I wish to purchase a stock (long) only at a certain price above the current share price? Is there a tool to place this buy limit order?
I think what you are looking for is a Stop order or Stop limit order.
Not every brokerage has this. I use Thinkorswim so I know I can.
21 Apr 2021
Owner and Writer at Tortoisemoney.com
It depends if your broker allows it. Many only allow limit and market orders which wont allow this since they'll fill immediately (since the buy price current price or sell price < current price).
However, if your broker allows, you can use a stop limit/stop market/trailing stop order to sell under the current price (eg if you're trading to cut loss). Alternatively, for the buy side, you can use a market if touched order to buy above a certain buy price (eg if the stock experiences a breakout and you want to get in quickly). IBKR supports all of these order types but Im not too sure about others.
21 Apr 2021
Youtuber at Google (Channel : Say Do Invest)
Usually people will place a "Market order" instead of putting a limit order above the current share ...
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