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IBKR - Trader Workstation (TWS) Setups

11,607 Views | 102 Replies | Last: 3 yr ago by FJ43
FJ43
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Often on the Stock Markets thread there are many questions regarding setups and trading platform tips. This thread is for those that are, plan to or are thinking about utilizing the IBKR Trader Workstation (TWS) platform. Hopefully we can begin share and help one another with setup tips, techniques and ideas to get the most out of such a powerful technology. After all TexAgs is the best help desk on the planet.

I also use the TDA/Thinkorswim (TOS) platform for my TDA accounts so I'm familiar with these two platforms. There will always be an age old argument of Ford vs. Chevrolet and one can expect the same with trading technology platforms. It would be great if you could get a blend of the two.

Overall the TWS technology is very advanced, flexible, smooth and crisp. What I do find though is IBKR does not have as user friendly tutorials, the amount of YouTube videos out there or the same level of customer service as TDA/TOS. I am confident those who dive into TWS will like what the see so I hope we can share things that will help all of us maximize our trading.

Here are a few quick screen shots of one of my account setups and some of the tabs/extensions on IBKR TWS Pro to give folks some ideas.





Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

spud1910
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AG
Very nice and a good idea. I am in IKBR, but don't take advantage of many of the tools available.
FJ43
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spud1910 said:

Very nice and a good idea. I am in IKBR, but don't take advantage of many of the tools available.
Hope we can all help each other fast track a few of the technology things. If new to the platform it can take a little longer to get going vs.TOS.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

Ukraine Gas Expert
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AG
Thank you! I jumped right into the investing game only to hault and decide to spend a few months paper trading and learning.

I've set some goals, both long and short (stock puns intended) and a good setup is on the list for certain.

Testing Think or swim, trading view for now and finviz to help with scanning at lunch for practice.

Haven't decided if I'll go laptop or desktop but that's also on the list. All comments and help are greatly appreciated!
spud1910
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AG
Ukraine Gas Expert said:

Thank you! I jumped right into the investing game only to hault and decide to spend a few months paper trading and learning.

I've set some goals, both long and short (stock puns intended) and a good setup is on the list for certain.

Testing Think or swim, trading view for now and finviz to help with scanning at lunch for practice.

Haven't decided if I'll go laptop or desktop but that's also on the list. All comments and help are greatly appreciated!
Laptop is OK and I was happy until I got my desktop with three monitors. Now I only use the laptop when absolutely necessary. I use Trader Workstation (IKBR) for most of my trading now, though I still have small amounts in TDA, Etrade and RH.
FJ43
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Ukraine Gas Expert said:

Thank you! I jumped right into the investing game only to hault and decide to spend a few months paper trading and learning.

I've set some goals, both long and short (stock puns intended) and a good setup is on the list for certain.

Testing Think or swim, trading view for now and finviz to help with scanning at lunch for practice.

Haven't decided if I'll go laptop or desktop but that's also on the list. All comments and help are greatly appreciated!
Agree with spud on desktop vs. laptop. All work fine but there is nothing like a good multi monitor setup.

As you are deciding which technology you like also look into the broker themselves and what they offer all around. As an example TWS is only with IBKR and not sure if you can use Thinkorswim unless you are with TDA. Trading View I think works across brokers. You may like the technology but as you gain confidence and become more active the broker will mean as much or more to you. There are some who use a broker for the trading but another platform for their charts and tools.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

Ukraine Gas Expert
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AG
Thanks, there's definitely a lot to take in and learn. Im trying trading view for the free service and web access. Makes it easy to check out during lunch or before work.

Finviz seems to have a decent scanner, delayed, but for free it helps set parameters and understand what the heck I'm looking for which is yet another layer to learn.

Ideally I'd like to be able to swing trade for a while to better understand the market, and to potentially earn some side money. I'll see what happens down the road.
FJ43
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Ukraine Gas Expert said:

Thanks, there's definitely a lot to take in and learn. Im trying trading view for the free service and web access. Makes it easy to check out during lunch or before work.

Finviz seems to have a decent scanner, delayed, but for free it helps set parameters and understand what the heck I'm looking for which is yet another layer to learn.

Ideally I'd like to be able to swing trade for a while to better understand the market, and to potentially earn some side money. I'll see what happens down the road.
You'll get there. You might want to follow along on the Stock Markets thread. There are a lot of guys on there more than willing to help and provide guidance. Warning if you aren't already it moves quick at times.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

Ukraine Gas Expert
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AG
Haha, that's what got my attention. I definitely fell victim to thinking I could keep up and piggyback, but I was wrong. That's why I took a step back. Thankfully I didn't make huge mistakes just minor ones that caught my attention and created pause.

I watch that thread and read it everyday and try catch the lingo. It's a fun thread to follow
FJ43
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Ukraine Gas Expert said:

Haha, that's what got my attention. I definitely fell victim to thinking I could keep up and piggyback, but I was wrong. That's why I took a step back. Thankfully I didn't make huge mistakes just minor ones that caught my attention and created pause.

I watch that thread and read it everyday and try catch the lingo. It's a fun thread to follow
Thinkorswim/TDA has a LOT of great resources for learning technical trading and understanding of charts, stock trend analysis, options trading, etc. If you try some of those it will provide a solid baseline for blocking and tackling. Especially good as you can take 'quizzes' along the way and test your retention.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

FJ43
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Anyone know how to add the Hidden Orders function to their IBKR Pro TWS platform within the Order Entry window? read through the resources I could find and not seeing it depicted the same as I see on Mosaic.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

FJ43
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FJ43 said:

Anyone know how to add the Hidden Orders function to their IBKR Pro TWS platform within the Order Entry window? read through the resources I could find and not seeing it depicted the same as I see on Mosaic.
TX Aggie 12 provided a path in case anyone else needs it:

File>Global Configuration>Configuration>Features>Order Mgmt>Order Attributes>Hidden

Then will show up in the drop down under order type such as Limit (LMT).
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

Maximus_Meridius
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AG
So thanks to my company's idiotic IT dept, I can't get TOS on my laptop, and TDA's website is hot garbage. Honestly, the last time I looked at TOS-Web...it really wasn't all that much better. I can access IBKR, however, so I'm kicking it around. Are most of you guys using IBKR lite, or are any of you splurging for pro (and why, if so)? It looks like there's no monthly fees for the Lite account unless I'm trading on margin (and it's gonna be a frosty day in hell before I ever do that).

Any other input from you guys that have transitioned over from TOS would be appreciated. I love TOS, and would stick with it if I could, but the transition back to the office (and away from my personal desktop) is coming and I want to be prepared.
FJ43
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Maximus_Meridius said:

So thanks to my company's idiotic IT dept, I can't get TOS on my laptop, and TDA's website is hot garbage. Honestly, the last time I looked at TOS-Web...it really wasn't all that much better. I can access IBKR, however, so I'm kicking it around. Are most of you guys using IBKR lite, or are any of you splurging for pro (and why, if so)? It looks like there's no monthly fees for the Lite account unless I'm trading on margin (and it's gonna be a frosty day in hell before I ever do that).

Any other input from you guys that have transitioned over from TOS would be appreciated. I love TOS, and would stick with it if I could, but the transition back to the office (and away from my personal desktop) is coming and I want to be prepared.
I have both but don't have the restrictions you do on access so I can see your dilemma.

I am using IBKR Pro. If you don't select Pro you won't have the 4am -7am trade ability. Lite is same as most others being 7am. There are also a bunch of other things Pro provides.

TDA/TOS customer service is hard to beat. The TOS platform in my opinion is really good and yes light years ahead of the TDA site. I also like the app.

IBKR technology and the Pro Platform is very advanced. I haven't even begun to tap into all the technology does. I have been test driving it for about a month and it is very crisp, smooth, very flexible. You can basically create any dashboard without much limitation you want. The order entry aspect is really good also. Too much to list probably on the technology and other things. I will say though that I have been spoiled with the TDA customer service. They set a standard I am used to probably. IBKR has been hit or miss on that front. Some things quick and easy and others I've held forever. Overall if it means anything I opened a second account at IBKR and started transferring more money over to them.

Edit: I should add I am not closing my TDA/TOS primary trading account nor my IRA there. I will keep those and continue to trade via those but transition to using IBKR for my main trading account (and a 2nd for a net free account).
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

Maximus_Meridius
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AG
Welp...turns out it's a moot point. I didn't realize that TWS was like TOS in that you had to download and install. And as you can probably guess...that's not gonna work.

I really try to be a nice person, but these guys make me want to whack them in the face with a tire iron...
FJ43
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Maximus_Meridius said:

Welp...turns out it's a moot point. I didn't realize that TWS was like TOS in that you had to download and install. And as you can probably guess...that's not gonna work.

I really try to be a nice person, but these guys make me want to whack them in the face with a tire iron...
Does IBKR have a cloud based version?
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

Maximus_Meridius
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AG
Not seeing it anywhere...
FJ43
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Maximus_Meridius said:

Not seeing it anywhere...
Just a wild guess that you cannot have a personal or secondary laptop?

Can you trade at work via the app without restriction?
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

Maximus_Meridius
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AG
It would be pretty awkward and would probably be one of those "yeah...don't do that" kind of things. I do have my personal iPad that I use as my "notebook", but that just uses the mobile app which isn't really helpful.

I may have found a way in...Using the standalone install I appear to be able to get the Demo to start. So maybe this will work.
spud1910
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AG
FJ43 said:

Maximus_Meridius said:

So thanks to my company's idiotic IT dept, I can't get TOS on my laptop, and TDA's website is hot garbage. Honestly, the last time I looked at TOS-Web...it really wasn't all that much better. I can access IBKR, however, so I'm kicking it around. Are most of you guys using IBKR lite, or are any of you splurging for pro (and why, if so)? It looks like there's no monthly fees for the Lite account unless I'm trading on margin (and it's gonna be a frosty day in hell before I ever do that).

Any other input from you guys that have transitioned over from TOS would be appreciated. I love TOS, and would stick with it if I could, but the transition back to the office (and away from my personal desktop) is coming and I want to be prepared.
I have both but don't have the restrictions you do on access so I can see your dilemma.

I am using IBKR Pro. If you don't select Pro you won't have the 4am -7am trade ability. Lite is same as most others being 7am. There are also a bunch of other things Pro provides.

TDA/TOS customer service is hard to beat. The TOS platform in my opinion is really good and yes light years ahead of the TDA site. I also like the app.

IBKR technology and the Pro Platform is very advanced. I haven't even begun to tap into all the technology does. I have been test driving it for about a month and it is very crisp, smooth, very flexible. You can basically create any dashboard without much limitation you want. The order entry aspect is really good also. Too much to list probably on the technology and other things. I will say though that I have been spoiled with the TDA customer service. They set a standard I am used to probably. IBKR has been hit or miss on that front. Some things quick and easy and others I've held forever. Overall if it means anything I opened a second account at IBKR and started transferring more money over to them.

Edit: I should add I am not closing my TDA/TOS primary trading account nor my IRA there. I will keep those and continue to trade via those but transition to using IBKR for my main trading account (and a 2nd for a net free account).
I would second all that FJ says here. I use IBKR Pro. Occasionally it is very useful for the early trading.
spud1910
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AG
FJ43 said:

FJ43 said:

Anyone know how to add the Hidden Orders function to their IBKR Pro TWS platform within the Order Entry window? read through the resources I could find and not seeing it depicted the same as I see on Mosaic.
TX Aggie 12 provided a path in case anyone else needs it:

File>Global Configuration>Configuration>Features>Order Mgmt>Order Attributes>Hidden

Then will show up in the drop down under order type such as Limit (LMT).
That is only of value if trading whale volumes vs my minnow volumes, correct?
FJ43
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spud1910 said:

FJ43 said:

FJ43 said:

Anyone know how to add the Hidden Orders function to their IBKR Pro TWS platform within the Order Entry window? read through the resources I could find and not seeing it depicted the same as I see on Mosaic.
TX Aggie 12 provided a path in case anyone else needs it:

File>Global Configuration>Configuration>Features>Order Mgmt>Order Attributes>Hidden

Then will show up in the drop down under order type such as Limit (LMT).
That is only of value if trading whale volumes vs my minnow volumes, correct?
Not necessarily. Your order is hidden so price and volume. I've seen where I've placed an order and the price changed on the Bid/Ask if I went for example $.01 over a bid that was sitting there. Then I've done the same using hidden and it never shows up but the order fills. I've been playing with it but yes I think the main purpose is for large orders not to move the Bid/Ask to traders. Haven't mastered the where and when of that yet. What I have mainly used it for is when I'm buying larger share volumes.

I've also been playing with the Algo setting buys at fast, normal and patient. I'm thinking this may be covered somewhat in OA's seminar next week. He uses it routinely.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

TexasAg2017
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AG
Thanks for linking to this FJ. After toying around I have a few things set up. So far I have to mosaic mostly arranged and added a chart with the EMA studies like you have shown. I am curious about the calls and puts window you have up in the first screenshot. I am not seeing that anywhere at the moment.
FJ43
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TexasAg2017 said:

Thanks for linking to this FJ. After toying around I have a few things set up. So far I have to mosaic mostly arranged and added a chart with the EMA studies like you have shown. I am curious about the calls and puts window you have up in the first screenshot. I am not seeing that anywhere at the moment.


No worries. I've spent unknown amount of hours in this for the past 3-4 weeks. Just not as many YouTube videos and people posting like TOS has so chair time is all I've been doing to learn it.

I'll put some things down for you and respond in the morning to help. I've adjusted mine several times the more I learn new tools and setups. Pretty cool platform and advanced beyond my capabilities. Just takes time to figure out all it has.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

spud1910
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AG
TexasAg2017 said:

Thanks for linking to this FJ. After toying around I have a few things set up. So far I have to mosaic mostly arranged and added a chart with the EMA studies like you have shown. I am curious about the calls and puts window you have up in the first screenshot. I am not seeing that anywhere at the moment.
If I am following you, go to "New Window" at upper left. If you click on that, down about 3/4 of the way you will see Options tools and under that Option Chain. Clicking on Option Chain should bring up that window for you.
FJ43
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spud1910 said:

TexasAg2017 said:

Thanks for linking to this FJ. After toying around I have a few things set up. So far I have to mosaic mostly arranged and added a chart with the EMA studies like you have shown. I am curious about the calls and puts window you have up in the first screenshot. I am not seeing that anywhere at the moment.
If I am following you, go to "New Window" at upper left. If you click on that, down about 3/4 of the way you will see Options tools and under that Option Chain. Clicking on Option Chain should bring up that window for you.

Yep perfect. And if you unlock your Mosaic you can insert it within the main dashboard or any other tab you create vs a separate detachment window.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

TxAggie-12
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AG


I'm still figuring out the IBKR platform, but I did notice that you can add the option volume and OI to the stock chart. This may be a common feature on platforms, but I never noticed it on TOS. I always had to chart each option contract separately.
TexasAg2017
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AG
Another question, what market data sets do you subscribe to? I tried signing up for a couple today but it kept giving me an unable to buy due to insufficient equity. I guess I'll have to wait for the rest of my deposits to hit my account.
spud1910
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AG
Does anyone know how to get permissions for crypto on IBKR? Or do they not allow it at all?
Jim
FJ43
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TexasAg2017 said:

Another question, what market data sets do you subscribe to? I tried signing up for a couple today but it kept giving me an unable to buy due to insufficient equity. I guess I'll have to wait for the rest of my deposits to hit my account.
I subscribe to US for all defaults as well as the 4 Quote bundles, all Indexes, Level 1 Canada, Level II, ICE Digital Futures and NASDAQ Total view. as well as all fee waived options.

I do think you need ot have funds cleared for any fees ot be deducted from until they will populate. As soon as my account funded about a month ago I noticed they immediately turned on.
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

FJ43
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spud1910 said:

Does anyone know how to get permissions for crypto on IBKR? Or do they not allow it at all?
If you open IBot and type in Crypto Currency the below what populates with a short video.



When you select one of the additional options the following list is provided.

Cryptocurrency Products Offered by IBKR
Overview:
Below is a list of many of the Cryptocurrency products offered by IBKR. If you don't see the product you are looking for, you can search the IBKR contract database through the Contract Search tool available on our website. Select the Support menu followed by your account type (Individual or Institution). Here you can do a Simple search by entering the product name or symbol, an Advanced search which allows you add filters to the search, or a search by specific product type.
Stocks/ETFs
US
  • GBTC (PINK)- Grayscale Bitcoin Investment Trust
  • BCHG (PINK)- Grayscale Bitcoin Cash Trust
  • ETCG (PINK)- Grayscale Ethereum Classic Trust
  • ETHE (PINK)- Grayscale Ethereum Trust
  • GDLC (PINK)- Grayscale Digital Large Cap Fund
  • LTCN (PINK)- Grayscale Litecoin Trust
Non-US
  • BITCOINXB (SFB)- Bitcoin Tracker One
  • COINETH (SFB)- XBT Provider Ethereum
  • COINETHE (SFB)- XBT Provider Ethereum
Indices
  • NYXBT (NYSE)- NYSE Bitcoin Index
  • GXBT (Cboe)- The Gemini Bitcoin Trace Price Index (No new contracts offered for trading as of June 2019)
  • BRR (CME)- CME Bitcoin Reference Rate Index
  • BRTI (CME)- CME Bitcoin Real Time Index
Futures
  • GXBT (Cboe/CFE)- The Gemini Bitcoin Trace Price Futures (No new contracts offered for trading as of June 2019)
  • BRR (CMECrypto)- CME Bitcoin Reference Rate Futures
  • BAKKT (ICECRYPTO)- Bakkt Bitcoin Futures
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

spud1910
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AG
Thank you!
Jim
FJ43
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The more you just play with TWS the more things you uncover same as getting a new iPhone. Many of you probably know these things but for those that are just getting started. Few extra tips:

If you were a TDA/TOS user you probably got used to detaching windows especially for multi screen setups. TWS you can do the same thing just the terminology and path is different.

Detaching Panels/Grids/Windows
To create as many 'detached' panels as you want, go to the Mosaic tab >File>New Window Group> Create New Window Group>then add the window panes to that new panel/group you want in it. Charts, portfolio, Order entry, etc. then lock it and move the 'grid' to the monitor you want that panel on. I have created several with 4 panels of charts on each. I have a panel of 4 charts designated to options positions i am in and a panel with 4 charts for shares I am in. You can create as many as you want depending on how many monitors or split screens you want to view.

Note Pad
For note taking. I am trying to move to notes within my TWS vs. sticky, paper notepads and little scraps of paper. Hard for me to switch on this one as I am old school. However, I just added a notes tab to my main screen tabs. Click the "+" symbol on the main panel>Name it>New Window>More Advanced Tools>Trader's Journal. Now you have a slick note pad that you can link to charts, portfolio panels, watchlists, etc. You can directly import screen shots (your charts with notes) into each positions note pad, add notes for entry/exit/PT/etc. I added several Trader's Journals to that one window some linked and some not. That way I had note pads at a quick click for any symbols I owned, watching or needed to look into.





spud1910
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AG
Having problems with the CRMD chart only. On my chart for CRMD (but no other stocks) it says "No historical data available..." I wonder if that is because it is the first day on NASDAQ or I somehow changed a setting. They are supposed to announce important results at the end of this month, so maybe something leaked.

Are you able to see it on your system?
FJ43
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spud1910 said:

Having problems with the CRMD chart only. On my chart for CRMD (but no other stocks) it says "No historical data available..." I wonder if that is because it is the first day on NASDAQ or I somehow changed a setting. They are supposed to announce important results at the end of this month, so maybe something leaked.

Are you able to see it on your system?

Same for me that's why I checked TOS. First day on NASDAQ and didn't they just merge?
Wealth gained hastily will dwindle. but whoever gathers little by little will increase it.
Proverbs 13:11

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