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Place a Limit Order with 2 Profit Takers and 1 Stop Loss for a Stock
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Hello,
I am using Python TWS API. For a Stock, I want to place a Limit Order with 2 Profit Takers and 1 Stop Loss. If Profit Taker 1 is hit, then the stop loss should decrease by the commensurate amount (so after Profit Taker 1 is hit, the stop loss quantity is now updated to be equal to Profit Taker 2 quantity). How to do this ?
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I have tried a Bracket Order with Two Profit Takers as . But as soon as Profit Taker 1 is hit, Profit Taker 2 and the Stop Loss is auto cancelled.?
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How do I place a Limit Order with Two Profit Takers and 1 Stop Loss for a Stock ?
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Thank You.
-- Best Regards, Pavan |
开云体育Place your limit order on its own (or with just a protective stop-loss in case you lose your connection before you do the next bit). ? When the limit order is filled, place two separate OCA orders, each with a profit taker and a stop loss, and each for half the quantity (or whatever proportions you want), and cancel the original protective stop loss if any. ? Note that there is still a tiny risk of trouble due to some sort of failure during the second part of this, but if you submit the two OCAs and do the cancel immediately consecutively you'd have to be very unlucky to get caught out. But trading is never risk free… ? Then you need to consider things like partial fills etc, but you can work that out for yourself! ? ? From: [email protected] <[email protected]> On Behalf Of Pavan M
Sent: 03 February 2021 16:43 To: [email protected] Subject: [TWS API] Place a Limit Order with 2 Profit Takers and 1 Stop Loss for a Stock ? Hello, I am using Python TWS API. For a Stock, I want to place a Limit Order with 2 Profit Takers and 1 Stop Loss. If Profit Taker 1 is hit, then the stop loss should decrease by the commensurate amount (so after Profit Taker 1 is hit, the stop loss quantity is now updated to be equal to Profit Taker 2 quantity). How to do this ? ? I have tried a Bracket Order with Two Profit Takers as . But as soon as Profit Taker 1 is hit, Profit Taker 2 and the Stop Loss is auto cancelled.? ? How do I place a Limit Order with Two Profit Takers and 1 Stop Loss for a Stock ? ? Thank You. -- |
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Thank You for your response Richard.
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Actually I should have been a little more specific.? Is it possible to pack them into 1 order. Meaning - IB treats a Bracket Order (Limit Order with 1 Profit Taker and 1 Stop Loss) as 1 order (although internally we are placing 3 orders when using the API and handling transmit settings). Similarly can I create a package such that "Limit Order with 2 Profit Takers and 1 Stop Loss" is also treated as 1 order.?
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Thank You.
-- Best Regards, Pavan |
开云体育No it isn't possible, that's why I suggested what I did. If I had thought it were possible, I'd have said so: it was obvious from your question that that was what you were hoping for. ? When you create a bracket order, you can attach any number of child orders to the parent, and the child orders all become an OCA group, with an IB-generated OCA group identifier: for example you could add a both a limit profit taker and also a MOC profit taker, the latter only being relevant if the limit price is not reached during the session. When any one of the child orders is eventually filled, all the others are cancelled, precisely because they are an OCA group. But you already know this because that's exactly what you found… ? It would be nice if IB could extend this mechanism to allow multiple child OCA groups (for example by allowing the API client to specifically set the OCA group identifier differently for different child order groups), but I suspect this would considerably complicate IB's logic and there may be tricky edge cases. Also I doubt it would actually be much used. ? Richard ? ? From: [email protected] <[email protected]> On Behalf Of Pavan M
Sent: 04 February 2021 08:05 To: [email protected] Subject: Re: [TWS API] Place a Limit Order with 2 Profit Takers and 1 Stop Loss for a Stock ? Thank You for your response Richard. ? Actually I should have been a little more specific.? Is it possible to pack them into 1 order. Meaning - IB treats a Bracket Order (Limit Order with 1 Profit Taker and 1 Stop Loss) as 1 order (although internally we are placing 3 orders when using the API and handling transmit settings). Similarly can I create a package such that "Limit Order with 2 Profit Takers and 1 Stop Loss" is also treated as 1 order.? ? Thank You. -- |
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Note that when you attach multiple child orders, IB may place limitations on the possible combinations of allowed child-order parameters. For example, when you add a MOC exit order to the standard bracket child-orders, IB only allows the child orders to have an OCA type of 3 (Reduce on fill without block) and not 1 (Cancel on fill with block) or 2 (Reduce on fill with block). Without the extra MOC child order, you could have your child bracket orders also use OCA Types 2 & 3, not just 1. Such limitations may depend on your specific secType and exchange.
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My suggestion is that you create two sets of orders. Each set includes the parent limit order and two attached OCA child orders (profit taker and stop loss). The limit price of the profit taker orders is different on each set of orders. To update the stop loss orders, just monitor the status of the profit taker order in the first set (wait for a fill) and then place the stop loss orders again with modified prices. You may simply trigger the stop loss order modification when the first profit taker order fills. Hope this helps.
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Two lots of commission though.
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-----Original Message----- |
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According to my knowledge/experience, the size/quantity of a child order attached to a parent order must have the same size/quantity of the parent order. Hence my suggestion to use two sets of parent and attached OCA child orders. By the way, the TWS API example in the link that you indicate should set the OCA attribute in the stop loss and profit taker orders to guarantee that if one order fills then the other is automatically canceled.
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Nick
The OCA is set automatically by IB for bracket orders. You don't have to set the OCA explicitly.
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On 2/5/2021 10:12 AM, Orionn via groups.io wrote:
According to my knowledge/experience, the size/quantity of a child order attached to a parent order must have the same size/quantity of the parent order. Hence my suggestion to use two sets of parent and attached OCA child orders. By the way, the TWS API example in the link that you indicate should set the OCA attribute in the stop loss and profit taker orders to guarantee that if one order fills then the other is automatically canceled. |
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Dear Orionn,?
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May I ask how can we trigger the stop-loss order modification a profit taker order fills?? Thank you. Hao On Thu, Feb 4, 2021 at 09:57 AM, Orionn wrote:
My suggestion is that you create two sets of orders. Each set includes the parent limit order and two attached OCA child orders (profit taker and stop loss). The limit price of the profit taker orders is different on each set of orders. To update the stop loss orders, just monitor the status of the profit taker order in the first set (wait for a fill) and then place the stop loss orders again with modified prices. You may simply trigger the stop loss order modification when the first profit taker order fills. Hope this helps. ?Dear Orionn, I just read your reply |
Yair Altman