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Duration: 9:40

Instructor:

Contributor: Interactive Brokers

Level: Beginner

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. Plus, we’ll explore the BookTrader tool where you can transmit orders from a deep book ladder of prices.

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Study Notes:

From the Quote Details screen, tap Buy or Sell to open the Order ticket. If you are in Read-Only mode, you will be asked to complete the login process. After you log in – you will see your order ticket display.

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. You can modify the order parameters – quantity, time-in-force, order type, price, etc. Use the minus and plus signs to increase or decrease the amount and tap the arrow on the far right to see a list of values. You can also specify Outside RTH – which means outside regular trading hours. Here’s where you can attach a Profit Taker, Stop Loss or Bracket order. Profit Taker is an opposite side limit order designed to close a position while it is profitable. Tap Attach Profit Taker and then adjust the limit price and time and force Stop Loss is an opposite side stop order designed to close out a position with only a user-specified, limited loss.

To create a Bracket order, attach both the Profit Taker and the Stop Loss just tap, edit the limit price for a profit taker and the stop loss stop price for the stop loss. Make sure that both sliders are turned on. 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 children bracketing the parent order, the profit taker or the stop loss, will fill.

When you’re done editing the order details, use the slider at the bottom to transmit the order. You can set a trade alert to notify you when the orders fill. Now you’ll see that the parent order has filled as it displays an order status of black. The two attached orders are listed at the bottom with their order status displayed. Now, you’ll see that the profit taker filled and the stop loss was therefore cancelled. I can also access the menu by swiping right and view my trades. Here you’ll see the prices, exchanges and commissions charged. You can tap the 3 dotted icon on the top right to adjust the columns displayed.

For the next example, I am going to enter a simple order and just adjust the limit price and will not attach an order. You’ll see a circular icon on the lower right, here’s where you can see the margin impact – current and post trade projection for equity with loan, initial margin and maintenance margin. Use the slider to submit the order. Next, an Order Status screen with display showing the order details along with the order status color. At the bottom you’ll see that you can use the slider to cancel your order. Or, you can adjust the values to modify your order. If you do so – you’ll see the slider at the bottom now says Slide to Modify. If you’re on the Quote Details screen, you’ll see the order listed with the order status color and fill details right below the chart.

Order Entry Wheel

Now, let’s discuss the Order Entry Wheel. From the Quote Details screen, just tap Wheel. The Order Entry Wheel shows you prices, sizes, and your order summary information here in the center. The outer wheel shows you absolute prices. This wheel uses shading to distinguish prices at the bid and below (light blue), and the ask and above (light red). 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. I will select Bid – 300%.

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 elect to use 100 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. If we hold a position in the instrument it will show, and if we tap it, suddenly our order size is equal to our position.

We can create an Adaptive order by tapping the Adaptive button. Now we’re looking at an Adaptive limit order. If you use Adaptive in IBKR Mobile– you’ll want to check your order presets settings using global configuration in Desktop TWS.

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 now 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. To access IBot on the Quote Details screen, tap Ask IBot below chart area. Here you can see an example of a requests listed – upcoming dividend dates and more.

Let’s tap Ask IBot. In the Ask IBot text field at the bottom of the screen, tap the microphone icon or just type text. I will enter buy 300 SPY and then hit the arrow or tap the microphone to speak the command. It will then show me the order details. Now, I will change the limit price of the order and hit the arrow icon. 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. Click on the additional info button in this lesson to see a link to a full list of some of the popular IBot commands.

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. In order to use BookTrader, you must subscribe to Level II (Deep Book) data to see book depth. You can do this within IB’s Account Management application.

Tap Book on the top of the Quote Details screen. The Price Ladder shows prices in the center, with the current volume at specific price points on either side (BID volume on the left and ASK volume on the right).

To create a Simple order: Tap an ASK size at a price point to create a SELL order at that price. On the order screen, make quantity or price changes as needed, then tap Sell Limit or Sell Stop. Tap the order confirmation line 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 a bid 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 three dotted icon on the top right and uncheck Confirm. 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.

For example, if you submit an SPY Buy w/Target order at a price of 264.85 with a target offset of 1.00, IBKR Mobile will submit a buy limit order at 264.85 and a child sell order (that will trigger when the parent fills) at 265.85. 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.

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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