Interactive Brokers 3rd Party Automated Tools

[moskvich]

Is there demand for it? Is what TWS offering within its platform up to par?

 

[d08]

The demands are so custom that by the time you'll have something comprehensive ready, it'll suit no-one. There are also often minor issues that you'll need to work around and they vary by exchange.

 

[moskvich]

i meant something basic and generic like auto-stop loss based on predefined criteria

 

[d08]

i meant something basic and generic like auto-stop loss based on predefined criteria

You can rent a coder that does it for $100-$200 or were you talking about open source?

 

[lindq]

i meant something basic and generic like auto-stop loss based on predefined criteria

You may want to first look into IB's conditional orders before you get wrapped up in 3rd party software.

 

[moskvich]

You can rent a coder that does it for $100-$200 or were you talking about open source?

Yes, you can rent a coder, but 1) its hard to find a good coder 2) good coders dont go for $100 projects 3) freelance coder might not be around when you decide to make some changes and no coder wants to work with someone elses code so you might end up paying twice

 

[moskvich]

You may want to first look into IB's conditional orders before you get wrapped up in 3rd party software.

IB does have some automated or semi-automated functionality within their TWS platform,
but most of it looks like it was written 10-15 years ago and is very clumsy - you need like 10 keystrokes to go through all the menus to activate it, so if you are an active trader, its a lot of extra work that slows you down.

"Conditional Order" feature only allows you to use "Last" for price comparison (not High, Low, Open) and you are only allowed a simple condition, meaning you can't specify something like: If a stock gaps on Open and then breaks Unch