Place an Order on Interactive Brokers using Python | Quantra by QuantInsti

This video is from a free course on Automated Trading: https://quantra.quantinsti.com/course/Automated-Trading-IBridgePY-Interactive-Brokers-Platform


In this video, we will learn how to place orders with Interactive Brokers. Placing an order does not guarantee the order reaching the exchange. The fate of the order is dependent on many factors including market hours, margin requirements, risk checks, and so on. The syntax to place an order is: call order function with first parameter as the security, second parameter as quantity, and third parameter as style. The security argument signifies the security object, created by either using the symbol, symbols or the superSymbols functions and quantity is the integer number of shares. A negative sign before quantity would mean a SELL order. Similarly, if no sign is specified before the quantity, then it would mean BUY order. The style specifies the type of the order such as market order, limit order, or stop order. When an order is successfully placed, the API returns orderId. The status of the order is not known at the moment of placing the order due to the aforementioned reasons. There are two different ways to place your orders. The first type is a market order which is a buy or sell order to be executed immediately at currently quoted prices. The syntax is: order, security, quantity, and the order style should be specified as MarketOrder. For example, the syntax to buy 20 shares of Apple Inc. is: order(symbol('AAPL'), 20, style=MarketOrder()) To run this example stored in example_place_order, go to RUN_ME file, set the file name to example_place_order.py and click on Run. A market order is placed to buy 20 shares of AAPL and executed at an average price of $173.53. The same can be seen on the console. And the syntax to sell 10 shares of Apple Inc. is: order(symbol(‘AAPL’), -10, style=MarketOrder()) To run this example, go to RUN_ME file, and click on Run. A market order is placed to sell 10 shares of AAPL, and executed at an average price of $173.47. The same can be seen on the console. The second order type is a limit order which is a buy or sell order at a specified price or better. The syntax is: order(‘security’, quantity, style=LimitOrder(price)). The order style should be mentioned as LimitOrder and it is executed at the price passed as an input to the LimitOrder. For example, the syntax to buy 20 shares of Apple Inc. for $170 is: order(symbol(‘AAPL’), 20, style = LimitOrder(170)). To run this example, go to RUN_ME file, and click on Run. A limit order is placed to buy 20 shares of AAPL for limit price of 170 The same can be seen on the console. The syntax to sell 10 shares of Apple Inc. for $180 is: order(symbol(‘AAPL’), -10, style = LimitOrder(180)). To run this example, go to RUN_ME file, and click on Run. A limit order is placed to sell 10 shares of AAPL for limit price of 180 The same can be seen on the console. ‘cancel_order’ attempts to cancel the specified order. The syntax is: cancel_order(orderid). For example, the syntax to cancel the limit order placed previously is: cancel_order(orderId). To run this example, go to RUN_ME file, and click on Run. First, a limit order is placed to sell 10 shares of AAPL for limit price of $180, and then, this order is cancelled using cancel_order function. The same can be seen on the console. This concludes our Video 7. In this video, we saw how to place market orders, limit orders, and cancel orders. In the next video, we will learn how to retrieve open orders.

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