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How to Code a Discretionary Order in Python

Python

A Discretionary order works as a limit order submitted to the exchange with a hidden, specified amount off the limit price. Visit our Discretionary Orders web page to understand the mechanics behind this order type. It is important to note that the market sees only the limit price.

Let’s attempt to code this order in Python using the syntax from our GitHub tutorial:

order = Order()
order.action = action
order.orderType = “LMT”
order.totalQuantity = quantity
order.lmtPrice = price
order.discretionaryAmt = discretionaryAmount

The products supported via this order are: stocks

Next, visit our GitHub guide to download the API sample Testbed, and review the Python code for additional order types: http://interactivebrokers.github.io/. The sample syntax is stored in the OrderSamples.py file.

Stay tuned for IBKR order type articles. See the previous installments in this series: 

Disclosure: Interactive Brokers

The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

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