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Interactive Brokers limit of 15 working orders per market
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Interactive Brokers limit of 15 working orders per market

  #1 (permalink)
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Interactive Brokers limit of 15 working orders per market

I'm running into an error from InteractiveBrokers saying there is a limit of 15 working orders per side of the market (per product).

The error suggested the limit could be raised by contacting customer service. So I did.

Their response:


Quoting 
Please note this limit applies to working orders on each side of a single security. This limit is hard coded into the system and it is very difficult to have this limit increased. Without a reason it will not be possible to do this.

What are you attempting to do? Perhaps there is a work-around that would not require 15 stacked orders.

I'm wondering if anyone else has got them to increase this limit?

Mike

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  #3 (permalink)
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Pushed, and got this:


Quoting 
Unfortunately we would not be able to increase this. IB Management believes that the ability to have 15 working orders on each side on one contract is sufficient.

It looks as if you are trying to stack orders in the ES? Have you considered trying our Scale Trader Algorithm?

This may allow you to define a total contract size of greater than 15. If you use an initial size of 1, with subsequent order size of 1, this would effectively allow you to have more than 15 orders on one side of the ES contract.

https://individuals.interactivebrokers.com/en/software/tws/usersguidebook/algos/scaletrader0.htm

Regards,
Brian H.

Mike

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  #4 (permalink)
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I don't know how similar this is to your example. But I do know some exchanges frown upon order stacking, Osaka being one I am most familiar with in this case. I speak from my own experience while working for a bank where a client of ours was doing this. If an exchange doesn't like it they will threaten the FCM that they will cut off their access to the market.

In order to get queue position prop traders had a program that would start sending in orders to the exchange starting a few seconds before the daily order entering window would open. So if the premarket opened at 7:30am, they would start sending in batches of orders in at 7:29:55 until 5 or 10 seconds past the premarket entry time like 7:30:05. So orders that try to reach the exchange at 7:29:56 won't make it in. Levels that they can see they where they are first in queue they may leave in. Orders that are behind other orders will be cancelled. It clogged up the pipes so to speak, every order to the exchange get an exchange order id and every cancellation gets one too.

In futures markets where the daily queue system exists, especially in spreads where there can be tens of thousands a side, you can enter your order exactly at 7:30:00 and look at your position and see 1000 lots still made it in ahead of you.

So imagine you are a scalper, trading order flow. Or if you are legging in and out of spreads, wouldn't you like to be first in queue at every level if possible?

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