You cannot select a Complex Position to set to Liquidate Last. If you right click on a combo spread displayed as a Complex Position you will see the choice to "Set Liquidate Last" is Grayed out and not available. You can right click on the individual contract legs that are part of a Combo and you will be allowed to use the "Set Liquidate Last" feature. Please remember that the Liquidate Last feature is a request and not a guarantee that the position selected will not be Liquidated if the account is in a real or projected margin deficit.
Can I set the entire combo position to liquidate last?
When creating an order to close a Complex Position, you may see the message stating "Account XXX has a difference between the stored and implied position in (the complex position). The order size will be calculated using the implied position."
You received this message because you are submitting an order to close, roll or modify a Complex Position using the “% Change” feature and the quantity of open option positions in your account available to close for this order is different from what might be expected based on your original position. You may have previously rolled one leg of the original combo created as a Complex Position or increased your position by legging into more options…
IBKR's margin compliance policy does not allow for transfers or other deposits if there is a margin violation/deficit in the account. In the case of a margin violation/deficit, the account in deficit is immediately subject to liquidation. Automated liquidations are accomplished with market orders, and any/all positions in the account can be liquidated. There are cases where, due to specific market conditions, a deficit is better addressed via a manual liquidation…
While you cannot set a specific liquidation request, you can manually select certain positions to be considered by the Liquidation algorithm to liquidate last…
Once your legs are grouped into a complex position, you can simply right click the position in your portfolio window and choose "Close."
To close a combo in one click within TWS you must first ensure that the position was opened as a combo (if you "leg" into a combo position it cannot be closed with one click). Once you have traded into a combo you can group that combo into a complex position within your Portfolio window…