Trading fractional shares (also known as a Cash Quantity Order) allows you to invest in companies which you may not be able to afford the full share price. You may buy a fraction of a share based on the amount of cash specified. For example, if you want to spend $500 but one share of the stock is $1000 you would end up with 0.5 shares. For more details review the following URL: https://www.interactivebrokers.com/en/index.php?f=45718
The endpoint /iserver/account/rules can be used to confirm if the contract and side supports trading fractional shares. The object fraqTypes relays back the list of order types that support fractional shares. The endpoint /iserver/account/{accountId}/orders can be used to send a Fractional Share Order by specifying cashQTY as the monetary value of the order. When specifying cashQTY you do not specify quantity.
Please be sure to authenticate first in order to resolve the below URLs.
For authentication details, visit https://interactivebrokers.github.io/cpwebapi/index.html#login
POST
https://localhost:5000/v1/api/iserver/contract/rules
Request Body:
{
- conid string
required IBKR contract identifier - isBuy boolean
required Side of the market, rules apply too.
Enum:
• true = Buy Order
• false = Sell Order
}
Response:
Array () [
- algoEligible boolean
Supports Algo orders, see how-to-code-an-ib-algo-order for details.
- canTradeAcctIds Array of strings
List the accounts that support trading
- error string
Returns a description on any errors with order presets - orderTypes Array of strings
List of order types the contract and side support - ibalgoTypes Array of strings
List of order types supported for IB Algo orders.
- fraqTypes Array of strings
List of order types supported for Fractional Share Orders.
- cqtTypes Array of strings
List of order types supported for Cash Quantity Orders
- orderDefaults Array of objects
Will provide the defaults based on user settings
Array()[
{
- ORTH boolean
Outside of regular trading hours - SP string
Stop price value - LP string
Limit price value - PC string
Price cap value - TA string
Trailing amount value - TU string
Trailing unit - ROA string
Relative offset amount - ROP string
Relative offset percent - TT string
Touch trigger price - UNP string
Use net price for Bonds
- ORTH boolean
}
]
- orderTypesOutside Array of string
List of order types supported for outside of regular trading hours
- defaultSize integer
Default quantity
- cashSize integer
cash value
- sizeIncrement integer
Increment quantity value
- tifTypes Array of strings
Time in Force values. Format may contain o or a value.
Enum:
• o = Supports outside regular trading hours
• a = Supports Algo orders
- tifDefaults Array of objects
Array()[
{- TIF string
Default time in force - SIZE double
Default quantity
- TIF string
]
- limitPrice number
Limit Price
- stopprice number
Stop Price
- orderOrigination number
Order origin designation for US securities and Options Clearing Corporation
- preview boolean
Order preview required
- displaySize number
Display size
- fraqInt number
Decimal places for fractional order size
- cashCcy string
Cash currency for the contract
- cashQtyIncr number
Increment value for cash quantity
- priceMagnifier number
Price Magnifier
- negativeCapable boolean
trading negative price support
- incrementType number
Market Data Price format for the contract
Enum:
• 1 = decimal
• 2 = fractional (reduced denominator)
• 3 = fractional (fix denominator)
• 4 = Garban price
- incrementRules Array of objects
Price increment value contract trades.
Array()[
{
• lowerEdge number
minimum contract price on the market that supports the specified increment.
• increment double
minimum increment value for contract price
}
]
- hasSecondary boolean
Whether it is a secondary order rule request
- increment double
Price increment value
- incrementDigits integer
Number of digits for decimal price
]
Once you confirm fraqTypes is returned for given contract, send the endpoint /iserver/account/{accountId}/orders to submit an order.
POST
https://localhost:5000/v1/api/iserver/account/{accountId}/orders
Request Body:
Array () [
- acctId string
The specified Account order is placed for.
This should be one of the accounts returned by /iserver/accounts
- conid string
contract identifier of the security you want to trade.
You can find the conid with /iserver/secdef/search
- secType string
asset class formatted as conid:type, for example 265598:STK
- cOID string
Customer Order Id. Arbitrary string that can be used to identify the order, e.g “my-fb-order”.
Value must be unique for 24h
- parentId string
When placing brack orders, specify with the child order.
Must be equal to the cOID of the parent
- orderType string
The type of order, example MKT (Market), LMT (Limit).
Use the endpoint /info-and-rules to determine available orderType(s)
- listingExchange string
required : false By default we use “SMART” routing. Use the endpoint:
/portal/iserver/contract/{conid}/info, to determine valid_exchange
- outsideRTH boolean
Set to true if the order can be executed outside regular trading hours
- price number
For LMT this is the limit price. For STP this is the stop price
- auxPrice number
For STOP_LIMIT orders this is the Stop Price
- side string
SELL or BUY
- ticker string
Contract Symbol
- tif string
The time-in-force of an order, example DAY. Use the endpoint /info-and-rules to determine tifTypes
- referrer string
Order reference
- quantity number
the amount or shares of the order.
Usually integer, for some special cases can be float numbers
- cashQty number
Cash Quantity – used to specify the monetary value of an order instead of the number of shares.
- fxQty number
double number, this is the cash quantity field used for Currency conversion orders.
- useAdaptive boolean
If true, system will use Adaptive Algo to submit the order, ref:
https://www.interactivebrokers.com/en/index.php?f=19091
- isCcyConv boolean
Set to true for a FX conversion order
- allocationMethod string
Set the allocation method when placing an order using an FA account for a group
- isClose boolean
Set to true if order is closing an existing position
- isSingleGroup boolean
Set to true for each order assigned to the same OCA Group.
]
Response:
Array () [
- id string
order_id = system generated order Id(s) for each order.
local_order_id = cOID. parent_order_id = order_Id of the parent order.
- message Array of strings
if the message is a question, you must use the endpoint /iserver/reply/{replyid} to confirm the message and submit the order.
]
Please be sure to authenticate first in order to resolve the below URLs.
For authentication details, visit https://interactivebrokers.github.io/cpwebapi/index.html#login
Example:
Use the endpoint /iserver/account/rules for Apple Stock to see if limit order type is returned in fraqTypes.
Request:
POST
https://localhost:5000/v1/api/iserver/contract/rules
Request Body:
{
"conid": "265598",
"isBuy": true
}
Response:
{
"algoEligible": true,
"canTradeAcctIds": [
"DU***14"
],
"error": "The Allow pre-open: true is not supported on mobile.\n\nTo continue, adjust Order Type field.\n\nYou can modify your Presets in the desktop Trader Workstation.",
"orderTypes": [
"limit",
"midprice",
"market",
"stop",
"stop_limit",
"mit",
"lit",
"trailing_stop",
"relative",
"marketonclose",
"limitonclose"
],
"ibAlgoTypes": [
"limit",
"stop_limit",
"lit",
"relative",
"marketonclose",
"limitonclose"
],
"fraqTypes": [
"limit",
"market",
"stop",
"stop_limit",
"mit",
"lit",
"trailing_stop"
],
"cqtTypes": [
"limit",
"market",
"stop",
"stop_limit",
"mit",
"lit",
"trailing_stop"
],
"orderDefaults": {
"invalid": {}
},
"orderTypesOutside": [
"limit",
"stop_limit",
"lit",
"relative"
],
"defaultSize": 50,
"cashSize": 0,
"sizeIncrement": 57,
"tifTypes": [
"IOC/MARKET,LIMIT,RELATIVE,MARKETONCLOSE,MIDPRICE,LIMITONCLOSE,MKT_PROTECT,STPPRT,a",
"GTC/o,a",
"OPG/LIMIT,MARKET,a",
"GTD/o,a",
"DAY/o,a"
],
"tifDefaults": {
"TIF": "DAY"
},
"limitPrice": null,
"stopprice": null,
"orderOrigination": null,
"preview": true,
"displaySize": null,
"fraqInt": 4,
"cashCcy": "USD",
"cashQtyIncr": 500,
"priceMagnifier": null,
"negativeCapable": false,
"incrementType": 1,
"incrementRules": [
{
"lowerEdge": 0,
"increment": 0.01
}
],
"hasSecondary": true,
"increment": 0.01,
"incrementDigits": 2
} Confirmed fraqTypes returned “limit”. Now submit a Fractional Shares Limit Order for $500 of Apple Stock by specifying cashQty = 500.
Request:
POST
https://localhost:5000/v1/api/iserver/account/DU***14/orders
Request Body:
{
"orders": [
{
"acctId": "DU***14",
"conidex": "265598",
"cOID": "54881719",
"orderType": "LMT",
"outsideRTH": true,
"listingExchange": "SMART",
"price": 150.25,
"side": "BUY",
"ticker": "AAPL",
"tif": "DAY",
"referrer": "testFractOrder",
"cashQty": 500,
"useAdaptive": false,
"isClose": false
}
]
}
Response:
[
{
“order_id”: “1730952373”,
“order_status”: “Submitted”,
“local_order_id”: “54881719”
}
] If you have any further questions or issues creating OCA orders, please reach out to the API Group, ref: https://www.interactivebrokers.com/en/index.php?f=47047.
Visit the IBKR API Center for Downloads, Resources, and Technical Details:
https://www.interactivebrokers.com/en/trading/ib-api.php.
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.
The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Interactive Brokers LLC, its affiliates, or its employees.
Any trading symbols displayed are for illustrative purposes only and are not intended to portray recommendations.
In accordance with EU regulation: The statements in this document shall not be considered as an objective or independent explanation of the matters. Please note that this document (a) has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and (b) is not subject to any prohibition on dealing ahead of the dissemination or publication of investment research.
Disclosure: API Examples Discussed
Throughout the lesson, please keep in mind that the examples discussed are purely for technical demonstration purposes, and do not constitute trading advice. Also, it is important to remember that placing trades in a paper account is recommended before any live trading.
Disclosure: Order Types / TWS
The order types available through Interactive Brokers LLC’s Trader Workstation are designed to help you limit your loss and/or lock in a profit. Market conditions and other factors may affect execution. In general, orders guarantee a fill or guarantee a price, but not both. In extreme market conditions, an order may either be executed at a different price than anticipated or may not be filled in the marketplace.
