Best Broker for Automating an Options Trading Strategy???

B

bgilbart

Hello,

I'm looking for the best options trading broker for automating an options trading strategy that I have that's fairly simple. Let me also preface this by saying that I am not a CS major, so while I can do simple coding I am not a coder per se. So I would like to be able to use fairly simple language and logic to code up my trading strategy and implement it daily in an automated fashion. I would also like to be able to use an absolute contract number and/or a percentage of available cash for what gets committed to the strategy each day. I also want to be able to use a trailing stop (either in % space or absolute $), then have that cancelled after some time and replaced with another order type. I'm currently opening a new account. I'm considering TOS, IB, or Tradestation but I'd like to know which is best for this type of trading. I also would like real time quotes (cheapest available options, just NBBO) for a reasonable monthly fee. If any of you experience and professional traders can point me in the right direction I'd really appreciate it. Also, I'd prefer to code this directly through my broker and not have to worry about running some third party plug in software. Thanks all!!!

Also, back testing is nice but not necessary. Thx.
 
Quote from bgilbart:

Hello,

I'm looking for the best options trading broker for automating an options trading strategy that I have that's fairly simple. Let me also preface this by saying that I am not a CS major, so while I can do simple coding I am not a coder per se. So I would like to be able to use fairly simple language and logic to code up my trading strategy and implement it daily in an automated fashion. I would also like to be able to use an absolute contract number and/or a percentage of available cash for what gets committed to the strategy each day. I also want to be able to use a trailing stop (either in % space or absolute $), then have that cancelled after some time and replaced with another order type. I'm currently opening a new account. I'm considering TOS, IB, or Tradestation but I'd like to know which is best for this type of trading. I also would like real time quotes (cheapest available options, just NBBO) for a reasonable monthly fee. If any of you experience and professional traders can point me in the right direction I'd really appreciate it. Also, I'd prefer to code this directly through my broker and not have to worry about running some third party plug in software. Thanks all!!!

Also, back testing is nice but not necessary. Thx.
More...

This may sound trite, but you have specific needs. I suggest calling customer service for each company and try to speak with someone who <i>understands</i> your needs.

IB has great commissions, but doubt they can handle your request.

TOS has excellent software, and it may be easy for them to accommodate you.

It cannot hurt to speak with the brokrs directly.

Mark
 
Quote from auspiv:

there are rules against trading options by an automated system
More...

Indeed, it is stated right on the home page of Tradestation under Additional Terms and Conditions:

Options trading is not suitable for all investors. Your account application to trade options will be considered and approved or disapproved based on all relevant factors, including your trading experience. Automated trading, as it relates to direct-access electronic placement and execution of equity options trades, requires manual one-click verification before order is sent.
 
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