You can use the Bracket order or opt to go with OCA (one-cancels-all) order once ure main order is executed. IB offers a helluva more order types than this but I doubt anyone could or would use all that.
This particular feature you ask is widely used by the futures trader and, as such, you'll find it available on numerous DOM (depth-of market) platforms, some with very creative functionalities. For example, the following YouTube insert will illustrate the multi-bracket option available on the "AT" platform.
I use J2 trade and I have mixed feeling about them.
(+) 2.5 a trade is cheap.
(-) I had bad execution twice with them. I called and they fixed.
Monday I sold Jade @ market at 14:41 the bid and the ask were 5.96 and 5.97. The volume was very high. I checked my confirmation it was as follow. Order submitted at 14:41:46 and execution was @ 14:46 at 5.88.
I am thinking about IB.
The only thing about IB is the real time quote fee. Inactivity fee.
I used Izone and I loved it but if you trade a lot. $5 will add up.
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