IB Bracket Order Support

[Doug Hayman]

I discussed this in a thread when I first started looking at MT a month ago, but wanted to make a formal request:

Can you guys support IB Bracket Orders?  By definition,

" Bracket orders are designed to help limit your loss and lock in a profit by "bracketing" an order with two opposite-side orders. A BUY order is bracketed by a high-side sell limit order and a low-side sell stop order. A SELL order is bracketed by a high-side buy stop order and a low side buy limit order. "

I believe Jerry called this type of order OTOCA, where the price of execution (at a Stop or Limit Price) is specified, and once executed, the opposite side Limit and Stop price orders (brackets) are automatically executed.   In other words, the initial trade and bracket orders would be an all-in-one.  Currently, MT bracket orders are a separate order that needs to be executed, after a trade completes.

What would be real nice addendum to this is if R:R ratios could be configured in Settings and used as a basis for the subsequent bracket pricing, based either on points or %.

Thanks in advance for considering.

 

[Jerry Medved]

it is on the todo list, but have not gotten to it yet.

[bigt11]

+1 for this feature.  Ninja trader's dom could be used for inspiration on features for the bracket.  I would use this on crypto.

[Jerry Medved]

@bigt11 - Crypto is a whole different beast. Even if we implement it, we can only do it if the underlying broker/exchange supports it, and I don't think any crypto exchange does at this time

[wilywilly]

Is there any progress on implementing IB bracket orders?

[Jerry Medved]

Not yet. been busy with a few other items. That is something I will be working on next.

[Ldailey]

I second this, would be my favorite add on!!! Saw it mentioned in 2 other threads titles, so I know there is demand for more ORDER flexibility thru MT. For me I only trade options, not stocks When you add these OTOCA bracket orders for IB, please do for TDA support on MT for options as well!!

 IB tightens on margin big time after 1230 on expiring options that day. M/W/Fri on SPY and Fri on all equities. So if there if a big move afternoon I can only buy 10 contracts as apposed to 200+ in AM. So I do nothing and miss any afternoon opportunities. Therefore, I want to ability to also trade an options account on MT thru TDA with these bracket orders. (who does NOT cut expiring options margin in afternoon.)

TDA options order system is not good for quick multiple orders. So I do not currently use them, only if I can do it thru MT. Let me know when completed and I will transfer broker funds.

Request Original options (Buy order) with ( trail stop % & $ order), and (profit target order) all sent out in one bracket order thru TDA on MT                                                                                       Fore me, I need to place order with one-two buttons and have everything done fast. Similar to IB's buttons on chart trader.  If you are able to add customizable preset buttons that would be an amazing cherry on the top! That is my wish and would add plenty of value for traders using MT. Can attach picture if more clarity needed.

Any updates from January 2nd post on ETA for this? 1 month 2?

Much appreciated for all your work Jerry! Thank you!

On 1/2/2019 at 10:02 AM, Jerry Medved said:

Not yet. been busy with a few other items. That is something I will be working on next.

[Jerry Medved]

right now I am going through all broker configurations and adding the ability to show all supported multi-leg transactions as well as the internal ability to enter the various conditional orders. only have one more to do. After that, will be working on the UI to actually allow the order entry. Still no ETA.

[riso]

Hi Jerry,

Any update on this feature? At present, is there a way to add a profit target and stop loss to an interactive broker order, (as a percentage relative to the actual fill price) -- either before or after the trade happens?

Thanks 

[asaladaaa]

this is very important , i use this all the time in IB charttrader, i strongly suggest to have this feature

[Jerry Medved]

OTOCA orders are supported on IB.

[Troder]

Any update on OTOCA orders within MT?

[Jerry Medved]

I'm confused what you're referring to. I already indicated that the otoca orders are supported for IB in the previous response. What update are you looking for?

[Troder]

Can I send a OTOCA order to Rithmic Trader Pro using MT?

[Jerry Medved]

sure

[Troder]

Is there a place that could help me figure it out?  I simply want to place a buy or sell on the DOM and when the order fills, it auto sends a stop and target for exit.

[Jerry Medved]

the easiest would be using a hotkey.  To do it direct, make sure "Order Types" panel is shown.  on it, the order type should be whatever the first order will be - AUTO, LIMIT, MARKET... on the far right there is a dropdown where you can select the conditional... select OTOCA.  a POPUP comes up where you can select the details about the conditional part of the order.  Specify that.. 

Now when you place the order, it will be placed as a conditional

[Troder]

Thank you.  Got it to work. The exits even show up on the DOM before I place the initial trade.  I ended up getting a Bulenox account as I couldn't get the Apex account to work with MT.  All good with Bulenox but using IB data as the Rithmic data really slows MT down on my computer. 

[Jerry Medved]

Hmmmmmmm, Rithmic slowed you down? Level I? Level II? or both?

[Troder]

I believe level 1.   The IB data must be consolidated because the time and sales is much slower with them.  That and my computer is 5 years old.

[Troder]

Jerry, Is there anyway to get a "flatten" button on the dom or chart and have it stay there or show up when in a trade.  I find myself moving the limit order to exit the bracket when I no longer like the trade.  Rather not use a hotkey as I never use my keyboard while in a trade.  Thanks for any help.

[Jerry Medved]

on DOM, don't you have the FLATTEN button on top left? 

On chart, you have the flatten button on the TRADING tab.  if you want it visible when the toolbar is hidden, then just right click on that button and select "Add to Quick Access Toolbar"

Alternately, You can create a Hotkey/Saved order to do FLATTEN and specify the button text and color and make sure to check the "Saved Order" checkbox. Then on DOM and on the chart, select the options to show Order Types. On the order type panel right click and select to show saved orders. That new button you created will be there.

[Troder]

Thanks, found it under Trading/Accounts tab where I change my brokerage accounts.  "Account specific settings and defaults".   The Flatten and Reverse were unchecked.

[Jerry Medved]

ah. that would do it

[Troder]

These OCOCA orders are working great.  Is there an easy way to exit half the position before it gets to the target?  Like a "flatten 1/2" or "exit 1/2".  The best would be one stop with multi targets or a way to split out the target.  

[Jerry Medved]

you could setup a hotkey to exit 1/2 but there is no way to do a conditional order involving multiple exits like that