I can confirm that drownpruf is a complete fucking idiot after reading his posts! I was laughing so hard at his last one on another thread I almost pissed my pants!! Anyone who needs real help about using TWS or another platform ask away because there are a few "real" traders on here I presume who know the platform really well.
ThinkorSwim vs IB's TWS
- Thread starter Vix-Trader
- Start date
FTW. Now he's searching my recent posts.
http://elitetrader.com/vb/showthread.php?t=277349&page=99
Sit down before reading.
2 posts and an idiotic handle qualify you as an expert on others.
you are obviously the "real" thing.
I don't know if my explanation below is useful for your problem. But let me try.
IF you use TWS to "sell" IC in other words receiving credits, actually you BUY IC with negative(-) number. So if you want to close it, you need to SELL it with lower negative(-) number in order to make profit. Since you sell to close the trade, it is automatically get filled with OFFER price not with BID price.
correct me if i'm wrong.
Old Tom himself will help you out here....
Probability Lab
Probability Lab
I don't have a problem.
The guy quoted the long wings/short body condor. He sold the condor (short vol/synthetic) by lifting the offer. Assume the quote is -4.00 x -3.00. He was stating that he needed to quote the short wings/long body condor as a distinct order line to cover (long vol). Obviously he simply could've hit the bid on the original order line to close the condor. It's really that simple.
Instead, as stated, he quoted the short wings/long body condor and lifted the offer to close the position. Utter moron.
Hi All,
I'm a successful longterm trader that I have done for 16 years as an avocation while running my IT consulting business. I'm now retiring and have been practicing day/swing and option trading to fill my retirement days. For better or worse, I've been practicing over the past 8 months (with real money, as I have to feel sting to learn lessons) in the TOS system, getting hit by their high commission/margins. I just opened an IB account and started playing with TWS 4, assuming that it could do everything that TOS did. I was shocked to find I cannot do the following simple automation that I can do in TOS (confirmed by the TWS Support staff):
1. Create a simple submit price condition to only submit stop/limit order once price trigger is hit. This guarantees price action direction is in my going up for Buys or down for Sells. Simple example. Stop/Limit Buy Order of X at 12.10/12.15, submit when X <= 12.02.
I was amazed that TWS only offers price triggers for Limit/Market orders.
2. Create 4-leg OCA exit strategy orders , or a Twice-Adjustable Stop order. In TOS I simply do the following:
a. Simple Stop/Limit order (with entry condition talked about in #1) to enter trade
b. A simple Bracket or OCA/OCO order that has a Stop and a Limit (Profit Target)
c. I then have 2 conditional Stop orders that only get submitted when a price trigger is hit. As each price trigger gets hit, the next Stop Order gets submitted. In my TOS software, these two additional OCA/OCO order are already a part of a 4-leg OCA that I create. All 4 of these are tied to entry order via 1st Triggers OCO condition.
Since this effectively becomes a 4-leg OCO/OCA order, it does not matter, in TOS, that there are multiple stops, only the highest one (on a Buy order) is effective, as if it gets hit – all other are cancelled.
You might ask, why not trailing stop/limit, and that's because I use variable deferentially calcualted stops that I calculate the night before. A simple trailing stops is too crude a mechanism.
If anyone thinks that the TWS support guys are incorrect and this is possible in TWS, please let me know. They do come close (on the Stop side) with an "Adjustable Stop" order, but it only allows 1 adjustment. Otherwise, can someone suggested a good 3rd party trading platform that integrates with IB API that can at least do this simple automation and if it has a similar look/feel as TOS, all the better.
Thx,
B
I'm a successful longterm trader that I have done for 16 years as an avocation while running my IT consulting business. I'm now retiring and have been practicing day/swing and option trading to fill my retirement days. For better or worse, I've been practicing over the past 8 months (with real money, as I have to feel sting to learn lessons) in the TOS system, getting hit by their high commission/margins. I just opened an IB account and started playing with TWS 4, assuming that it could do everything that TOS did. I was shocked to find I cannot do the following simple automation that I can do in TOS (confirmed by the TWS Support staff):
1. Create a simple submit price condition to only submit stop/limit order once price trigger is hit. This guarantees price action direction is in my going up for Buys or down for Sells. Simple example. Stop/Limit Buy Order of X at 12.10/12.15, submit when X <= 12.02.
I was amazed that TWS only offers price triggers for Limit/Market orders.
2. Create 4-leg OCA exit strategy orders , or a Twice-Adjustable Stop order. In TOS I simply do the following:
a. Simple Stop/Limit order (with entry condition talked about in #1) to enter trade
b. A simple Bracket or OCA/OCO order that has a Stop and a Limit (Profit Target)
c. I then have 2 conditional Stop orders that only get submitted when a price trigger is hit. As each price trigger gets hit, the next Stop Order gets submitted. In my TOS software, these two additional OCA/OCO order are already a part of a 4-leg OCA that I create. All 4 of these are tied to entry order via 1st Triggers OCO condition.
Since this effectively becomes a 4-leg OCO/OCA order, it does not matter, in TOS, that there are multiple stops, only the highest one (on a Buy order) is effective, as if it gets hit – all other are cancelled.
You might ask, why not trailing stop/limit, and that's because I use variable deferentially calcualted stops that I calculate the night before. A simple trailing stops is too crude a mechanism.
If anyone thinks that the TWS support guys are incorrect and this is possible in TWS, please let me know. They do come close (on the Stop side) with an "Adjustable Stop" order, but it only allows 1 adjustment. Otherwise, can someone suggested a good 3rd party trading platform that integrates with IB API that can at least do this simple automation and if it has a similar look/feel as TOS, all the better.
Thx,
B
def
Sponsor
I'm not sure if I'm clear on exactly what you're asking but this may work.
a: Use a simple conditional order, set up your stop price then open conditional tab in order ticket, preview (if you wish) and submit.
https://www.interactivebrokers.com.hk/en/index.php?f=584
b: couldn't you do the same with OCA's, set up your brackets, set the conditions, submit.
https://www.interactivebrokers.com.hk/en/index.php?f=617
https://www.interactivebrokers.com.hk/en/index.php?f=583
I think the above will work but don't have time to test it right now. Try it out with the paper trader. For a full list of algos and order types, take a look at this link
https://www.interactivebrokers.com.hk/en/index.php?f=4985&ns=T
Hope this helps.
a: Use a simple conditional order, set up your stop price then open conditional tab in order ticket, preview (if you wish) and submit.
https://www.interactivebrokers.com.hk/en/index.php?f=584
b: couldn't you do the same with OCA's, set up your brackets, set the conditions, submit.
https://www.interactivebrokers.com.hk/en/index.php?f=617
https://www.interactivebrokers.com.hk/en/index.php?f=583
I think the above will work but don't have time to test it right now. Try it out with the paper trader. For a full list of algos and order types, take a look at this link
https://www.interactivebrokers.com.hk/en/index.php?f=4985&ns=T
Hope this helps.