How to Scale Out a Trade in TWS

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This video shows various methods for scaling out of trades using the TWS trading platform by Interactive Brokers. In the beginning of the video we covered the basics of scaling out and showed a proper implementation of scale out in a different trading platform. There is only one method in TWS that supports auto adjusting the order quantity of an attached stop order to the remaining position size. This video shows other helpful tips for using TWS so watch it entirely with reference to the timestamp below.
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00:00:59 What is scaling out? (for beginners)
00:02:48 Proper scaling out shown with Sierra Chart/TWS
00:06:55 First method to scale out in TWS
00:09:08 Configuring a scale out target
00:11:44 Platform display of scale orders
00:14:19 The main issue with this method
00:16:34 Idea for how to do it with a program
00:18:12 Attach OCA bracket to existing orders and trades
00:19:54 Add OCA bracket to an existing position
00:21:21 Manual order quantity adjustment
00:22:50 Important info about attaching brackets to a position
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None of the information contained herein constitutes a recommendation, offer, or solicitation of
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Опубликовано:

12 окт 2024

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Комментарии : 54

@alexanderkrainz51 2 года назад

Excellent explanation. Trading turbos and boosters on the AEX now, SPY options make a great sub when the European markets are closed. Really need to check out the TWS layout video. Thanks a lot!

@VerrilloTrading 2 года назад

Glad it helps, cheers!

@drexdis 2 года назад

Hi Chris, can you make a video of scaling out with trading stocks? Thanks

@fondombang 2 года назад

Like + click+ comment. Thank you for efforts , man

@VerrilloTrading 2 года назад

Glad it helps! 👍

@fabioscuderi5998 2 года назад

Hey Verrillo. Can you do with tradingview and interactive brokerage? Bcz now they are integrate . It would be very helpful and see what you think about it. Much appreciated

@VerrilloTrading 2 года назад

Will do thanks!

@azertyy3978 2 года назад

I have aquestion. When I buy a paid plan of TradingView I can add extra market data which cost $2 for Arca, $2 for NYSE, and $2 for the NASDAQ. When I already pay for this on my broker, and I connect it to TradingView does it take the data from the broker or do I need to buy it on TradingView as well?

@hakoHiyo271 4 месяца назад

Nice video Chris, but TWS is so hard to use and their documentation is so bad in general. They askign you to be part of their video library is almost funny that they are not willing to work themselves. Anyhow, while their documentation on hotkeys is horrible, I manage to come up with a solution, it kind of work for me, to scale out. Basically I issue three hotkeys commands in succession while existing bracket order exists. 1) cancel current bracket order, 2) sell part of it, then 3) add create new stop loss with my remaining position. I combined these three with free outside script (AutoIt). I haven't test it but it works for my process.

@VerrilloTrading 4 месяца назад

Thanks for sharing!

@blackjedi23 2 года назад

Hi, can you do a simple video on your color setting for your IBKR platform? I would love to have the exact colors as your setup. Thx

@VerrilloTrading 2 года назад

Sure we can take a look and maybe make one in the future.

@eduardu.5309 2 года назад

Thank you. TWS is a real nightmare in terms of user friendly interface. I understood that it's possible to connect another charting-trading software to an existing IBKR account. Do you have any helpful tutorials about that? How can I do it? What software do you recommend for active daily trading (user friendly, hotkeys, etc.) which is possible to connect IBKR? Thank you very much for your answer. ✌

@VerrilloTrading 2 года назад

Glad it can help. Yes that seems to be supported by a number of different platforms. We only recommend platforms that we fully use and support so that would be Sierra Chart. Tradingview is also good but it is generally a more basic (beginner friendly) service compared to the prior.

@YvonTremblayCourtier 2 года назад

Hi Chris, your videos are really very helpful. What version of IKBR do you have? I'm using IKBRPRO 10.12.2p stable release from July 5 but I don't have the Create Target/Stop Exit Bracket feature you show in the video. I don't have TRADER window neither. Regards

@YvonTremblayCourtier 2 года назад

I found it. I load the Latest Version instead of the Stable Version and I found what I was looking for.

@VerrilloTrading 2 года назад

Yes it was the LATEST version. Thank you for the kind words.

@frankgermano6707 2 года назад

Hey Chris, been trading with Questrade tfsa for the past year and a half (due to amc and gme lol) started doing options recently and came across your video about trading us stocks in Canada and never knew about IB. Very glad I came across your video (been watching a few for the past hour lol) I just have one question for you regarding day trading with options, what’s the best account to do this with IB? Heard margin accounts are too dangerous. Any help would be appreciated, thanks man.

@VerrilloTrading 2 года назад

Thanks for the kind words. I would say regarding options trading the margin account can only be an issue if you plan to take more risky positions like naked short calls or puts. From what I remember you can trade long naked options and options spreads without a margin account. The margin account features in a way are a luxury but it comes with certain risks if you don't fully understand how that account type works. Definitely read up on their reference here: www.interactivebrokers.com/en/trading/margin.php.

@frankgermano6707 2 года назад

@@VerrilloTrading thank you for getting back to me and for the information. Going to try out a cash account first and see how the wind blows lol. Look forward to future vids. Take care my friend

@6xA1xn1xK 2 года назад

Hi Chris, thank you so much for the content! Have you experienced issues with Stop Limit orders on TWS trading futures? Mine doesn't get triggered & I can't figure out why.

@VerrilloTrading 2 года назад

Before transmitting the order, click on the Time in Force box and ensure that the box is checked for 'Trigger outside of RTH'. Definitely test this in the demo account a few times to make sure it works. You can probably configure that as a default in the order presets, which should be done if you plan to trade after hours.

@mfo797 5 месяцев назад

Great videos. Really helpful. Thank you so much! One question: Is it possible to scale out when shorting? Reason i ask is: When setting up "scale out fields" for shorting i encounter the error "price increments cannot be negative" (and I want to buy back at a lower price). Has anybody any idea, how the next subsequent order can be placed below the initial limit order price? Thanks

@VerrilloTrading 5 месяцев назад

The scale features work in both directions. Maybe I can do a video showing how to scale out of a short trade. If you encounter that error, try setting the price increments positive and the system might be able to know that it is a profit taker for a short position. Do test that in a demo environment first.

@felixmartinez2267 2 года назад

Hello chris the setup for options brackets orders works similar if I’m trading with stocks? Will be same configuration? Thanks for sharing your insight in IBKR

@VerrilloTrading 2 года назад

Yes since stocks trade in penny increments like options do, the settings shown for the scale profit taker will be similar. Thank you for the kind words.

@felixmartinez2267 2 года назад

@@VerrilloTrading Thanks!

@rgsilvers Год назад

@verillotrading - This is great stuff.. on the Stocks preset, im having trouble to do the scale out.. If my main order is 100 shares, I want to scale out 50 and then 25 shares on the subsequent.. Can you help me on this, I cant get it to work!! thanks!!!

@VerrilloTrading Год назад

Ok I will try to assist. The first setting is the Initial Component Size which in your case should be set to 50. Next is Subsequent Component Size which you would set to 25. Next is the Scale Increment which is how far away each scale order will be from the first target order. If you have already tried something like this and it is not working, let me know.

@ga46711 5 месяцев назад

One problem I have when setting up orders pre-market for Options: It sets the BUY MKT order at the current premarket price of the option e.g. $1.50, then calculates the Take Profit and Stop Loss levels based on the $1.50 price (e.g TP=$2.00 and SL= $1.00). But when the market goes live, the Option price change obviously, and when the BUY MKT order is executed, it will be at a different price e.g. $1.80, but the Take Profit and Stop Loss values do not change from $2.00 and $1.00) e.g to the executed BUY MKT price of $1.80 then TP should be = $2.30 and SL should be $1.30. Is there a way with Options to calculate the Take Profit and Stop Loss prices based on the actual BUY MKT price when the order is executed? The reason I ask is because I want to setup all my Options Orders pre-market and then let IBKR auto trade for me during market hours. But it is impossible to know what the Option contract will cost when the order is executed. Or do you have another suggestion on how I can auto-trade during the pre-market?

@VerrilloTrading 4 месяца назад

There is a feature you can enable when setting up a bracket order configuration called "Apply Offset To Parent". This feature does exactly what you described when a market order fills it auto adjusts the attached orders to be based on the fill price of the market order. Note that you need to enable this when creating your bracket order presets either in Order Presets or in the configuration for a custom hotkey. Also note that this feature may not work with every kind of offset that is available with attached orders. Last I checked you could not enable it if you use percentage based offsets. It should work with AMT based offsets.

@rapha4you Год назад

Hi Chris, I'm wanting to scale out of an OCO order in Interactive Brokers. I have have a button setup in Chart Trader to buy two future contracts, and it has an associated OCO TARGET and STOP order preset. If I sell one position manually will the OCO close out the existing one contract or would it try to close two contracts? In short I'm trying to find a way to have a STOP in place for protection but I want to manually close out of the position manually based on the price action. Best, Keith

@rajeshon 5 месяцев назад

If by sell one position manually, you mean its a new sell order, it will not change the OCO, so the OCO will still try to close 2 contracts. For what you are trying to do, you should use the Scale out feature that Chris talks about, and even when you want to manually close the position based on price action, do so by adjusting the price of the OCO and not creating a new order. Chris shows how to adust the target order price in the video. Hope that helps.

@zo9fg 2 года назад

Is there a fast way to set or modify condition orders based on es futures price for option? Eg I wanna sell my apple option when Apple reach 180. Currently I have to open up order ticket, go to condition, set underlying, type price etc. it's so tedious. If u know of any custom front-end platform that allows u to send conditional order easily, pls let us know, using tws as backend of course

@VerrilloTrading 2 года назад

There is currently no way to speed up that process in native TWS. You would need to write something that can interact with the TWS API.

@zo9fg 2 года назад

@@VerrilloTrading tws API is pretty limited for option trades. There are some order types that are not accessible such as snap order. Do u know of any other broker whose API allow for flexibility and commissions are cheap?

@chaudharysourav7835 2 года назад

Hello my friend I have a off topic question. I want to trade US equity ( only ) in a margin account. No future, options etc only US stock. Have seen your video but you have mentioned some options trading market data subscription as well. But I just want to know what Market Data I need for trading US stock. Basically I want level 2 and live data along with all the required subscriptions. I found you only who can answer this… Thanks I’m your new subscriber….

@VerrilloTrading 2 года назад

This is covered further in this video about IBKR market data. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-tybaarHcA2U.html For US equities you would subscribe to real time quotes from the 3 networks A, B and C.

@ccrobledo75 2 года назад

Hey Chris, does TWS crashes frequently/ frozens the TWS during trading hours ? I noticed one type of software that instalss everytime i log in Chromium, I have contact IBKR and they can't help me, the help desk says its not due to Chromium, however if you end the task on the task manager it does accelerate the plataform speed, just a bit. . do you know anything, Thanks bro

@VerrilloTrading 2 года назад

That is not something we have experienced and it is definitely not normal behavior. I hope you can get it fixed.

@YvonTremblayCourtier 2 года назад

Check your memory allocation. If it's set at 738, change for 1536 or 2048 depending on your computer memory avalaible. I had similar problems recently.

@mohitbhalla5864 2 года назад

hey Verillo sorry for off topic question i watched your "stop loss" video i have a question regarding to that, itried everything from "preset" to hotkeys, googling etc etc but couldnt find the solution, I am trading only options on "booktrader" and everytime i put stop loss order (not stop limit) it triggers when "ask" price touches the order, i want to get triggered at bid, how can i do that?

@VerrilloTrading 2 года назад

You will need to check the stop trigger method setting for the market you are trading. This can be checked in the order presets settings. This page contains information about the stop trigger methods: guides.interactivebrokers.com/tws/usersguidebook/configuretws/modify_the_stop_trigger_method.htm

@rajeshon 4 месяца назад

10:54 Not sure why IB did not provide the Price Increment field in Scale Fields as Ticks/amt/% etc like it did for the other price fields...

@VerrilloTrading 4 месяца назад

Is it that you are not seeing these values on your end? Note that this functionality may not be supported for all target order types.

@rajeshon 4 месяца назад

@@VerrilloTrading To clarify what I meant, the "Price increment" field in Scale fields only takes price values. So you had to enter .07 for 7 cents as opposed to being able to enter 7 and pick ticks from the dropdown.

@titanattackbee1985 2 года назад

What are your thoughts on tradingview ibkr integration? is it legit or no

@VerrilloTrading 2 года назад

You would need to test it and see, we haven't tried it yet.

@titanattackbee1985 2 года назад

@@VerrilloTrading ty

@taj-haslani Год назад

How can I scale in and scale out for options combos?

@VerrilloTrading Год назад

It should work similarly to if you were scaling out of a stock or futures position. Though I am not sure if the scale fields in TWS are compatible with options spreads, you may just need to use multiple bracket orders that are set to the amounts you want to scale out.

@sherifmortada725 Год назад

I o not have scale out in my presents! any idea why

@timb1267 2 года назад

Why would you use TWS, its like a rudimentary beginners tool that nobody who seriously trades would ever use. Each company is a specialist. Interactive Broker is a specialist who places the orders but nobody would ever use their software, only their broker service.

@VerrilloTrading 2 года назад

Thanks for sharing!