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Order management
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Order management

  #1 (permalink)
Elite Member
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Order management

I have a question about submitting a certain type of order to my broker.

I use Interactive brokers.

Below is my problem with hypothetical example.

What I need: see attached chart. Price is now 3288. I want to short when price touches 3286. I want to submit a LMT order SELL 1.3286. Normally I wait till price reaches 3286 and manually submit a SELL LMT order for 1.3286, but isn’t there an order which automatically will submit this order to the exchange when 1.3286 is reached?

I experimented with LIT and STP LMT orders, without much success.

Please help, Willem

( I contacted IB helpdesk but they could not help me )

Attached Thumbnails
Order management-ghj.jpg  

Last edited by Zwaen; December 20th, 2012 at 10:52 AM. Reason: add picture
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  #3 (permalink)
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This is done via a Sell Stop Limit order.

In BookTrader you right-click at the price in the Ask-size column - if you have not changed the default settings.

I don't know NinjaTrader, so I don't know how to configure that. But I'm sure it can be done.

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Order management-snag-20.12.2012-16.37.22.png  
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  #4 (permalink)
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FGBL07 View Post
This is done via a Sell Stop Limit order.

In BookTrader you right-click at the price in the Ask-size column - if you have not changed the default settings.

I don't know NinjaTrader, so I don't know how to configure that. But I'm sure it can be done.


FGBL07, thanks for answering. Do you mean a STP LMT order, as in attached picture?
And if so, how would you set the touched triger? I've experimented, but I don't get it done unfortunately.

One of my worst enemies are my own false assumptions
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Order management-10.jpg   Order management-11.jpg  
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  #5 (permalink)
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This was configured in BookTrader -> Hotkeys. Hope the screenshots explain it.

Attached Thumbnails
Order management-snag-20.12.2012-17.16.27.png   Order management-snag-20.12.2012-17.18.22.png  
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  #6 (permalink)
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Problem solved

Thanks FGBL07,

it works perfect. Thanks for your help!

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  #7 (permalink)
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Zwaen View Post
I have a question about submitting a certain type of order to my broker.

I use Interactive brokers.

Below is my problem with hypothetical example.

What I need: see attached chart. Price is now 3288. I want to short when price touches 3286. I want to submit a LMT order SELL 1.3286. Normally I wait till price reaches 3286 and manually submit a SELL LMT order for 1.3286, but isn’t there an order which automatically will submit this order to the exchange when 1.3286 is reached?

I experimented with LIT and STP LMT orders, without much success.

Please help, Willem

( I contacted IB helpdesk but they could not help me )

SELL STOP order should have worked but I'm not familiar with IB's various interfaces implementations of that.

At the risk of encouraging 'over trading', have you tried the Buttontrader.com trading interface to IB? I think they are located in your part of the world.

Their software would easily handle that trade to IB and really is the best overall short term trading interface I've ever seen (works only with IB) .... cost associated of course.

But, you should be able to get that trade working with IB's stuff. Good luck.

ps - oops you have it working. Buttontrader might still be worth a look to you ....

"The Future Ain't what it used to be"
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  #8 (permalink)
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Hi HeyWally,

I'm happy the way it works right now, so no need for that. But thanks for posting, I will take a look at it.

One of my worst enemies are my own false assumptions
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