Thanks to this video I was able to learn about the Reverse function. Now, at the click of a button I'm able to close a portion of my position instantaneously. Thank you!
Thank you for your time and explanation, two problems in both main options: 1. in the right click trade close portion of the position you need to go again to the order entry window to add some information for the close , while you need to execute the order quickly this is I think bad option unless we have a kind of settings to bypass this step. 2. for the hotkey options, unfortunately the close portion hot key applicable for all the open positions and you don’t have the option to select the close for particular stock. Any settings or suggestions to avoid closing partially all the open orders together Thank you
Great video Chris. As usual valuable information, I was close to being able to use the feature but this video clarifies it. Specially what actual Windows in TWS the hotkeys work. Good stuff
Thank you so much for this. I have spent so much time trying to figure this out on my own. I have setup a Close position hotkey so I can get out faster. There is not difference comparing to selling 100% of your position vs the Close position hotkey right? I'm guessing Close position would be at MKT price.
In both cases it will submit a limit order with the correct order size. If you want to change that order to a market order you would either 1. drag the limit price to the point where it is considered 'marketable' or 2. use a hotkey function in TWS called 'change order to market'.
Thank you for this one… are you still trading with IB tws? I’m seeing many traders using das. Would love to see a comparison of features to determine if paying $200/month for das would be justified.
This is awesome, so glad this function is available now. Thank you! Question: does this automatically close a portion of ALL positions? so if I'm in two trades,/two tickers, it will close 50% of both trades? (if using the hotkey)
As shown in the video, that function will close a % of positions in your account for the asset class you choose. Example: if you had 2 already open long stock positions and chose to close 50% of long stock positions, it would submit orders for both of those positions.
The adjustable stop can do something similar to that, I did make a video that covers that. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-RYykmLiGbMU.html
At 8:27 Chris mentions that the close position hotkey will only work if you're using "general windows" in TWS. What kind of windows are these? I have tried using this hotkey after selecting the options trader window, the activity window, the watchlist window, and the order entry window and it doesn't work for any of them. Do I need to be using Classic TWS instead of Mosaic? Thanks!
The quote monitor in TWS is considered one of those "general windows" we referred to. The activity window or watchlist might also be, but not for sure. Just know that the Chart Trader and Book Trader have their own hotkey configuration settings. If you plan to use those features, make sure to program the hotkey in the correct menu.
After setting up hotkeys I never felt them 100% trustworthy. This video was perfect 👍. Now my only hotkey is ‘’Cancel All Orders’ and Copy, Paste, Cut. Right clicking in the Portfolio Window and preloading Order Entry is plenty fast enough without the chance of error hidden behind Hotkeys and I had it happen 😢
Can you do a video on how to Migrate a live layout to a paper trading account. Also on the Level 2 is there any way to show you orders on the L2 that are pending to be fullfilled, or is there a way to remove the 00 on the L2 like on some platforms. Thank you
We have not done full testing but it should reduce your position size and the size of your attached orders. In the case that your position is closed, it should cancel those attached orders.
Hey Chris, I've been using TWS for a while now, but I have a question about it. Currently, I manually set my orders on the chart trader. I enter a position, then I place a limit (LMT) order (sBuy or Sell), followed by a separate stop (STP) order. Afterward, I have to keep a close eye to see which order gets filled first, and then I manually cancel the other order. Is there a way to link the LMT and STP so that when one is triggered, it automatically cancels the other?
This is called an OCO bracket order or a bracket order. You can attach a bracket to an existing position pretty easily in TWS and on their Mobile app. I will attach a video that shows how to do this: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-WAGm1KLVsDI.htmlsi=1hs_CC3esdKBqX8H&t=1482
Do you have a "hack" to set the quantity without it being an order? I'd like buttons for sizes like 100, 500, 1000 shares without using buy/sell along with it. A set size to position would also be nice for those times when you only get a partial fill. I'd rather do this in TWS, but if I have to resort to Autohotkey, I will probably do that.
What I have determined is when using the Close Position function It will cancel your existing bracket order. This is entirely on TWS side and it should be addressed to their dev team.
You would simply close it by submitting a close position order. If your question relates to a strategy about when or why you would close it, that is not typically the kind of content on this channel.
The problem though is that when you use this part closure feature (no matter how you use it), it also closes or deactivates the attached stop loss for the remaining unclosed portion. I have not been able to find a way of part-closing my position without losing the attached stop loss for the remaining unclosed position!!
Yes I also noticed this and it is frustrating. It should not cancel those bracket orders unless explicitly specified. TWS has a lot of little loopholes like this.
Hey V, I setup a hotkey to buy limit on an IBKR TWS chart. But the limit order always goes to the same spot when I press my hotkey and not where my mouse cursor is (specific price on the chart instead of random same spot each time). Do you know how to adjust the hotkey so that it sets the limit at my mouse cursor when I press the hotkey?
In your hotkey configuration, If you set the ‘limit price’ field to chart trader price then it should do what you are trying to do. 2. Check your order presets to make sure you did not create a preset that may be interfering with what you are doing with the hotkey.
I did a test on the papertrading account, and using the shortcut it literally does close portions on ALL positions opened. Is there a way to close a portion an invidual position also with a shortcut? The positions filter is useless. Guess will have to stick to right-click.
@@MickeyMekhael Certain exchanges have their fees waived I noticed like the CSE or NEO exchanges. Smaller Canadian stock exchanges. Maybe what you are referring to is a snapshot quote, I have never used those so I couldn’t say.
@@VerrilloTrading I started using your "Secret Method" reverse position to sell 50% of a stock while taking profit. Thank you for that tip. It would be helpful if the IBKR people could just allow users to create hotkeys for this in the ChartTrader.
@@VerrilloTrading Could I piggyback on this.. If one buys to open a contract. I am not sure if TWS can figure what is the reverse of this would be. Hopefully it should find sells to close as the reverse (rather than sell to open). Were you finding sell to close was in fact what it would be doing?
@@samtran01 Not as a default option. Regarding hotkeys specifically, the list of available commands is in TWS when you go to create a new hotkey. To make your request possible with just one button, it would probably require something custom.
Was anyone else able to get the Reverse Order hotkey at 14:45 to work on options? Technically it works for me, but it's not instantaneous even when the "transmit order instantly" box is checked. Pops up a weird trade-placing window and won't work instantly.
Looking through the TWS platform, I'm teleported back to the early 90's. Like... what the absolute f*ck... absolute garbage interface & UX by modern standards.
Thank you. The Reverse hack is much better than the hotkey because I can program the button and make it one click!!! Make sure to label reverse 25% button as sell half!!!
