MT Bracket Order Issue

[Doug Hayman]

Hi guys,

IB user here.

So I Buy a stock for price X, and I subsequently enter a Bracket Sell Order, with a specified Limit Sell Price and Market Stop Price.  By default, the # of shares of my stock purchase appear on both sides of my Bracket share sell orders, which is fine.

If I subsequently modify the # of shares to be sold in my Bracket Limit Sell Order to be, say, 1/2 the # of shares of original purchase (want to take 1/2 off at stipulated level), the # of shares associated with the Bracket Market Stop order, also changes to the # of shares that I changed in my Bracket Limit Sell Order.

Ideally, I'd want my Bracket Stop Market Order to reflect my entire purchase position, the Bracket Limit Order quantity to reflect the amount I changed it to, and if my Bracket Limit Sell Order is hit, I would hope that the associated Bracket Stop Market Order quantity would be decremented by the quantity stipulated in my filled Bracket Sell Limit Order.  I could then subsequently enter a new Sell Limit Order for my next profit target.

The way it works now is that I would need to change quantity on Bracket order, which would only reflect 1/2 the original quantity, and once hit (Profit or Stop), both halves of the order would go away, and I'd still be left with 1/2 my position, but no orders active.  Alternatively, I could ignore entering a Bracket order altogether, and enter separate Sell Limit and Stop orders, after my purchase, but this ismore work, more clicks, and more time risk.

Am I missing something here - is there a way to accomplish what I want with Bracket Orders as currently implemented?  Any suggestions?

Thanks in advance!

[Jerry Medved]

That isn't how the OCA orders work and most brokers require both sides to be the same.

You can just enter a 2nd bracket order for the remainder of the shares with a high limit price

[Doug Hayman]

OK, on the 2 Bracket Orders.  Hmmm, have to check on IB TWS on modifying quantity for one leg of bracket only.  Thanks.