Interactive Brokers’ TWS to enable traders to modify order type for multiple orders

After releasing a brand new version of its TWS platform earlier this week, Interactive Brokers Group, Inc. (NASDAQ:IBKR) is already working on a range of enhancements to be found in the next TWS build.

The platform will offer more opportunities for trading multiple orders and improving work with Algos.

  • Update Order Type for Multiple Working Orders

Users of TWS can now modify the order type for multiple orders, for instance, a basket of orders, from the existing order type to any other supported order type or algo.

Previously, only a change from limit to market was supported for mass changes, whereas other types that were considered non-compliant would be skipped. This means traders would have had to manually cancel and re-create working orders if they wanted to change the order type to anything other than limit or market, or if they needed to modify the type of algo they originally selected.

To use this new feature from within BasketTrader, load the basket file, and from the Edit menu select Update Orders. In the Update Orders dialog box, select whether to update all, selected, inactive or open orders, and from the Order Type field for regular orders or the Stock Algorithm section for algo orders, select the new order type.


  • Specify Quantity by Cash for Algos

For many supported IBALGOS, traders can now determine the order quantity by entering the cash amount they’d like to spend. The order quantity will be calculated based on the “cash quantity” that a trader specifies.


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