For this, I'm using TwsLink from Trade Commander. For sure, you going to have some code to write in Excel or Trade Station (Multicharts) or Ninja. But the beauty is you may end up to have full control over your order.

All my entry orders are sent via Excel button. I then manage them manually if entry do occur.

All my order are keep on IB server. If PC turn down, I'm protected
All order contain
- A date and time of validity. If not enter before the end of the bar, orders cancelled automatically
- A linked stop order that is activated only if the primary order as been executed
- An explanation string. This one is place on the same line as the order so just by looking at it, I know the characteristics of the order.

I have not implemented the OCO yet. I should but for now I trade small lot so I don't split.
I still have to develop the possibility to control my live order from Excel instead of TWS

Good luck

Martin

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  #10 (permalink)
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Trying to create multiple orders in IB can get very confusing!

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