You can attach one-time adjustments to stop, stop limit, trailing stop and trailing stop limit orders. When you attach an adjusted order, you set a trigger price that triggers a modification of the original (or parent) order, instead of triggering order transmission.
Note that you can adjust any of the parent stop order types to any other stop order type; for example if you set up a Stop Limit, you can attach the one-time adjustment to change the order to a Trailing Stop, or if you start with a Stop order the adjustment can change it to a Trailing Stop Limit order.
To send an Adjustable Stop order in Classic TWS:
- Use the Customize Layout followed by Order Columns feature to display the Adjustable Stop columns: Adj Order Type, Adj Stop Lmt Price, Adj Stop Price, Adj Trailing Amnt and Trigger Price
- Click the Bid price to create a Sell order; click the Ask price to create a Buy order
- Select STP as the order type
- Enter the Stop Price in the Stop Price field
- Enter the adjustable stop order parameters in the relevant fields Adj Order Type, Adj Stop Lmt Price, Adj Stop Price, Adj Trailing Amnt and Trigger Price on the order line
- Select the appropriate time in force
- Hit Transmit (or T) to submit the order.
Find out more information and an example on the Adjustable Stop orders page of the IBKR website.