How to Modify StopLoss Order after Partial?

[KSFO 2]

Hello folks,

I have been using this hotkeys for the last two days and it mainly worked well. However, the problems is that after I partial out, the original stop loss was still there with the original share size. So if I don't play close attention after I partial out. When the stop loss hit it would turn into a short order. So the question is how do I edit the share size of the stop loss after I take some partials? Thank you so much!

 

 

 

Hotkey to send an automatic stop loss with 50$ risk per trade(LONG POSITION).

StopPrice=Price-0;DefShare=BP*0.925;Price=Ask-Price+0.00;SShare=50/Price;Share=DefShare-SShare;DefShare=DefShare+SShare;SShare=Share;Sshare=DefShare-SShare;Share=0.5*SShare;TogSShare;ROUTE=SMRTL;Price= Ask+0.05;TIF=DAY+;BUY=Send;DefShare=200;TriggerOrder=RT:STOP STOPTYPE:MARKET PX:StopPrice-0.05 ACT:SELL STOPPRICE:StopPrice QTY:Pos TIF:DAY+;

[Justin 264]

You can have one hotkey to partial, cancel the current stop, and reset it with remaining position at break even.

This will sell 10% of your position when long and do the rest mentioned above:

CXL ALLSYMB;Route=LIMIT;Share=Pos*0.10;Price=Bid-0.05;TIF=DAY+;SELL=Send;ROUTE=STOP;StopType=Market;StopPrice=AvgCost;Share=Pos-share;TIF=GTC;SELL=SEND

[KSFO 2]

8 minutes ago, Justin said:

You can have one hotkey to partial, cancel the current stop, and reset it with remaining position at break even.

This will sell 10% of your position when long and do the rest mentioned above:

CXL ALLSYMB;Route=LIMIT;Share=Pos*0.10;Price=Bid-0.05;TIF=DAY+;SELL=Send;ROUTE=STOP;StopType=Market;StopPrice=AvgCost;Share=Pos-share;TIF=GTC;SELL=SEND

Appreciate the help! So I could do it multiple times and it would keep resetting a new break even for me?

[Justin 264]

That is correct 🙂

[jpBlue 1]

Justin, do you know how to do a stop of 1% of the current position? Not using the buying power. I want to place the stop after I enter the trade and have the possibility of moving my stop loss to 1% of the entry. To clarify:

- I buy 100 shares of XYZ at an AvgPrice of $20. 

- I want to Place a stop at 1% below the average price. 

I think is probably super easy but I'm still figuring this out. Your help would be greatly appreciated!!

 

Thanks!!

[Justin 264]

I haven’t tested this but I believe it would just be adding the bolded part to the stop order script:

ROUTE=STOP;StopType=Market;StopPrice=AvgCost/1.01;Share=Pos-share;TIF=GTC;SELL=SEND

If you want to automatically remove any previous stop that has been placed, just add this to the front:

CXL ALLSYMB;

[KSFO 2]

On 4/26/2020 at 12:50 AM, Justin said:

You can have one hotkey to partial, cancel the current stop, and reset it with remaining position at break even.

This will sell 10% of your position when long and do the rest mentioned above:

CXL ALLSYMB;Route=LIMIT;Share=Pos*0.10;Price=Bid-0.05;TIF=DAY+;SELL=Send;ROUTE=STOP;StopType=Market;StopPrice=AvgCost;Share=Pos-share;TIF=GTC;SELL=SEND

Hi Justin, I am trying this hotkeys. It it not working. I see the order got placed, but it is not selling at all. Any things else I need to set up?

[Justin 264]

3 minutes ago, KSFO said:

Hi Justin, I am trying this hotkeys. It it not working. I see the order got placed, but it is not selling at all. Any things else I need to set up?

Ah I think it's because you're using IB Right? That was for SIM, the routes would need to be changed for IB:

CXL ALLSYMB;Route=SMRTL;Share=Pos*0.10;Price=Bid-0.05;TIF=DAY+;SELL=Send;ROUTE=STOP;StopType=Market;StopPrice=AvgCost;Share=Pos-share;TIF=GTC;SELL=SEND

[KSFO 2]

9 hours ago, Justin said:

Ah I think it's because you're using IB Right? That was for SIM, the routes would need to be changed for IB:

CXL ALLSYMB;Route=SMRTL;Share=Pos*0.10;Price=Bid-0.05;TIF=DAY+;SELL=Send;ROUTE=STOP;StopType=Market;StopPrice=AvgCost;Share=Pos-share;TIF=GTC;SELL=SEND

This thing is a game changer. Thank you!

[jpBlue 1]

@Justin Thank you so much for the code. Works like a charm! I had to do some mods in my case:

ROUTE=STOP;StopType=Market;StopPrice=AvgCost/1.01;Share=Pos-share;TIF=DAY+;SELL=SEND

- Removed the red part. I don't know why I was not working that way.

- And I prefer the order to be DAY+. Otherwise, If I have more stops at like 2%, 3% and I want to modify them in the fly, GTC doesn't let you modify it with another button unless you cancel it manually.

So at the end my scripts look like this:

For a 1% stop of the Avg Price:

CXL ALLSYMB;Share=Pos;ROUTE=STOP;StopType=Market;StopPrice=AvgCost/1.01;TIF=DAY+;SELL=SEND;

 

 

For a 1.5% stop of the Avg Price:

CXL ALLSYMB;Share=Pos;ROUTE=STOP;StopType=Market;StopPrice=AvgCost/1.015;TIF=DAY+;SELL=SEND;

 

 

For a 2% stop of the Avg Price:

CXL ALLSYMB;Share=Pos;ROUTE=STOP;StopType=Market;StopPrice=AvgCost/1.02;TIF=DAY+;SELL=SEND;

 

Thanks again for your help. This is game changer on my side too!

 

[Justin 264]

3 hours ago, jpBlue said:

Thanks again for your help. This is game changer on my side too!

Not a promlem! That's great 🙂