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Order management


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Order management

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  #1 (permalink)
Netherlands, Blaricum
 
Experience: Intermediate
Platform: Excel, Python, R
Broker: IB
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Posts: 250 since Dec 2010
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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 )

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  #3 (permalink)
Oberhausen, Germany
 
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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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Netherlands, Blaricum
 
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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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  #5 (permalink)
Oberhausen, Germany
 
Experience: Advanced
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Broker: Interactive Brokers/DTN IQFeed
Trading: Bund Future
 
Posts: 278 since Aug 2011
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This was configured in BookTrader -> Hotkeys. Hope the screenshots explain it.

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  #6 (permalink)
Netherlands, Blaricum
 
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Thanks FGBL07,

it works perfect. Thanks for your help!

One of my worst enemies are my own false assumptions
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  #7 (permalink)
Pismo Beach CA
 
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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)
Netherlands, Blaricum
 
Experience: Intermediate
Platform: Excel, Python, R
Broker: IB
Trading: Options
 
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Posts: 250 since Dec 2010
Thanks: 848 given, 237 received

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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