Manual Orders on Contracts Managed by OptionsApp
1. Overview
OptionsApp manages the orders of the trades it opened itself. Orders it cannot reliably identify as its own are left untouched. The user's own orders are therefore never altered by OptionsApp. In return, responsibility for conflicts between the two lies with the user.
Manual orders must not be placed in Trader Workstation (TWS) on contracts of an active OptionsApp trade.
OptionsApp detects such orders and displays a notification. However, it does not cancel the orders.
IMPORTANT: This also applies to additional Stop Loss, Profit Target, and other protective orders.
2. Which Orders OptionsApp Manages
OptionsApp manages only orders that can be unambiguously assigned to an existing trade, its corresponding leg, and the correct account.
The following orders are not modified or cancelled:
- Orders placed manually in TWS
- Orders from other API programs
- Orders from another OptionsApp installation
- Orders whose assignment cannot be unambiguously verified
These orders are merely logged and reported in OptionsApp.
3. Risks of Manual Orders
Manual orders are not considered in the ongoing management of an app trade. This can lead to the following problems:
- Double closure: A manual order and a closing order from OptionsApp are both executed. This can result in an unintended offsetting position.
- Continuing protective orders: A position is closed manually while OptionsApp's Stop Loss or Profit Target remain active.
- Incorrect position sizes: Partial fills or manual changes can cause discrepancies between TWS and OptionsApp.
These problems arise when OptionsApp and another source are managing the same position simultaneously.
Example: a trade of OptionsApp holds a short call protected by a stop loss. If that short call is closed by hand in the TWS, the position at the broker is closed. The stop loss of OptionsApp remains in place and is executed as soon as the price reaches its mark. This creates a new short position that belongs to no trade of OptionsApp and that is not monitored.
4. Correct Procedure
Manual orders must not be placed on contracts of an active app trade. The desired protection should be configured directly in the Trade Template.
5. Steering a Trade Yourself
If a trade is to be managed entirely manually, automatic trade monitoring must first be deactivated. OptionsApp will then remove its open closing orders and stop managing the trade.
After that, you are fully responsible for the position, its protection, and closing it.
When monitoring is deactivated, OptionsApp removes the open close orders of that trade. The conflict is thereby resolved. Further information: Disable Automatic Trade Monitoring.
6. Notifications for Unknown Orders
The messages appear in the message area of OptionsApp. If the Telegram bot is set up, they are delivered there as well. See Creating a Telegram Bot and Linking It to OptionsApp.
- Message: ERROR 006B | Meaning: A manual order placed in TWS was detected on a managed contract.
- Message: ERROR 006C | Meaning: The order comes from a different API client ID and cannot be technically cancelled by OptionsApp.
- Message: ERROR 006D | Meaning: The order has an app-like reference, but the associated trade or leg cannot be verified. This can occur with a different installation or database.
- Message: ERROR 006E | Meaning: An order without a valid OptionsApp reference was detected on the same client ID, for example from another API program.
All four messages are informational only. The affected order is not modified or cancelled by OptionsApp.
When you receive a message, you must check the specified order in TWS and cancel it there if it was not intended. Additionally, you should verify the actual position and all open closing orders.
For ERROR 006D, you should also check whether a different OptionsApp installation or session is being used with the same account. Further information: Using Multiple Sessions and Accounts.