Custom Order Type with IB API

I have day traded options by hand for some years now and I am getting frustrated with limit and market orders. Limit orders can be too slow if the underlying moves quickly, and the market orders can get me terrible fills on large spread option contracts like AMZN.

I would like to create an order type for trading options that increments my bid or ask by the minimum amount until the order is filled, automatically. Is it possible to do this with the IB Python API? Essentially creating a new order type for their dropdown? I haven't been able to find anything about this in my searching.

My alternative route will be to create a little interface with Javascript including an input for a stock name, an option chain and simple buy/sell buttons so I can click an option and then buy or sell based on my process described above. Positions would still be viewed within IB etc.

Submitted September 27, 2020 at 11:17AM by samedayjeremy

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