Restore an OCO order with Interactive Brokers

Hi everyone. Welcome to this new video. The topic that I want to touch today is quite important in my opinion and at the same time is not something that you can easily find online. So I think it's quite important that you follow this because you may have experienced this situation or it may happen in the future. Now we are looking here at Interactive Broker and. And we are in this situation where we have some shares of Apple, we have hundred shares and we have a bracket order. If you don't remember what is a bracket order, you can watch one of my previous videos. The main idea is that you have a stop loss and a take profit. And when one of these two is activated, the other one is cancelled, okay? Now what can happen with this platform is that sometimes by mistake you may for example click here, you know, and you click cancel and one of these or both of these orders disappear, right? In this case because they were linked. Now what is the problem in Interactive Broker? You can create a new order, okay? For example, you can create a buy order here and it can be, sorry, this, they should have the bracket order. Yeah, I see it. Right? So you want to buy some shares here and then you can go here and then you want to put the bracket order. But this will create a new order, right? We can try if you want. We buy hundred share at, I don't know, stop limit, maybe 170, 175. Again, if you don't know what I'm doing. What is a stop limit? What is a limit or stop? Please watch my previous video. So let's say 160 and 180, right? And then we say good till cancel, okay? And then we want to save the order. Now what is the problem? The problem? The problem you see is that we have created another order where we want to buy this and we have stop loss and target profit. But we have already the shares, right? We don't want basically this thing, but if we cancel this, we cancel everything. So the question is how can we restore the two orders, the stop loss and take profit, if we already have an existing position, okay? And that's what I'm going to show you. So the first thing you have to do, you have to go to the configure here, okay? And you go to these order columns and here you go to order attributes, okay? And you have to look for this OCA group. You add this and you apply. Now if you realize we have this new column OCA group, okay? Before it was not there. So if you already have this column, you can skip this step now what do we do? Well here I'm using a demo account. I don't even have data connection. But usually you should see here the bid and ask price. Right? So if we want to create sell order. That's right, we have to click on the bid. So first we click here, okay? And we have Android shares. So we want to create the take profit. Let's say we want to take profit at 180, right? So 100 share a limit price at 180 and we click on accept. No, trust me, just accept for now. Okay? And then we do the same to create the stop loss. And let's say the stop loss is 160. So again you click here. Sell. And stop loss, remember is a stop order and it's 160. And again we are sell. Now we have these two orders, but they are not linked, right? It's not an oco, it's not a bracket order. So how can we link these two guys? We go here to the OC group and we write a number, any number, like 15 and it should be the same number for both. Okay, Something like that. Basically we are giving the same ID to these two orders in such a way that when we transmit them, they will be linked. So now when we do the transition transmit, We do this and we do this. Now they are linked, okay? Actually we should put good till cancel to be precise. But how do we know that they are linked and is again a bracket order? If we check on Mosaic here, you will see this thing. When you see this dash here connecting the order, it means that these are bracket. Okay? So basically this is the way to connect order. And you can also check that if we remove one of them, the other one disappear as well. Both of them disappear. So that was to show you how you can recreate a bracket order. If by mistake you remove them, you remove these two orders for an existing position and the same thing apply for the short. Let's say you have a short position, you do exactly the same. The only difference is that the two orders, the take profit and stop loss this time will be buy order, right? Because you are short selling. So to close the position you have to buy. So I hope this video was useful. It happened to me a few times and I really had to spend some time to find the solution on Internet. So I really hope this can help you to save time. If you have any question, please write a comment and see you next time.