When creating a Conditional order, the "Percentage" refers to the change from the Previous Close. For example:
- If you select <= (less than or equal) with value 2%, it means it will trigger if the stock price reaches -2% and not before.
- If you select >= (greater than or equal) with value 2% it means it will trigger if stock price reaches +2% and not before.
Find out more on the Conditional orders page of the IBKR website.