Bracket Order Trader – Interactive Brokers

The Bracket Order Trader for Interactive Brokers uses their TWS API to quickly create bracket orders. Having a price entry, profit target and stop loss defines your risk for each trade.

  • Fast order entry using the Interactive Brokers TWS Platform API.
  • Use Chart Trader to click candlesticks to quickly set buy stop prices from High and Low values.
  • Uses the optimal 2R trading strategy
  • Automated Scale out of trade or All or Nothing bracket orders.
  • Connect to a Group to update symbol automatically for order entry.
  • 7-Day Free Trial
  • Check out FAQ
  • $99 with free upgrades for 1 year.
  • Release Notes
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**Minimum Requirements
Interactive Brokers Pro Account with TWS 9.72 installed
Windows 10 w/ .Net 4.7 installed

Frequently Asked Questions – Bracket Order Trader

Enable Interactive Brokers Trader Workstation Pro API for connection from the Order Entry App
  1. Install Interactive Brokers Trader Worskstation Lastest Version from here
  2. Login to your Interactive Brokers account. This can be configured for Live Trading, Paper Trading or both.
    Interactive Brokers Login Page
  3. From the File menu open Global Configuration.
    Interactive Brokers TWS Pro File Menu
  4. Expand API, Select the Settings section. Leave all default settings and make these changes.
    • Check “Enable ActiveX and Socket Clients”
    • Uncheck “Read-Only API”
    • Set “Socket Port” to 7497
    • Check “Allow connections from localhost only”
    • Click OK to save changes

    Interactive Brokers TWS API Settings Page
Configure Order Entry App API Connection Settings
  1. From the Tools menu open Settings.
    Bracket Order Trader Main Screen for Interactive Brokers
  2. If connecting to local host leave “Host” value at 127.0.0.1 and set “Port” to 7497. This is the default settings.
    Bracket Order Trader Settings Screen for Interactive Brokers
What are all of the settings in the Order Entry App?
Bracket Order Trader Settings Screen Description for Interactive Brokers
  1. Risk Per Trade: The dollar amount to risk on each trade. It is required to calculate the amount of shares to purchase. The default is $10.
  2. Armed: This will immediatly transmit the order once TWS recieves the order. The default is unchecked.
  3. Strategy: Currently only 2 strategies available which are Scale or All-Or-None (AON) and both use bracket orders. Scale uses the Scaling % to calculate how many shares to sell at 1R automatically and then sells remainder of shares at 2R. AON holds the entire position until the profit target or the stop loss is hit. The default is set to SCALE.
  4. Scaling %: Helps calculate what percent of shares in open position will be sold at 1R. The default is 35%.
  5. Order Type: There are 3 order types available. STOP LIMIT (STP LMT), STOP (STP), LIMIT (LMT). . For STP LMT the buy price is set for both buy range values and can be updated in TWS if needed. The default is STP LMT.
  6. Host: The is the IP address of the computer to connect to running Interactive Brokers Trader Workstation (TWS) configured in the API configuration. This really should be left at 127.0.0.1 which is the localhost address which works with the default configuration.
  7. Port: This is the port that was set in TWS API configuration and the default is 7497.
  8. Client ID: This is used to identify the software being used to connect to TWS API to send orders. This allows multiple clients if needed. The default is 2.
What are all of the controls in the Order Entry screen?
Bracket Order Trader Main Screen Description for Interactive Brokers
  1. Strategy:Currently only 2 strategies available which are Scale or All-Or-None (AON) and both use bracket orders. Scale uses the Scaling % to calculate how many shares to sell at 1R automatically and then sells remainder of shares at 2R. AON holds the entire position until the profit target or the stop loss is hit. The default is set to SCALE.
  2. 2R: Money Management strategy for day trading.
  3. Symbol: Stock symbol being traded. Automatically sets symbol based on the Group selected.
  4. Order Type: There are 3 order types available. STOP LIMIT (STP LMT), STOP (STP), LIMIT (LMT). . For STP LMT the buy price is set for both buy range values and can be updated in TWS if needed. The default is STP LMT.
  5. Buy: Price to either go Long or Short a stock.
  6. Stop:Price to close postion at market to mitigate losses.
  7. Short Order:Send a Short Bracket order to the IB TWS system based on the buy, stop and risk per trade.
  8. API Status: Displays status of connection to the TWS API.
  9. Group: This tell the software what TWS Group to sync up with to receive stock symbols automatically.
  10. Risk Per Trade: The dollar amount to risk on each trade. It is required to calculate the amount of shares to purchase. The default is $10.
  11. Risk($):This is calculated ([Buy Price] – [Stop Price])
  12. Quantity:This is calculated ([Risk per Trade] / [Risk($)])
  13. Total:This is total dollars for trade calculated ([Buy Price] * [Quantity])
  14. .5R: This is calculated ([Buy Price] + ([Risk($)] * .5))
  15. 1R: This is calculated ([Buy Price] + ([Risk($)] * 1))
  16. 2R: This is calculated ([Buy Price] + ([Risk($)] * 2))
  17. Long Order:Send a Long Bracket order to the IB TWS system based on the buy, stop and risk per trade.

Instructional Videos

Using Bracket Order Trader – Interactive Brokers

Enable Interactive Brokers TWS API Connection

Trial License Activation

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