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IB rejects my orders when there are more than 15 active orders for a given instrument

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    IB rejects my orders when there are more than 15 active orders for a given instrument

    Hi,
    I have an auto trading strategy enabled.

    When it makes an entry e.g. for 2500 stocks, instead of placing one stop loss order and one profit taker, it breaks down the stop loss and profit taker into all smaller chunks that were combined in order to fill the whole amount.

    This results in a large volume of orders being active...and in the event of a position reversal, as soon as it tries to place the new profit taker and stop loss orders, I get an error from NT saying that IB has rejected my order because I had more than 15 open orders already for the given instrument. At that moment, the actual reversal orders goes through and immediately after that it is being closed...which results in unnecessary position close.

    The strategy has "PerEntryExecusion" as a setting for stop and profit handling, which also brings me to the other question. What is the difference between PerEntryExecution and ByStrategyPosition?

    #2
    Hello nikolaalx,

    Are you getting partial fills when these orders are being entered. This may be the cause as each partial fill will have a stop loss and profit target applied.

    Please check the Log tab of the Control Center and look for the words Partial Fill.

    Let me know if you are getting partial fills.

    (edit)
    Also, to address your question of PerEntryExecution vs ByStrategyPosition, PerEntryExecution will have a stop loss and profit target for every execution. This includes each partial fill. So if you place 4 long orders, you will have 4 stops and targets. ByStrategyPosition will submit a profit target and stop loss for the entire position. So 4 individual long orders will tie the stop loss and profit target to the position quanity of 4 and will have just one stop loss and one profit target.
    Last edited by NinjaTrader_ChelseaB; 06-02-2014, 10:12 AM.
    Chelsea B.NinjaTrader Customer Service

    Comment


      #3
      Thanks, that clarifies it.

      I saw in the log "Partfilled" as a status on some exections, which I guess is the reason for the separate profit and stop loss orders.

      I read IB's regulations and indeed they do not allow more than 15 open orders per instrument.

      I will try ByStrategyPosition as a setting, which should solve the issue.

      Thanks.

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