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I trade with Interactive Brokers. I want to buy at the Close in one of the following scenarios. The scenario depends on the indicator that I'm using.

First scenario:

  • Assume that the price is currently 50 (about an hour before the Close).
  • I want to buy long at the close if the price DROPS to 45.
  • I think that type of order is called LOC - Limit on Close.

Second scenario:

  • Assume that the price is currently 50 (again, about an hour before the Close).
  • I want to buy long at the close if the price RISES to 55.
  • How do I do that in Interactive Brokers?

One possible use of the second scenario could be that I only want to buy in an upward trend. So, if the price rises - that CONFIRMS the trend before I buy.

I would be grateful for any advice.

1 Answer 1

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"Limit on Close" and "Market on Close" are exchange native and must be submitted before 3:45 PM. They are matched using special algorithm by the exchange upon closing time.

Therefore, it does not make any sense to use "conditions" on IB that submits LOC/MOC on condition that the price is above 55 at 3:58 PM.

The closest simulation is:

  • Buy Stop-Limit Order
  • Stop Price 55
  • Limit Price 55.15
  • Good After Time Field 3:58 PM
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  • Based on base64's very helpful comments, I now see that my original question was silly, and unintentionally restrictive. A much shorter and better question would have been: "I want to buy long at the Close. How do I ensure that the Buy price is (a) below 45, or (b) above 55?". As a newbie poster, I need some advice. Shall I completely delete my original post, and re-submit a much shorter, less restrictive question? If I simply edit my original question, most of @base64's "Answer" will become irrelevant, and might confuse the next reader. Commented May 26, 2015 at 17:08
  • @OldGrantonian ibkb.interactivebrokers.com/node/1115
    – base64
    Commented May 26, 2015 at 19:02
  • The link gives the complete solution. Commented May 27, 2015 at 17:51

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