Monitoring spreads on quote panel

[Zero2Hero 2]

So I'm wondering how to monitor spreads on the "quote monitor" in TWS. Right now I've got it set up to monitor spreads on the option trader quote panel...but in watching @Kim's webinar on how to enter trades on IB it seems like the ability to add spreads to the "quote panel" and see them as a list is no longer available? I'm sure I'm just missing something. Any direction you guys can provide would be helpful! 

Thanks! 

[greenspan76 332]

I'm not sure if you're using Mosaic or the Classic version. I don't know anything about Mosaic, but if you're using the Classic version you can add a tab and set that tab up the way you want it. I don't even look at the Portfolio tab really. Instead, I have each of my strategies listed as a tab and add the trades to the appropriate tab. All you have to do is click the '+' button at the end. Here's an example from one of my accounts:

 

 

(Of course, you may already know this and just want to know how to set up that tab. In that case, there may be an easier way, but I just right-clicked the headers and inserted/moved around columns to set up the page how I wanted it.)

Edited November 11, 2016 by greenspan76
clarification

[Zero2Hero 2]

Thanks @greenspan76 that helps...I did know you can add and configure tabs...but how do you add multiple leg contracts to that tab? So far I prefer classic. 

 

[greenspan76 332]

@Zero2Hero You can type the stock symbol directly into an open line on that tab and select Combinations->Option Combos and construct the combinations you're looking for - its just like when you use Option Trader. Or if the trade is already open, you can copy (Ctrl-C) and paste (Ctrl-V) it from the Portfolio tab into the tab you want. What I do is make all trades in Option Trader, then copy and paste it to the SO tab so I can monitor all open trades in one place. You can also right-click an open line and select Create Group Header to help with organizing trades. For example, here's how I do it:

[Zero2Hero 2]

@greenspan76 Aha! I was trying to right click the already entered contract and then build the combo from there. But you actually can get to it from entering the contract and then pressing enter. Seems like you'd be able to do it by right clicking as well. They weren't kidding when they said TWS has a learning curve. In the option trader cut & paste route. Is there a special method to cut and paste or do you just highlight the fields? 

Thanks again! 

 

[Zero2Hero 2]

Sorry for that screenshot...meant to edit that out. 

[greenspan76 332]

@Zero2Hero Just highlight the field. For example, I have the WMT Nov 70/72.5 Strangle right now, so I would go to the Portfolio tab, left click on that combo to highlight the row, Ctrl-C to copy it, then go to the other tab I want it on, left click to select an empty row, then Ctrl-V to paste it. As a side note, if you haven't figured this out by now, you can completely ignore the reported Unrealized Gains - it rarely ever calculates combo option trades right.

[Zero2Hero 2]

Really? I'm using TOS right now but transitioning to TWS. I'll probably keep one stock position open in TOS for the additional utility it provides. Ultimately I'd like to go with ONE software ect. From all accounts the additional footwork required to use TWS is ultimately worth it. Do you use software to calculate realtime prices on spreads or just set precalculated targets of your own? 

[greenspan76 332]

Yeah, IB can be a bit of a pain on many levels, but I never really used other software extensively, so I don't really think about the little annoyances too much. After using IB's TWS for several years, I tried TOS and could never figure it out and didn't want to spend hours learning it - even though everyone says the layout is better and such, I guess it wasn't intuitive for the way I think/process data without extensive reconfiguration and that was too time-consuming to follow through on.

 

 

The bid/ask for the combo is reporting right and the bid/ask for the individual legs are right - its just the Unrealized Gains column that is generally not right. What I usually do is calculate a target price and enter a GTC order, then I'll occasionally look at the individual legs and quickly do the math in my head - straddles/strangles and calendars are easy to quickly see the real price; it's only hard to do on butterflies or iron condors (because the prices tend to move too quickly).

Edited November 11, 2016 by greenspan76
clarification

[Zero2Hero 2]

Cool thanks so much great information! Mind if I keep you in mind for additional TWS tips? 

[greenspan76 332]

1 minute ago, Zero2Hero said:

Cool thanks so much great information! Mind if I keep you in mind for additional TWS tips? 

Sure, no problem.