Bracket existing position

[Hans]

I'd like to create a hotkey that allows me to bracket an existing position.

say I happened to enter a long or short position using the buy/sell buttons.

I now want to place a bracket order around that existing position, at a predefined % distance from my entry price. 

How can I achieve this in the hotkey editor? I tried a few settings but no luck yet. I guess the LimitPrice needs a reference to my entry price but not sure which expression to use. PosPaid+x% seems not correct.

 

 

Edited May 9, 2023 by Hans

[Jerry Medved]

 

[Hans]

thanks Jerry

the StopPrice used in your screenshot results in an invalid price. why is the facto 0.16? 

basically I am trying to use -4% - is there a way to enter a percentage?

[Jerry Medved]

the 2nd order always has to be an offset.  The if the first one is +8%, I set the 2nd one to be minus 8% from that, which should be 8% below the paid price.  It should be valid.  NOTE: have to use the offset command and also you may want to use LAST or some combo of LAST and PAID ?  

also, now that I think about it - might be rounding issue - what exact error do you get?

[Hans]

My hotkey settings are pretty much the same as in your screenshot, except that I am using Send: CancelThenSend - I chose this to prevent issues with potentially outstanding orders prior to sending the bracket.  

What I get is this error message and negative stop loss price.

[Jerry Medved]

will check.

[Jerry Medved]

Hans, can you please get the BETA version of MT and let me know if you still get the same error:

https://medvedtrader.com/beta

 

[Hans]

Hi Jerry,

I've installed the latest beta, but still getting the same error.

[Hans]

btw. I understood it is necessary to use the offset command. As a user I prefer entering a simple percentage offset. 

Btw - does the requirement to use the offset command affect other bracket orders, such as OTOCA? 

[Hans]

I found a solution which works without offset command. I tested this in my IB Paper Trading account and the bracket order placement works fine. 

Edited May 10, 2023 by Hans

[Hans]

Hi Jerry,

I completed testing my 'bracket existing position' orders on my IB account and they work fine. I created two versions:

• one with stop market, TIF GTC
• one with stop limit, TIF GTC+Ext

I have another account with TradeStation. I am trying to test the same orders on the TradeStation SIM account now. The bracket with stop market and TIF=GTC seems to work fine, but the order with stop limit and TIF=GTC+Ext is causing this error: 

The error message seems to suggest TS is not allowing market and stop orders with TIF=GTC+... 

Is there another way to place brackets that execute outside of regular trading hours?

 

Edited May 10, 2023 by Hans

[Jerry Medved]

ok, change time in force to GTC from GTC+Ext

[Hans]

Done that, it works. But it defeats the purpose - I created the stop limit bracket specifically for premarket trading. Any other ideas?

[Jerry Medved]

you cannot do stops in premarket. No broker allows it as far as I know, including IB.  IB may just be automatically changing the TIF.  Check the order after you place. Are both legs GTC+?