Is there a Limit Order to buy long if the price RISES (not falls) to a specific value?
I trade with Interactive Brokers. I want to buy at the Close in one of the following scenarios. The scenario depends on the indicator that I'm using.
First scenario:
Assume that the price is currently 50 (about an hour before the Close).
I want to buy long at the close if the price DROPS to 45.
I think that type of order is called LOC - Limit on Close.
Second scenario:
Assume that the price is currently 50 (again, about an hour before the Close).
I want to buy long at the close if the price RISES to 55.
How do I do that in Interactive Brokers?
One possible use of the second scenario could be that I only want to buy in an upward trend. So, if the price rises - that CONFIRMS the trend before I buy.
I would be grateful for any advice.
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"Limit on Close" and "Market on Close" are exchange native and must be submitted before 3:45 PM. They are matched using special algorithm by the exchange upon closing time.
Therefore, it does not make any sense to use "conditions" on IB that submits LOC/MOC on condition that the price is above 55 at 3:58 PM.
The closest simulation is:
Buy Stop-Limit Order
Stop Price 55
Limit Price 55.15
Good After Time Field 3:58 PM
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