mlsignups Posted September 17, 2016 Report Share Posted September 17, 2016 Just getting back in after some time off and just upgraded to paid. I use IB and I'd like to do autotrading based on breakouts where i can set a line in MT and once it crosses that line trigger a buy. In that regard I'd like to set a max price. So for instance, stock is at $7.11. When it crosses $7.15 I want to autobuy but want to limit price to $7.20 so i don't get filled if it pops at, say, $7.40. Is there a way to configure the trading tools to do this? 2nd question... I'd also like to set a stop (exit) after the buy; for instance, once I buy, I'd like it to trigger a stop at $7.00. I know I can do that from within the IB interface but assume I can not do that in MT? Thanks Quote Link to comment Share on other sites More sharing options...
Jerry Medved Posted September 17, 2016 Report Share Posted September 17, 2016 MT does not currently have automated trading. However, what you describe is just a simple BUY STOP LIMIT order. You place the order with a stop at 7.15 limit of 7.20 and hit BUY. Most people tend to use stop limits for sells, but they work for buying as well. you can place the stop limit with chart trading. Drop the trade capsule on the chart at where the LIMIT price will be. Then right click on it and change it to Stop Limit. You can then drag where you want the STOP to be. Note that MT shows 2 lines - one for stop, one for limit. you can adjust the actual lines on the chart independently. Dragging the capsule adjusts the STOP We don't currently have combo orders, though plan to do that. Right now you would place the order to open the position, then once it fills you can place another order for the stop. Quote Link to comment Share on other sites More sharing options...
mlsignups Posted September 17, 2016 Author Report Share Posted September 17, 2016 Thanks. So placing the buy order on there as a stop...MT will trigger/place the order once it crosses over that line? yeah, some way to then add a stop once an order is in would be cool. i typically buy on some sign of breakout; like a limit so i don't overpay; but then like to place a stop somewhat just below the order (usually low of prior day or similar) to minimize losses. Quote Link to comment Share on other sites More sharing options...
Jerry Medved Posted September 17, 2016 Report Share Posted September 17, 2016 The stop order is sent to the broker right away. It is the broker that would trigger the limit order once the stop is hit. Quote Link to comment Share on other sites More sharing options...
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