Order Types & Execution — Precision Tools for Every Trading Strategy

Interactive Brokers supports over 100 order types and algorithmic execution strategies accessible through Trader Workstation, Client Portal, and the IBKR Mobile app. The catalog spans market orders for immediate execution at the best available price, limit orders for price-controlled entries, stop orders triggered at specified market levels, and stop-limit orders combining trigger activation with a price cap. Advanced order types include trailing stops that dynamically adjust trigger levels as prices move favorably, bracket orders that automatically attach profit-target and stop-loss exits to primary orders, OCO orders linking two ticketed trades so execution of one cancels the other, and conditional orders triggered by prices in correlated instruments or external events. Algorithmic execution strategies cover VWAP for volume-weighted execution over a defined time window, TWAP for even distribution across a schedule, iceberg orders that display only a fraction of total quantity, scale orders executing incrementally at stepped price levels, and Accumulate/Distribute algorithms for systematic position building. The full catalog varies by asset class — stocks and ETFs support the broadest range, options support strategy-specific order types including volatility orders, futures support spread orders and inter-commodity execution, and forex supports streaming executable prices with configurable execution parameters.

A bracket order on Interactive Brokers is a three-component trade that combines a primary entry order with two automatically attached exit orders: a profit-taking limit order and a stop-loss order. When you submit a bracket order, only the primary entry order appears in the market immediately. Once the entry order executes and fills, the platform activates both exit orders simultaneously — the limit order rests above the entry price waiting to capture profit, and the stop order rests below the entry price protecting against loss. Interactive Brokers bracket orders support configurable exit distances specified in absolute price increments or percentage terms. The bracket framework integrates with OCO logic so that when either exit order executes, the remaining exit order cancels automatically. Traders can also configure bracket orders with trailing stops for the loss-protection leg, dynamically tightening risk as the position moves favorably. Bracket orders prove especially valuable for traders who cannot monitor markets continuously, allowing complete trade management — entry, profit target, and risk limit — to be defined upfront during order creation rather than requiring separate exit order submissions after position establishment.

One-Cancels-Other orders on Interactive Brokers link two separate orders so that execution of one automatically cancels the other. This linkage creates a contingent relationship between the paired orders, enabling strategies that would otherwise require manual monitoring and rapid cancellation of unfilled orders. A common OCO application involves placing buy stop orders above and below the current market price to capture a breakout in either direction — if the price breaks above resistance, the buy stop above triggers while the one below cancels. Interactive Brokers OCO groups can contain more than two orders, creating complex contingent execution trees where multiple order paths remain active until one path fills. The platform supports OCO linkages for entry orders and exit orders, and OCO groups integrate with bracket order logic so that trailing stops and profit targets maintain their contingent relationships through the full order lifecycle. Traders using the Option Strategy Lab can create OCO groups for multi-leg options strategies, enabling contingent execution across the entire strategy rather than managing each leg individually.

Interactive Brokers algorithmic order types execute trades using systematic methods designed to minimize market impact, optimize execution price, or achieve specific trading objectives. The VWAP algorithm slices a large order into smaller child orders distributed over a specified time window, targeting execution at or better than the volume-weighted average price. The TWAP algorithm spreads execution evenly across a time schedule without weighting by volume, useful for instruments with unpredictable volume patterns. Iceberg orders, also called reserve orders, display only a configurable portion of total order quantity on the order book while concealing the full size, reducing the information leakage of large orders to other market participants. Scale orders execute at stepped price levels — for example, buying 100 shares at $50.00, another 100 at $49.50, and a final 100 at $49.00 — creating an automated accumulation ladder. The Accumulate/Distribute algorithm builds or reduces positions systematically using configurable participation rates relative to market volume, balancing execution urgency against market impact costs. These algorithmic tools connect through the same SmartRouting infrastructure as standard orders, ensuring the execution engine still searches for best available prices at each child order generation point throughout the algorithm life.

Interactive Brokers conditional orders remain inactive until a specified trigger condition is met, at which point they become live working orders submitted to the execution engine. Trigger conditions can reference the price of the order instrument itself, creating price-activated conditional orders, or the price of a different instrument entirely, enabling cross-asset contingent execution. For example, a trader might set a conditional buy order for Apple stock that activates only if the NASDAQ-100 futures contract trades above a specified level — the stock order remains dormant until the broader index confirms the directional move. Conditional orders support time-based triggers as well, activating at a specific date and time or after a defined delay from market open. The Interactive Brokers conditional order framework supports multi-condition logic using AND and OR operators, so a single contingent order can require multiple conditions to be satisfied before activation. Conditional orders prove particularly valuable for event-driven strategies where entry timing depends on external market signals, correlation-based trading across asset classes, and automated strategy deployment that would otherwise require constant market monitoring. The full conditional order capabilities are documented through platform help resources, and Interactive Brokers maintains regulatory registrations viewable at FINRA.org for broker-dealer compliance verification.