You can create a stock order for a specific dollar amount by adding the "Quantity Value" column to your TWS or by setting up a default Size Amount in your Order Presets.
To add the "Quantity Value" column, click on the configure wrench in the upper right corner of the window window and select "Configure". Click on the "Order Columns" tab and expand the "Quantity" section under "Available Columns. Highlight "Quantity Value" and click the Add button in the middle followed by Apply and OK at the bottom. Once the column is added, simply enter the dollar amount you want to buy or sell. For a buy order, enter the debit amount you want to spend. For a sell order, enter the amount you want to receive as a credit. Based on the current bid/ask, your value gets rounded up or down to the nearest number of shares at the current trading price of the stock. Please note, the minimum order size will always be 1 standard lot (equal to 100 shares) regardless of the amount you enter.
You can also edit the TWS Global Configuration settings by adding a default Size Amount. Start by clicking on the Edit menu option followed by Global Configuration. In the left-hand column, expand the Presets section and select Stocks. To the right, scroll down to the Size section and change the option for Quantity from "Shares" to "Amount". Once you have done this, enter the dollar amount you wish to use as your default order amount in the field provided. Once finished, select Apply and OK at the bottom.
Additional Information
- This feature uses a cash amount to calculate a one-time share size, which remains constant. If prices change, the cash amount goes up or down. If you prefer to have the cash amount remain constant and the share quantity change with price, you can specify Cash Quantity directly in the Quantity field. This feature use the cash amount you enter to drive the number of shares purchased or sold based on the stock price. To find out more see How can I use a cash amount to submit my stock order?
- For more information, please visit the TWS User's Guide.