Event Contract Orders

Introduction

Order Submission for Event Contracts function the same as any other instrument offered at Interactive Brokers.

Notes & Limitations of trading Event Contracts

There are some unique order behaviors for both CME Group and ForecastEx contracts:

• Event Contracts only support Limit Orders* Event Contracts only support a Time in Force of Day, Good till Canceled, or Immediate-Or-Cancel.
  • Event Contracts do not support Cash Quantity in the TWS API. Orders must be submitted as whole-share values.
  • CME Group instruments can be bought and sold and function as normal futures options.
  • ForecastEx instruments cannot be sold, only bought. To exit or reduce a position, one must buy the opposing Event Contract, and IB will net the opposing positions together automatically.

Event Contracts cannot be sold short.

Order Example

Reviewing the same material as our Contract Example, we have all the tools needed to submit our order with some additional context available in the Order Ticket, featured on the right.

We are already aware that:

• ForecastEx contracts are always "BUY" orders.
• Event Contracts only support "LMT" as the Order Type.

This leaves us to decide the quantity, limit price, and time-in-force values.

We can set our limit price based on the values shown in the Order Ticket, or base the value on the Bid and Ask Price from our Requested Market Data.

Given the information above, we are able to create a full order ticket.

order = Order()
order.action = "BUY"
order.orderType = "LMT"
order.totalQuantity = 1000
order.lmtPrice = 0.57