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Kim

Executing Orders in Interactive Brokers

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Guest Peter
very nice, Kim

I use the TWS for several years. But since I did not know the RIC, I had no clean idea how I could implement this in the TWS. Now everything is clear.

Thank you very much

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Are you referring to straddles?

Yes, but then I discovered the top secret "right click on the leg" function. Not sure why that hadn't occurred to me before. I had been toying with the Rollover tool which seems very counterintuitive. Edited by eric nyc

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Thanks Kim,
this kind of videos are really helpful. I'm a newbie in Options and I started with TWS. The new version shows you the mosaic view and gives the impression that the "classic view" is old, but now that I see, I think it is a simpler and more effective way to use it.

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This was extremely helpful.  So far the most difficult thing about steady options is the IB TWS for desktop and Ipad.  I can spend countless hours figuring out the strategy. Even if i understand the logic behind the trade, and am ready to pull the trigger, if i dont know how to do it on IB whats the point.  The education they provide on their site is not very good and doesnt deal with allot of what were doing.  At least thats what ive found so far.  A couple more hours of these IB webinars would be great.  

Thanks,

Paul

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Since this is about IB order execution, have any of you found good videos for the TWS mobile platform? I found this one on IB's youtube channel, it is a good introduction but I'd like to find one going over complex order entry, etc...

 

 

 

 

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On 5/29/2016 at 3:52 PM, izzo70 said:

This was extremely helpful.  So far the most difficult thing about steady options is the IB TWS for desktop and Ipad.  I can spend countless hours figuring out the strategy. Even if i understand the logic behind the trade, and am ready to pull the trigger, if i dont know how to do it on IB whats the point.  The education they provide on their site is not very good and doesnt deal with allot of what were doing.  At least thats what ive found so far.  A couple more hours of these IB webinars would be great.  

Thanks,

Paul

Yikes - after watching this video, the software looks very badly designed.  I realize just how spoiled I've been working with TOS for the last few years.  I'm looking to move away...the pricing with IB looks appealing, but their software looks horrible.

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7 hours ago, Bschulz said:

Yikes - after watching this video, the software looks very badly designed.  I realize just how spoiled I've been working with TOS for the last few years.  I'm looking to move away...the pricing with IB looks appealing, but their software looks horrible.

I've read these kinds of comments before, so it could just be that I'm weird, but I think the TOS vs IB software thing is really a matter of the way your brain processes information. I started using IB over 6 years ago and found it pretty intuitive. Once I used it for a while, I tried TOS and couldn't figure out how to do anything I wanted to do. For example, I spent over an hour trying to figure out how to select a calendar that wasn't one of the predefined time periods TOS brought up. When I first used IB, it took me 5 minutes to figure out how to use Option Trader and also to discover just typing in the symbol brought up choices that allowed me to quickly set up the trade I wanted. So many people have told me how much better and more powerful TOS software is than IB, but all I know is that what took me an hour to learn on IB took me 5-6+ hours on TOS.

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@greenspan76This has been my experience too. From time to time I hear negative comments from users who tried to switch from TOS to IB. There is no doubt that those platforms have completely different design, but I strongly disagree that IB platform is badly designed. Sure you need some learning curve, and once you are used to some concept, it is difficult to make a mental switch. I assume the same would be true for users who try to switch from IB to TOS - but you rarely hear those complains because for someone who has been with IB for a while, there is really no reason to switch to TOS. I have been with IB for 10+ years, never had any issues with the platform. 

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I've been in the computing sector for decades, and seen many many apps, and You must accept that IB is, in my view, very powerful as you can  configure everything, but with a not user-friend graphic design at all. This makes the platform very useful for very experienced traders. Maybe you recall old Lotus 123 worksheet compared with current Excell, it is something similar. I was able to operate old 123 many times quicker than excell using the keypad doing the same work,       but 123 is residual.

There must be something, when most of us operate with IB for commisions, but use TOS or ONE to visualize a new strategy.

i could enumerate a number of IB tools that seem to be designed for a NASA engineer, rather than a medium level trader, just to mention one them, the activity reporting system, with hundreds of configurable one hundred pages reports.

PD: I personally use IB for commissions and the conservative part of my portfolio with no much need of monitoring (shares, covered calls, IC and long time option spreads), Tradestation  , something in between IB and TOS, (when I need more active monitoring, like SO options strategies and specially futures) and TOS for a "light" backtesting. I very likely end in ONE.

 

.

 

Edited by Javier
Clarify

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I recently switched to IB from OX (but used TOS). OX had a *killer* trade ticket that was super easy to use. There is for sure a learning curve on TWS, but I actually found it easier to watch videos and learn using the mosaic layout. A lot of the windows they have offer some awesome information that you can keep front and center, unlike TOS. I know in Kim's video it shows classic TWS (which is great, don't get me wrong), but for TOS migrants, I think the mosaic layout might be a bit easier to learn. Just my .02

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On 2/6/2017 at 9:31 AM, Suli said:

@Kim - Is there a video how to roll the legs in a option combo? so that you don't loose the combo and end up with the individula legs.  It would be great if you could do something like this.

I've found that when I roll it breaks up the combo only on the day of the trade.  Next day it's back in the combo.  

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A question on InteractiveBroker trade execution :

I am trying to close a RHT April 28 / Mar 31 $85 put calendar... however, when I try to place the order to:

  • Sell Apr 21 $85 put 
  • Buy Mar 31 $85 put

... webtrader does not allow me to do it for a "credit", only "debit".

In order to find a shortcut, I tried to place a negative debit order (ie: debit: -$0.4) but IB webtrader says that the amount must be positive.

What am I doing wrong? No matter what I try it always appears as a debit.... and I obviously ainm for a credit as it shows a 35% profit.

Thanks

 

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1 hour ago, Antonio said:

A question on InteractiveBroker trade execution :

I am trying to close a RHT April 28 / Mar 31 $85 put calendar... however, when I try to place the order to:

  • Sell Apr 21 $85 put 
  • Buy Mar 31 $85 put

... webtrader does not allow me to do it for a "credit", only "debit".

In order to find a shortcut, I tried to place a negative debit order (ie: debit: -$0.4) but IB webtrader says that the amount must be positive.

What am I doing wrong? No matter what I try it always appears as a debit.... and I obviously ainm for a credit as it shows a 35% profit.

Thanks

 

It happened to me a few times when I used Webtrader.  Sometimes restarting Webtrader worked and sometimes building a different spread and then cancelling and trying the original worked.  When that didn't work I had to open TWS and send the order that way.  I eventually got fed up and don't use Webtrader anymore.

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25 minutes ago, Paul said:

It happened to me a few times when I used Webtrader.  Sometimes restarting Webtrader worked and sometimes building a different spread and then cancelling and trying the original worked.  When that didn't work I had to open TWS and send the order that way.  I eventually got fed up and don't use Webtrader anymore.

Thanks for your reply... InteractiveBroker's customer support is helpless; instead I had to put a custom order.

 

 

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On 1/14/2016 at 10:22 PM, Kim said:
This demonstration shows how to execute some of our trades in Interactive Brokers.

 

 

 

 

 

 

 

 

 

Download video:

 

 

 

 

 

 

 

 

Hello Guys, 
Im newbie and I dont know how to make this combination of orders 
I need you help for executing the combo orders
( I mean Stdaddle + Short Strangle on Interactive Broker Station) 

I created the orders by manualy ( Staddle creatin and after that ShortStarngle )
But as I undrestood the orders sholud be exectuted automaticaly (like one trigger other)

I sow Kim post (steadyoptions.com/forums/forum/topic/3027-executing-orders-in-interactive-brokers/#comment-53599) 
about how to do it, but there is no explanation how to do both of them automatically .

Thanks 

 

 

 

 

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Hi @Kim, @Yowster,

Today I encountered the PDT rule. Actually it was very stupid. I lost my security code card but I was still logged on. After searching I couldn't find it and I decided to close my positions to avoid risk. I read a lot and it's clear it's  allowed to only to have 3 daytrades in 5 business days.. Still I have following questions:

1. What's not clear to me is opening a straddle and selling a strangle on 1 day, is that considered a daytrade?

2. If I open and close a straddle on the same day. Is that one or two daytrades( 2 because of the legs)

3. I just had to request PDT reset, is that a big issue? (except 5 days not able to trade?)

 

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2 hours ago, rafa said:

I suggest you to scan it, and have it on the phone, not the most secure method, but you'll have it when you need it.

Better alternative: they have an app in the app stores that the client will request you to click on 'yes, login' in order to login.  Would highly recommend this over an unencrypted digital picture of your card.

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7 minutes ago, clems said:

Better alternative: they have an app in the app stores that the client will request you to click on 'yes, login' in order to login.  Would highly recommend this over an unencrypted digital picture of your card.

Thanks i just installed the app, a nice backup to that card !

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I am totally new to options trading and interactive brokers.  I am trying to place an order for the recent SO AAPL Feb 2019 Call Ratio trade:

Sell to open 1 AAPL Feb.01 2019 165 call
Buy to open 2 AAPL Feb.01 2019 175 call
Price: $0.05 credit

I want to use the strategy builder but I am not sure which one is for Call Ratio spread trade.  Then, I do custom strategy but I cannot specify the limit price for each leg (is it correct?).  I can only specify the limit price for the whole order (multi-leg).  Is it expected?  Please help.

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