Posting here after searching around and not finding any responses to basically the same question that I saw on EliteTrader, with another variant posted 10 years ago (update: the same question on Money):
Say I bought X at 100 and want to have TWS automatically submit a TRAIL STOP order when the price reaches 110, with a trailing amount of 2 Assume I don't care how long it takes for the price to reach that level. How can I do that?
- X is now at 95. The order should wait until X hits 110. No order parameters should change.
- X hits 110. Trailing order is submitted, with trailing amount 2.
- X goes to 115. Great. Stop price is now 113.
- X drops to 112. Market order triggers.
I tried attaching a condition, but got this error:
Conditional submission of orders is supported for Limit, Market, Relative and Snap order types only.
The goal is to lock in some profit and have unlimited upside, at the expense of downside risk. A Trailing Market if Touched sounds right for selling, but apparently isn't:
A sell trailing market if touched order moves with the market price, and continually recalculates the trigger price at a fixed amount above the market price, based on the user-defined "trailing" amount.
This goes against what I want for step 1 above.
Same for Trailing Limit if Touched:
As the market price falls, the trigger price falls by the user-defined trailing amount, but if the price rises, the trigger price remains the same. When the trigger price is touched, a market order is submitted.
I don't want the trigger price to fall. It should stay 110.