Interactive Brokers Market Stop Loss Order Hotkey not filled

[luke 3]

Hey BBTs,

I observed that my stop loss order hotkey may be incorrect. Maybe someone of you can lead me to the right direction.

It happened multiple times so far and made me lose money and trust in my stop orders. Take a look on this example trade I recorded lately: https://streamable.com/vedx5

In this video I traded $UBER on my IB account. One minute before, I decided to move my stop loss order to my initial entry price as I was not confident in this trade anymore. 

What follows is a breakout in the opposite direction, getting way over my stop loss where I decided intervene and send a COVER ALL hotkey manually.

 

How can this happen? This is my hotkey which was used to place the faulty stop loss order.  

ACCOUNT=Uxxxx;CXL ALLSYMB;Route=STOP;StopType=MARKET;Share=Pos;StopPrice=Price;TIF=DAY+;Price=StopPrice;BUY=Send;

It looks like a market order. However, when I checked the log file I saw the following lines which can be mapped to the hotkey activity based on the timestamps (see lower left side in DAS in my video):

# 2 min before the breakout (I set my stop loss via hotkey) Note the first line which includes "Limit"
12:04:13,DASDebugLog,NewOrder OnBuy:UBER BUY UBER 625 SMAT STOP Limit 38.68 at 38.68
12:04:13,DASDebugLog,Sending new order from montage:BUY UBER 625 SMAT STOP Limit 38.68 at 38.68
12:04:13,DASDebugLog,Hotkey: ACCOUNT=xxx;CXL ALLSYMB;Route=STOP;StopType=MARKET;Share=Pos;StopPrice=Price;TIF=DAY+;Price=StopPrice;BUY=Send;

# The breakout happens, the stop los is TRIGGERED
12:06:12,TradeLog,Sending,Buy,UBER,625,38.68,SMRT,12:06:12,xxx,,Oid:25927
%a,73884,6189,257,25927,UBER,SMRT,38.680000,625,1580835972,,,
12:06:12,Msg,Msg:Accept Buy 625 UBER 38.68 --SMRT--12:06:12--
12:06:12,TradeLog,Accept,Buy,UBER,625,38.68,SMRT,12:06:12,xxx,,Oid:25927
%a,73884,6189,258,25927,UBER,SMRT,38.680000,625,1580835972,,,

# 2 seconds later I hit my cover all hotkey manually
12:06:14,DASDebugLog,Hotkey1:ACCOUNT=xxx
12:06:14,DASDebugLog,Hotkey1:CXL ALLSYMB
12:06:14,Msg,Msg:Sent 1 cancel orders
12:06:14,DASDebugLog,Hotkey1:Route=SMRTM
12:06:14,DASDebugLog,Hotkey1:Share=Pos
12:06:14,DASDebugLog,Hotkey1:TIF=DAY+
12:06:14,DASDebugLog,Hotkey1:BUY=Send
12:06:14,DASDebugLog,Route SMRTM is selected
12:06:14,Msg,Prepare new order BUY UBER 625 38.7
12:06:14,Msg,Prepare Buy:shrtqty 625, holdqty:625, qty:625
12:06:14,DASDebugLog,NewOrder OnBuy:UBER BUY UBER 625 SMRT Mkt
12:06:14,Msg,Msg:order send pending!
12:06:14,DASDebugLog,Sending new order from montage:BUY UBER 625 SMRT Mkt
12:06:14,DASDebugLog,Hotkey: ACCOUNT=xxx;CXL ALLSYMB;Route=SMRTM;Share=Pos;TIF=DAY+;BUY=Send;

Note the first 3 lines which indicate that my hotkey is actually a stop limit order to sell the stock at price 38.68 if 38.68 is reached. Obviously this is not my intention as I want to get stopped out with a market order that will always get filled.

 

This leads me to the question what I have missed here? I searched for other hotkeys and they are basically all equal to mine.

 

EDIT: @mods you may want to move this thread into the "day trading tools" subforum.

Edited February 14, 2020 by luke

[Justin 262]

Not quite sure what's wrong... but this script will bring your stop loss to break even in either direction (Short or Long):

CXL ALLSYMB;Route=Stop;Price=AvgCost;StopType=MARKET;STOPPRICE=AvgCost;StopPrice=Round2;Share=Pos;TIF=DAY+;Send=Reverse;

[luke 3]

On 2/14/2020 at 10:32 PM, Justin said:

Not quite sure what's wrong... but this script will bring your stop loss to break even in either direction (Short or Long):

CXL ALLSYMB;Route=Stop;Price=AvgCost;StopType=MARKET;STOPPRICE=AvgCost;StopPrice=Round2;Share=Pos;TIF=DAY+;Send=Reverse;

No, I am not looking for a break even stop loss, but a stop loss at a specific price target. I would like to double click at the chart to set my PRICE and then send a stop loss.

The hotkey I used in my initial post does indeed set such a stop loss, but its a limit order instead of a market order. I wonder how I can change it to a market order.

[Justin 262]

4 hours ago, luke said:

No, I am not looking for a break even stop loss, but a stop loss at a specific price target. I would like to double click at the chart to set my PRICE and then send a stop loss.

The hotkey I used in my initial post does indeed set such a stop loss, but its a limit order instead of a market order. I wonder how I can change it to a market order.

I understand - I think it may be the order you've set up the hotkey. This works for double clicking on the chart and setting a Market Stop Loss when long:

;CXL ALLSYMB;Route=Stop;Share=Pos;StopPrice=Price;TIF=DAY+;Price=StopPrice;StopType=MARKET;SELL=Send;

And for when Short:
;CXL ALLSYMB;Route=Stop;Share=Pos;StopPrice=Price;TIF=DAY+;Price=StopPrice;StopType=MARKET;BUY=Send;

[luke 3]

Today I had the opportunity to test your version of the hotkey and the order of the statements did indeed fix my issue. Thank you very much!