Hello,
here, in WealthLab I work on a strategy which sells at the close price. I use an exit on close to do that.
However, in Interactive Brokers I was not able to create such an order. It seems to me that they don't offer an "OnClose" order. So, the best I can do is to create a normal selling order for the day and as start time I set 2 minutes before the stock exchange closes.
But as this is not the perfect solution, I want to ask you, if anybody of you was / is able to create an "OnClose" order in Interactive Brokers?
Thank you in advance,
Werner
here, in WealthLab I work on a strategy which sells at the close price. I use an exit on close to do that.
However, in Interactive Brokers I was not able to create such an order. It seems to me that they don't offer an "OnClose" order. So, the best I can do is to create a normal selling order for the day and as start time I set 2 minutes before the stock exchange closes.
But as this is not the perfect solution, I want to ask you, if anybody of you was / is able to create an "OnClose" order in Interactive Brokers?
Thank you in advance,
Werner
Rename
There are 2 MOC behaviors based on the Trading Preference for "Use MOC when possible".
Which of the two MOC behaviors are you going for?
See F1 Help > Preferences > Trading > Special Order Types
Which of the two MOC behaviors are you going for?
See F1 Help > Preferences > Trading > Special Order Types
Hello Cone,
thanks for your answers. In the preferences I have "Use MOC when Possible" not activated. I think this is the right setting, as I am not able to place such orders with Interactive Brokers.
So, I am not making a mistake by not being able to set an MOC order in Interactive Brokers, right? I will go on setting a DAY order some seconds before the end of the trading session.
The backtesting result did not change once I turned "Use MOC when Possible" on. So, I assume this setting does not have an effect on backtesting, it only comes into effect if I want the software to generate the orders in an automated fashion.
Best regards
Werner
thanks for your answers. In the preferences I have "Use MOC when Possible" not activated. I think this is the right setting, as I am not able to place such orders with Interactive Brokers.
So, I am not making a mistake by not being able to set an MOC order in Interactive Brokers, right? I will go on setting a DAY order some seconds before the end of the trading session.
The backtesting result did not change once I turned "Use MOC when Possible" on. So, I assume this setting does not have an effect on backtesting, it only comes into effect if I want the software to generate the orders in an automated fashion.
Best regards
Werner
IB has MOC orders. This is not a problem.
However, exchanges require a native MOC order be placed at least 5 minutes before the close. If you place the order after that, it won't work.
You said "2 minutes before", but it's not clear if that's when you're placing it or that's when you want it to fill at Market???
Let's say you want it to fill at market 15 seconds before the close. In this case, you specify the 15 seconds for that preference and your strategy can place a MarketClose order any time during the day (even 2 minutes before). WealthLab will hold the order in a WaitForClose status until 15 seconds before the close and place it At Market at that time.
All this info is in that Help section I referred to. If still in doubt, just work with it using a Dummy/Paper account until you get it.
However, exchanges require a native MOC order be placed at least 5 minutes before the close. If you place the order after that, it won't work.
You said "2 minutes before", but it's not clear if that's when you're placing it or that's when you want it to fill at Market???
Let's say you want it to fill at market 15 seconds before the close. In this case, you specify the 15 seconds for that preference and your strategy can place a MarketClose order any time during the day (even 2 minutes before). WealthLab will hold the order in a WaitForClose status until 15 seconds before the close and place it At Market at that time.
All this info is in that Help section I referred to. If still in doubt, just work with it using a Dummy/Paper account until you get it.
Thank you so much for your answer. Strangely in IB I only have the options "DAY", "GTC", "OPG" and "IOC". Does anybody know why I don't have the "MOC" option?
Maybe I should ask at the IB helpline?
Maybe I should ask at the IB helpline?
Yes, you should. My guess is that either it's not available for that contract (i.e., not a U.S. stock) or it's not available right now because this type of order must placed during market hours.
By the way, I think the NYSE cutoff is 3:50pm and 3:55 for NASDAQ.
By the way, I think the NYSE cutoff is 3:50pm and 3:55 for NASDAQ.
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