Manually Closing Positions

While TAT can handle managing stop and profit target orders automatically, there are times where you want to intervene manually.

TIP: To manage multiple positions at the same time, you can hold the Ctrl key while clicking trades on the list to select more than one at a time.

Manually Closing a Trade

To manually close, select your trade(s) and then click the Close Trade dropdown button just above the trade list, then Select "Market Order" to submit a market order to close your position. These closing orders are processed one at a time. Each order first has it's stop order(s) cancelled and waits for confirmation they were cancelled successfully. Then it places the appropriate order to close the position. This process could take a minute or longer if you are closing multiple positions at once. 

Market Order

Closing with a Market order will submit a market close order for your position(s) as soon as TAT confirms the stop(s) orders were cancelled successfully. When multiple trades are selected, they will be processed one at a time.

NOTE: Once an order has been triggered to be closed, it CANNOT be cancelled. You need to let TAT finish the process of closing the trade.

Limit Order

Closing with a Limit order will submit a limit order, starting at mid price, and will adjust the price every 5 seconds until the order is closed. The order will be placed as soon as TAT confirms the stop(s) orders were cancelled successfully. When multiple trades are selected, they will be processed one at a time. 

Instant Market Order (IBKR)

Using this option will attempt to cancel any stop order(s) and close the selected trade(s) immediately, not waiting for confirmation the stop orders were cancelled. Close orders will be placed for all trades simultaneously. You risk a double fill if a stop order fills just before it is cancelled and the closing order fills as well.

Manually Closing a Trade using Profit Targets

It is also possible to use a profit target to manually close a trade, when you want to select a specific price. While you can set up your profit target ahead of time in your trade template (more information here), you can also add one later as a way to close a position. Simply select the trade(s) that you want to close at a certain price, and use the Set PT Dropdown button above the trade list to set your desired exit price. This will add a profit target limit order to close the position when your price is hit.

Close ALL Trades

In the event that you want to urgently close all of your positions simultaneously, there is the ability to do so. You will need to click the "CLOSE ALL TRADES" button, and then click the red "Immediate Market Close - ALL Trades". You also have the ability to immediately close just Put Spread trades or just Call Spread trades. (If you have Iron Fly or Iron Condor-Full positions on, closing Call Spreads or Put Spreads, will NOT currently close the puts or calls from inside the IF or IC-Full trade.)

This process will immediately submit order cancellation requests and then market orders to close for all open trades.

NOTE: Since this process does not wait to confirm previously working stop orders are cancelled, it is possible that both a stop order and the market close order could fill. This would result in an extra long position that you would need to close manually.