Some accounts at IB have access to additional algos?

[Humble Investor]

I received the same message, just ignore it.
You need to figure out how much of AVD is traded in dark pools. Some stocks are mostly traded on exchanges. I use DarkSeek (DS). Choose aggressive with minimum fill size of 200. I usually ignore WoW but if you really want to get faster fills, just select Seek Aggressive with inside NBBO or midpoint parameter. Dark pools are for privacy and price improvements not for faster fills. Sorry, I don't use Blitz. If I'm in a hurry, I use two algos at the same time, IB's VWAP and Jeff algo's Darkseek.

 

[Humble Investor]

Jeff and CSFB cost $0.0067/share in total or $0.006/share if you are on fixed tiered. Yes, significantly more expensive than exchanges but I almost always get $0.01 or more in price improvements.

 

[luisHK]

Thanks for that info Humbleinvestor, very helpful, I'll have another try.
Can you as well ignore the limit price when entering the order ? If not do you go for the bid or the ask (when buying) ?

 

[Humble Investor]

it's up to you. I always use limit orders. I go for the midpoint.

 

[jtrader33]

Jeff and CSFB cost $0.0067/share in total or $0.006/share if you are on fixed tiered. Yes, significantly more expensive than exchanges but I almost always get $0.01 or more in price improvements.

Appreciate the feedback. Is it really more expensive though? IB comms are .0035 at the lowest tier, plus a take fee of 0.00275 (NYSE), plus reg fees. So for aggressive orders, that seems like a wash.

 

[luisHK]

Oh, I'm thinking now I misunderstood what you guys were meaning by midpoint, I thought you'd get midpoint within the minimum spread (which can be 0.05 nowadays ), but that mustn't be the case if you enter midpoint as the limit price - wider spreads sure happen with small caps ,but I tried those JEFF and CSFB on a small cap with minimum spread of 0.05, and wider spreads than the minimum don't seem that frequent there.
I'll check again with various stocks, at least for smallish orders see how they end up.

 

[khotso]

. I trade 10k-20k blocks in illiquid small caps. Huge % of ADV is traded in dark pools. You definitely need these algos when you want to get in/out very quickly.

Is there way to figure out (roughly) how much each stock ADV comes from dark-pools (%)?


Tons of good information here, Thanks Humble & others!

 

[Shadetree42]

Ever figure out what triggers access to the additional algos (Foxriver, ITG, etc.)? They just showed up in my account last week through no action of my own.

 

[Shadetree42]

BTW, why does IB not allow LOC or MOC as an order type preset? When I go into a present and show all possible fields, the Primary Order >> Order Type Pulldown does not show MOC or LOC...

 

[Maketa]

I know it is an old post and my first, but I can't find third part algos in order destination on my platform IBpro (just ibalgo). Do I have to activate them or am I doing something wrong? Still waiting for IB response.