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Duration: 9:11

Level: Beginner

This lesson will explore creating orders, attaching orders, navigating the Order Entry Wheel, using BookTrader and iBot to trade.

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Study Notes:

In this Traders’ Academy lesson, we will be discussing trading using IBKR Mobile on your Android. We’ll cover using the Order Ticket, attaching orders and navigating the Order Entry Wheel and using iBot to trade.

  • Starting from the Quote Details screen, tap Sell or Buy to open the Order ticket. If you are in Read-Only mode, you will be asked to login.
  • On the very top of the screen, you’ll see that we’re creating a buy order. Below that is the financial instrument and market data information.
  • Next you can modify the order parameters.
  • For quantity – tap the down arrow and select a quantity from the menu or you can type in the number of shares or contracts desired.
  • Or – choose to toggle on USD at the bottom of the quantity menu and enter or select a cash amount.  Use the plus or minus sign to incrementally adjust the amount.
  • Next select the order type.  The menu will show you both basic order types, and Algos.
  • In this example, I will select a Limit order type.  Next you can set a limit price, or tap the right edge to select a price using the blue line on the chart.  Just tap and move the line to your selected limit price.
  • Next, select your time-in-force, display size and you’d like to trade outside RTH – Regular Trading Hours. Plus – you can toggle on the Price Management Algo, just tap the “I” icon to learn about this feature.

Attaching Orders

Below that, you can attach an order or create a Bracket order.

A Bracket Order is a two-part order comprising opposite side stop loss and profit taker orders. It’s designed to limit loss and lock in profit using two orders on either side of the parent order. Only one of the two child bracketing order around the parent order, the profit taker or the stop loss, could fill.

  • Select both attach profit taker and attach stop loss to create the bracket order.
  • You can adjust the ProfitTaker limit price and time and force.
  • Followed by the StopLoss stop price and StopLoss type to close out a position with only a user-specified, limited loss and time in force.

Since in this example I just want to enter a limit order – I will deselect the attached orders.

You can preview the order to view the estimated commission, total amount and margin impact.

When you’re finished editing the order details, slide the Submit Buy button at the bottom of the screen.

Now you’ll see the order status display on the screen.   At this point, you can choose to modify or cancel your order.

Once the orders are executed, you’ll see the fill quantity and price.

On the Quote Details screen, you’ll see your position and orders that have been submitted.

Order Entry Wheel

If you have an IBKR Pro account – you’ll see a feature on the Quote Detail screen for Wheel at the top of the screen.

The Order Entry Wheel shows you prices, sizes, and your order summary information here in the center.

The outer wheel shows you absolute prices.

For example, we can tap the price, and it populates the price field for our order.

  • We also have a wheel of relative prices. These prices are relative to the bid and the ask price, and they are presented as a percentage of the spread, or in tick increments.
  • When you select a relative price, the corresponding absolute price is highlighted on the outer wheel, and displays in the Order Summary “Price” field. The dynamic relative price is shown below it.
  • You can toggle to relative amounts or percentages.
  • On the right side, order sizes are displayed.
  • The inner wheel shows absolute sizes. In this case it’s shares because we’re trading a stock in this example. I’ll select to use 200 shares.
  • Alternatively, we can go to the outer wheel and select a cash value. The cash value is used to calculate the number of shares, and it also shows me the exact value of the shares.
  • We can also populate the order size using our current position.
  • We can create an Adaptive order by tapping the Adaptive button.

For this example, we’ll create a limit order and tap Buy. Next, you’ll see order preview popup.  Tap cancel or Buy to submit your order. Back on the Quote Details screen, you’ll see the order and the status of the order and whether or not it has been filled.

iBot for Trading

iBot is a natural-language interface to TWS that understands commands in plain English. Speak or type a command, and iBot will help you create and submit orders without having to navigate further. iBot supports both voice and text entry commands.

Tap Ask iBot.  Here you can see an example of a requests listed – corporate earnings, upcoming dividends and more.

In the Ask iBot text field at the bottom of the screen, I will enter “buy 200 SPY” and then hit the arrow.  It will then show me the order details. Then submit the order. Now it displays my order status at the top with more popular commands below.

I’ll tap or enter My Orders and see my orders displayed. Below that I can view my account information, my positions and a whole lot more.

BookTrader

You can use BookTrader to quickly submit simple buy/sell orders, or more complex buy/sell orders with attached profit taker, stop loss and bracket components.

Tap Book on the top of the Quote Details screen.

In order to use BookTrader, you must subscribe to Level II (Deep Book) market data to see book depth. You can do this within IBKR’s Client Portal.

The Price Ladder shows prices in the center, with the current volume at specific price points on either side (BID volume on the right and ASK volume on the left).

To create a Simple order:

  • Tap a BID size at a price point to create a SELL order at that price.
  • On the order screen, adjust the quantity or price as needed, then tap Sell Limit or Sell Stop.
  • Tap the order confirmation to submit the order. The order is then reflected in the Bid Size or Ask Size column at the correct price point in the BookTrader ladder.
  • You can create a more Complex order using BookTrader. Tap an ask size at the price point to create a buy order at that price – just tap Complex at the top of the screen.
  • BookTrader requires that you confirm the order before submitting. To bypass this step, from the BookTrader order screen tap the icon on the top right and use the checkbox to set Confirm Order on or off.
  • Modify order parameters as needed, including quantity, target offset, stop offset, stop type and order price.
  • Tap Buy w/Stop, Buy w/Target or Buy w/Bracket. The order you choose will use the applicable parameters.
  • The orders are now reflected in the Bid Size column at the correct price point in the BookTrader ladder.

On the top right corner of the price ladder, tap the list icon to display your orders and trades.

Trading Algos

Recently Algos were added to IBKR Mobile. Algos help automate trading to achieve the price, speed, and fill you define using the algo parameters.

To see the algos within an order, select Order Type followed by “Algos” at the bottom of the menu.  Here you’ll see a list of algos.  When you select an algo – you will see relevant parameters for the algo display on your order ticket.

Tap “Learn More” below the Basic | Algos toggle to find out more about all of our IB Algos.

Ok, there you have it, trading using IBKR Mobile on your Android.  We’ll cover option trading in another lesson.  Just remember, a good way to get to know the different order types and algos is to experiment with your IBKR paper trading account.

User Guide


Disclosure: Interactive Brokers

The analysis in this material is provided for information only and is not and should not be construed as an offer to sell or the solicitation of an offer to buy any security. To the extent that this material discusses general market activity, industry or sector trends or other broad-based economic or political conditions, it should not be construed as research or investment advice. To the extent that it includes references to specific securities, commodities, currencies, or other instruments, those references do not constitute a recommendation by IBKR to buy, sell or hold such investments. This material does not and is not intended to take into account the particular financial conditions, investment objectives or requirements of individual customers. Before acting on this material, you should consider whether it is suitable for your particular circumstances and, as necessary, seek professional advice.

Supporting documentation for any claims and statistical information will be provided upon request.

Any stock, options or futures symbols displayed are for illustrative purposes only and are not intended to portray recommendations.

Disclosure: Order Types / TWS

The order types available through Interactive Brokers LLC’s Trader Workstation are designed to help you limit your loss and/or lock in a profit. Market conditions and other factors may affect execution. In general, orders guarantee a fill or guarantee a price, but not both. In extreme market conditions, an order may either be executed at a different price than anticipated or may not be filled in the marketplace.

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