Quickest IB Platform Order Exectution

[elsaQ]

Hi all

Can anybody please advise me of the best way to set up my IB platform to exectute the following order setup in the least presses of buttons?

I'd really like to do enter an order at market value with a profit target the same as my stop loss so that the platform exits the trade once either profit or loss is hit but can't figure out how to achieve this quickly.

So on the YM for excample:

Enter a MKt order to sell at current price, lets say 10350 and in as few motions as possible also set up a stop loss at 10355 and profit at 10345 where by the platform exits the trade once either is hit.

Anyway all replies are thankfully recieved in advance.

Rgds

Elsa

 

[Directional]

sounds like you want to place bracket orders.

I think NinjaTrader does this, as does Bracket Trader and ButtonTrader - all front ends for IB.

when your entry order is filled, they will automatically place both of your exits and pull the other side when either the stop or profit exit is filled, without you having to press any other buttons.

 

[Directional]

take a look at http://www.ninjatrader.com and http://www.buttontrader.com

 

[rols]

Try this.
http://www.tradingsimulation.com/tsimplus/

 

[rossored]

my favourite is www.zerolinetrader.com - just like ninja but cheaper.

 

[neil]

T2W members IB platform

my favourite is www.zerolinetrader.com - just like ninja but cheaper.

This one is still free ? via a T2W members site.

http://www.tradingsimulation.com/

 

[dcraig1]

One thing to consider with bracket orders is that the stop and limit are placed in the same OCA order group so that when for example the limit order is filled, the IB servers will automatically cancel the stop order. This is better than having PC software do the cancel as it is independent of the PC going AWOL due to internet/power outage, hardware or software failure etc leaving an unwanted order sitting in the market.

I don't know what any of the third party products do in this regard, but the question is worth asking.

 

[rossored]

I think that Ninja, ZeroLine and Tsim all cancel limits when stops are hit, and stops when limits are hit - I'm certain of it, in fact. Bracket Trader does the same from memory, but its a long time since I've used it.

 

[deepete]

you can place brackets orders on IBs workstation. Make the buy and then right click on it.

Peter

 

[elsaQ]

Thank you everybody. Your answers have been very helpful.

Rgds

Elsa

 

[Bigbusiness]

I use Autotrader http://www.autotradersoftware.com/

More info:- http://www.trading-naked.com/order_entry_add-ons.htm

 

[JonnyT]

I use my own little app with less bloat.

JonnyT

 

[radfaraf]

I would like to attach a selling target by a profit percentage to my orders. I'd like my profit targets to be adjusted based on a percentage of the actual buy price which will vary depending on how my limit orders end up getting executed.

This is not possible to IB and I asked tech support quickly to be sure. Is there any third party software that will allow me to do this?

 

[JonnyT]

This is easily possible using the API.

Can you program at all? Java is easy to pick up from the sample code provided by IB.

JonnyT

 

[rog1111]

...as JonnyT has said, you can easily do this with the IB API, making it a true one-click operation if you wish. If you scour the IB site you will find developers that can create this for you, and I'm sure that there are those here too, for a financial incentive.

GL

rog1111

I would like to attach a selling target by a profit percentage to my orders. I'd like my profit targets to be adjusted based on a percentage of the actual buy price which will vary depending on how my limit orders end up getting executed.

This is not possible to IB and I asked tech support quickly to be sure. Is there any third party software that will allow me to do this?

 

[radfaraf]

I can Possibility program it myself, I did a bit of programming during college but not much since. I think if we take into account time=money it might be cheaper for me to buy a third party program that already does this plus other things.

 

[JonnyT]

But they all trade on absolutes rather than percentages...

JonnyT

 

[rog1111]

.....if your requirements are not too complex, I shouldn't think that a custom made app would be very expensive, probably a lot less than bulk standard 3rd party software

rog1111

I can Possibility program it myself, I did a bit of programming during college but not much since. I think if we take into account time=money it might be cheaper for me to buy a third party program that already does this plus other things.

 

[JonnyT]

What is it you want to do?

e.g Buy a stock and set a stop loss x% below the fill price and a limit order x% above the buy price?
Are these percentages fixed?

I could perhaps russtle something up for you in Java, for a price of course!

PM me if you are interested.

JonnyT

 

[sccz97]

for price? I'd do it for free