Managing Bracket Orders

Once you submit the primary order, the bracket portion of the order will display as a contingent order under Order Status & Messages tab in the My Account tab.

You can also add, change, or remove bracket orders from the Order Status view, just as you can with non-bracketed orders.

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Adding Brackets to a New Primary Order:

  1. In the Trading tab, choose a Buy or Short order action (for option orders, click Buy to Open or Sell to Open).
  2. Set up the details of your primary order, including order type, quantity, limit price, time in force, and any special conditions.
  3. Click Add Bracket if the Bracket panel is not already open.
  4. In the Bracket panel, choose which type(s) of bracket you wish to use in your risk management strategy for this position: Profit Exit, Trailing Stop Exit, and/or Stop Loss Exit. See Bracket Overview for descriptions and examples of each.
  5. Set up the parameters for the selected brackets, while confirming that the Est. Price (for Profit exits and Stop Exits) is in line with your expectations. The estimated price is based on either the designated Limit price for a Limit or Stop Limit order, or the last Trade price if your order is a Market or Stop order.

    Once the primary order receives a fill, that fill’s price is used to calculate the actual trigger price. If multiple fills are received at different prices, those prices are averaged together and the average fill price is used as a basis for the calculation.

Adding Brackets to Open Orders

  1. In the Order Status panel, click on the order you are adding brackets to and click Apply Bracket.
  2. The order will open in the trading panel. Check the bracket parameters you wish to add, and specify the values and units for each.
  3. Click Verify Order. The brackets now display as contingent orders in your Order Status tab.

Changing a Bracket

Changing a bracket prior to it triggering does not affect the primary order.

  1. In the Order Status panel, click the bracket order you wish to change and click Change.
  2. The order will open in the trading panel. Edit the bracket parameters as necessary.
  3. Click Verify Order when you are finished.
  4. If your primary order has already received fills, you will see the current trigger price adjust based on the change in the bracket’s value.

Canceling a Bracket

In the Order Status panel, click on the bracket you wish you remove and click Cancel. If you wish to remove all bracket orders at once, click Change and uncheck the bracket checkboxes.

 

Notes on Changing or Canceling Primary Orders

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