OptionVue orders to TWS (Interactive Brokers)?

Discussion in 'OptionVue Forum' started by Fischer, May 27, 2017.

  1. Fischer

    Fischer Member

    Is there a way to send trade adjustment orders from OptionVue to TWS (Interactive Brokers) so they can be triggered there?
    Because there's a "Trade Button" in the OptionVue software but just for the broker Tradier and Think or Swim.
     
  2. PK

    PK Well-Known Member

    As yet, no. This feature works well with OptionNet Explorer. But in my case by doing so, I paid higher commisions since a n-lot butterfly entered through ONE ended up being charged by IB as if I had traded single options in independent orders. Finally I ended up following Tom's instructions of how to manage trades on the TWS platforms.
     
  3. Bruno

    Bruno Moderator Staff Member

    Re OV/IB: it's been on their to-do list for quite a while but I don't see it coming any time soon. OV does not use their latest API for data collection and order management has been changed significantly since, hence they would have a lot to do to be up-to-date with IB.
     
  4. Fischer

    Fischer Member

    Can you provide me some more information about Toms instructions? Thanks :)
     
    Kenneth A. Oathcarn likes this.
  5. PK

    PK Well-Known Member

    Check this link on Capital Discussions; very instructive material prepared by Tom:

    https://capitaldiscussions.com/interactive-brokers-order-management

    Take your time to get used to the TWS and you will see that its quite comfortable. For open positions, you can pre-configure all the imaginable adjustments you may devise for an open position. You can monitor prices for each them and when you decide to push the trigger, it will take just a second. Once you have become used to the TWS platform and having established your own way of organizing open positions in different tabs, TWS turns out to be a quick and reliable to manage trades. I had some bad experiences with passing orders from an external platform to IB and ended up doing everything on IB (until I left IB for 6 months to come back soon under better conditions, but this is a different story).
     
  6. Fischer

    Fischer Member

    Thanks. I trade since 4 years with the TWS plattform, but I want a Trade Button in OptionVue for entering my trades :)
     
  7. Kevin CK

    Kevin CK Active Member

    Curious, for you folks who use IB to trade SPX/RUT positions, what are the pros? I used to trade with IB but when I moved over to mostly SPX/RUT I found the commissions to be prohibitive for larger lot sizes.

    Appreciate the input!
     
  8. PK

    PK Well-Known Member

    Dear catman (Fisher),
    I apologize for having caused the impression of providing advise to experts. I just wanted to share personal experiences. Anyway, I keep appreciating complications when it comes to pass orders. I have traded for some time Forex if it were a star wars video game, pressing pre-configured sell & buy buttons like hell. The reason why I am in this forum is that this did not work out as expected. Maybe my failure has pushed me towards the other extreme of the spectrum. Trading the RTT, as far as I would like to trade it, is an exercise of reflection on what I want to achieve, which implies that I like placing sell orders for selling a spread for a credit and recapitulating what this means in terms of my expected return and risk. Obviously, for a pro, the choice of passing orders directly from a graph or using simple buy/sell functions is useful, but - though it may sound ridiculous - I profited a lot from less intuitive ways of placing orders - and in particular becoming an organized user of the TWS platform - because of forcing me to think what would be the final outcome of such order and plan my orders, and alternatives thereof, in advance.
    Notwithstanding, I join your request for a better integration of IB and OptionVue. And it's not just about a trade button. Real time data flow from IB to OptionVue, even paying for extra data volume, is really bad as compared to the expensive alternative of OptionVue real time data. And there are some relevant data, such as open interest, that are not properly imported into the OptionVue platform through the IB API.
    Please keep us updated one any progress you make in any of thes aspects!
    Best regards,
    Peter
     
    Bruno likes this.
  9. PK

    PK Well-Known Member

    Kevin,
    I started trading SPX and ES futures options as a broker's client who cleared through IB. Prohibitive commisions? Yes! I left the broker, obliging me to cool off for 6 months in IB. Meanwhile I am trading ES futures option for 1.76 USD per contract on a TradeStation futures+ account. And once being allowed to be a direct client of IB, I will be able to reduce this cost by 1 cent and trade SPX (exceesive commissions charged by TradeStation) for less than 80 cents per trade. I do not know whether this is reasonable but, according to posts on this forum, seems to be within the range of what a low-budget trader like me can expect. Hope that this info helps and/or promotes aditional input.
    Best,
    Peter
     
  10. Kevin CK

    Kevin CK Active Member

    .80 cents per contract on SPX is pretty good if it's all inclusive. My experience with SPX through IB was that they passed on the CBOE fees and the total per contract commission + fee was between 1.25 - 1.5 depending on number of contracts traded. I haven't tried trading ES options yet but I may give it a go when my broker has the platform setup or Tastyworks launches their futures offering.

    For the most part I enjoyed trading on TWS and their API is the best for retail traders but the commissions + fees aren't negotiable unlike other brokers.

    Thanks for sharing your experience!
     

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