To help limit loss and lock in a profit you can bracket an order with additional opposite-side orders.
A BUY order is bracketed by a high-side sell limit 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.
The endpoint /iserver/account/{accounted}/orders can be used to pass order request info in an Array to include the parent and child order(s).
A single customer order Id (cOID) is sent with the parent and the same value is specified in parentId for the child order(s).
Please be sure to authenticate first in order to resolve the below URLs.
For authentication details, visit https://interactivebrokers.github.io/cpwebapi/index.html#login
POST
https://localhost:5000/v1/api/iserver/account/{accountId}/orders
Request Body:
Array () [
- string acctId
The specified Account order is placed for. This should be one of the accounts returned by /iserver/accounts. - string conid
contract identifier of the security you want to trade. You can find the conid with /iserver/secdef/search. - string secType
asset class formatted as conid:type, for example 265598:STK - string cOID
Customer Order Id. An arbitrary string that can be used to identify the order, e.g “my-fb-order”. The value must be unique for a 24h span. - string parentId
When placing brack orders, specify with the child order. Must be equal to the cOID of the parent. - string orderType
The type of order, example MKT (Market), LMT (Limit). Use the endpoint /info-and-rules to determine available orderType(s). - string listingExchange
Optional. By default we use “SMART” routing. Use the endpoint: /portal/iserver/contract/{conid}/info, to determine valid_exchange. - boolean outsideRTH
Set to true if the order can be executed outside regular trading hours. - number price
For LMT this is the limit price. For STP this is the stop price - number auxPrice
For STOP_LIMIT orders this is the Stop Price. - string side
SELL or BUY - string ticker
Contract Symbol - string tif
The time-in-force of an order, example DAY. Use the endpoint /info-and-rules to determine tifTypes. - string referrer
Order reference - number quantity
the amount or shares of the order. Usually integer, for some special cases can be float numbers. - number fxQty
double number, this is the cash quantity field used for FX conversion order. - boolean useAdaptive
If true, the system will use the Adaptive Algo to submit the order, ref: https://www.interactivebrokers.com/en/index.php?f=19091 - boolean isCurrencyConversion
Set to true for a FX conversion order. - string allocationMethod
Set the allocation method when placing an order using an FA account for a group. - boolean isClose
Set to true if order is closing an existing position.
]
Response:
Array (){
- string                             id                                     Â
order_id = system generated order Id(s) for each order. local_order_id = cOID. parent_order_id = order_Id of the parent order. - Array of strings             message                        Â
if the message is a question, you must use the endpoint /iserver/reply/{replyid} to confirm the message and submit the order.
Please be sure to authenticate first in order to resolve the below URLs.
For authentication details, visit https://interactivebrokers.github.io/cpwebapi/index.html#login
Example:
Request:
POST
https://localhost:5000/v1/api/iserver/account/DU***14/orders
Request Body:
{
“orders”: [
{
“acctId”: “DU***14”,
“conid”: “265598”,
“cOID”: “66807300”,
“orderType”: “LMT”,
“listingExchange”: “SMART”,
“outsideRTH”: true,
“price”: 115.5,
“side”: “BUY”,
“ticker”: “AAPL”,
“tif”: “DAY”,
“referrer”: “ParentOrder”,
“quantity”: 50,
“useAdaptive”: false,
“isClose”: false
},
{
“acctId”: “DU***14”,
“conid”: “265598”,
“orderType”: “LMT”,
“listingExchange”: “SMART”,
“outsideRTH”: true,
“price”: 125.5,
“side”: “SELL”,
“ticker”: “AAPL”,
“tif”: “DAY”,
“referrer”: “ProfitTakerOrder”,
“quantity”: 50,
“useAdaptive”: false,
“isClose”: false,
“parentId”: “66807300”,
},
{
“acctId”: “DU***14”,
“conid”: “265598”,
“orderType”: “STP”,
“listingExchange”: “SMART”,
“outsideRTH”: false,
“price”: 110.5,
“side”: “SELL”,
“ticker”: “AAPL”,
“tif”: “DAY”,
“referrer”: “StopLossOrder”,
“quantity”: 50,
“useAdaptive”: false,
“isClose”: false,
“parentId”: “66807300”,
}
]
}
Response:
[
{
“order_id”: “1763237133”,
“order_status”: “Submitted”,
“local_order_id”: “66807300”
},
{
“order_id”: “1763237135”,
“order_status”: “PreSubmitted”,
“parent_order_id”: “1763237133”
}
]
If you have any further questions or issues creating a bracket order, please reach out to the API Group, ref: https://www.interactivebrokers.com/en/index.php?f=47047.
Visit the IBKR API Center for Downloads, Resources, and Technical Details:
https://www.interactivebrokers.com/en/trading/ib-api.php.
See the previous installments in this series:
- Tutorial: Web API – Connect to Brokerage Session
- How to Code an IB Algo Order in the Web API
- How to Query Contract Details for Derivatives in the Web API
Disclosure: Interactive Brokers
The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Interactive Brokers, its affiliates, or its employees.
Disclosure: Order Types / TWS
The order types available through Interactive Brokers LLC's Trader Workstation are designed to help you limit your loss and/or lock in a profit. Market conditions and other factors may affect execution. In general, orders guarantee a fill or guarantee a price, but not both. In extreme market conditions, an order may either be executed at a different price than anticipated or may not be filled in the marketplace.