Switch Thinkorswim to..?

T

tradebanzai

Hi everybody!

I've got the next question. Currently I use thinkorswim (papertrading though) plus I use IB TWS' market screeners. Thinkorswim is too expensive and I'd like to change it. What I need is their options issues (like I can see their delta,gamma etc.) and it's good I can see my current assets and money positions. That sucks but TWS doesnt have features that Thinkorswim has so I guess I cant use it (am I wrong?). So guys can you advice some good broker but not as expensive as TOS? Or maybe it's possible to "improve" TWS somehow (their comissions are great).

I trade stocks and options.
Really appreciate any advice. Thanks
 
Quote from tradebanzai:

Hi everybody!

I've got the next question. Currently I use thinkorswim (papertrading though) plus I use IB TWS' market screeners. Thinkorswim is too expensive and I'd like to change it. What I need is their options issues (like I can see their delta,gamma etc.) and it's good I can see my current assets and money positions. That sucks but TWS doesnt have features that Thinkorswim has so I guess I cant use it (am I wrong?). So guys can you advice some good broker but not as expensive as TOS? Or maybe it's possible to "improve" TWS somehow (their comissions are great).

I trade stocks and options.
Really appreciate any advice. Thanks
More...

Of what you mentioned: you can see the greeks, current assets and money positions in TWS.

What other features are you looking for that you get with TOS but not with TWS?

If we don't have them, then you could also add them to our New Features Poll:
http://www.interactivebrokers.com/en/general/poll/poll.php?ib_entity=llc
 
Could you please explain where I could see the greeks and current position (or let me know where i could find such info)?
With equities I think it's alright, but when I need to trade options.. For example, in TOS i simply type a symbol, then I can see all the nearest options, then i just click on it's symbol - that's it. In TWS i type a symbol, then i have a list of tens of different option, without any greeks. How could I pick the exact one?
The problem is i trade the gaps. So every day i have new stocks and options to watch and it takes too long for me to input new symbols into TWS window. And if i have ten of them?
If i could manage to solve my difficulties i would be glad to stay with IB.
Thanks
 
Quote from tradebanzai:

Could you please explain where I could see the greeks and current position (or let me know where i could find such info)?
With equities I think it's alright, but when I need to trade options.. For example, in TOS i simply type a symbol, then I can see all the nearest options, then i just click on it's symbol - that's it. In TWS i type a symbol, then i have a list of tens of different option, without any greeks. How could I pick the exact one?
The problem is i trade the gaps. So every day i have new stocks and options to watch and it takes too long for me to input new symbols into TWS window. And if i have ten of them?
If i could manage to solve my difficulties i would be glad to stay with IB.
Thanks
More...

Are you using Interactive Brokers Option Trader to load chains etc.? Have you configured which columns you want to see for option series?

There are probably ways of using TWS for options trading that you are perhaps not aware of. Suggest you browse the extensive TWS help files to ensure you are aware of all of the possibilities before surmising it is not suitable for your options trading.

However, TWS is a long way off being anywhere near as good as the ToS platform for options trading. This gap is only going to widen as ToS are able to focus exclusively on developing tools specifically for options. Interactive Brokers specialize in specializing in nothing, except perhaps deep discount and execution. Interactive Brokers do everything. ToS do options. Therein lies the compromise.

Depending on your volume, you can easily negotiate commissions with ToS; I doubt anyone who has tried negotiating pays the published ToS rates. Just send them an e-mail.

ToS do not support options on futures, or international markets. Interactive Brokers do.

Interactive Brokers charge fees for canceling options orders, whereas ToS do not. You have to factor this into your calculations. Note: Interactive Brokers have a credit system where cancel fees are offset by executed orders. See their website for more details.

Good luck!

MoMoney
 
Quote from momoneythansens:

Interactive Brokers specialize in specializing in nothing, except perhaps deep discount and execution.
More...
they are nolonger the price leader.
there are brokers who can offer better rates.
 
Quote from tradebanzai:

Could you please explain where I could see the greeks and current position (or let me know where i could find such info)?
More...

First, you MUST learn to use TWS !!!

TWS is your weapon of war. It is loaded with bullets.
Going to battle before you know how to operate your weapon is like fighting with your bare hands.

visit the University of IB and take ALL the webinars on TWS.

There is a wealth of powerful features awaiting you.



http://www.interactivebrokers.com/en/general/education/ibSeminarInfoTWS.php?ib_entity=llc
 
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