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Duration: 4:54

Instructor:

Contributor: Interactive Brokers

Level: Advanced

The focus in this lesson is on how TWS users may view and place orders in the deep order book and monitor multiple tickers from the same screen.

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Study Notes:

The Integrated Stock Window in IB’s Traders Workstation may be used to trade, see charts, market data
and deep data all from a single integrated windo w. Investors can configure the entry panel to create
instantaneous orders or can build entries to buy and sell using IB’s range of algo order types.

Active IB clients with sufficient equity in their accounts may set up several Integrated Stock Windows in
order to monitor multiple tickers on the same screen.

Enter a ticker symbol in the quote panel or select from the contract list by clicking in the panel. The
quote panel can be hidden or revealed to display market data on a single row. Use the switch view icon
in the top right corner of the panel to toggle between single-row and ticker view.

The book data panel displays both Level I and Level II subscription and non-subscription quotes on either
side of a real-time configurable chart. Click a button to add data from a market center from the book
data panel.

Bid prices for the contract are displayed in descending order on the left. Ask prices for the chosen
security are shown in ascending order on the right of the chart. To change the look of the chart, clickright and select chart parameters to configure in the usual way. Use the expand/contract arrows to
minimize the chart altogether. For details on how market data allowances are calculated, on IB’s web
site, access menu: Pricing > Research, News and Market Data. Then click Market Data Fees icon at the
top of the page

When you click on a bid or ask price from the Book data components, the price data is reflected in the
Order Entry panel order line, from where you transmit orders.

Use the View menu to drive the display. The Left Buttons panel and the buttons panel are similar and it
is unlikely both need to be displayed. The Right Buttons panel provides single-click access to other TWS
tools. (Show both and then remove). All buttons are configurable and can be armed for Instantaneous
Transmit by clicking the Armed checkbox and agreeing with the warning disclosure.

All buttons are configurable and can be armed for Instantaneous Transmit by clicking the Armed
checkbox and agreeing with the warning disclosure.

Click any price level in the Level II panels, then use the BUY or SELL buttons to transmit. Notice that the
price level you click on is reflected by a default quantity displayed in the Order Entry Panel. Click on this
panel to view or make changes to open orders for this ticker.

By clicking on the Buy button at a price below the market, an Order Confirmation is generated. This popup can be prevented by entering a check in the box to the lower left – Don’t display this message again.
Hit transmit button and your order is sent by default using IB’s SmartRouting technology. You may use
the Destination selector to route your order to a specific venue if you choose. Your own orders are
displayed with a white background in the data panels, but are not visible to the market. You may modify
an open order by clicking on it and using the ‘bump’ buttons.

Use the Destination selector if you wish to direct route an order to specific exchange
Note that these buttons will be grayed out unless you specify an open order. These buttons are fully
configurable to suit your needs and you can move the initial price up or down by one-or-two-ticks, lift it
to the current market ask or bid or convert it to a market order.

Use the configuration wrench to tailor button values to your choice.

If you want to modify an existing order, select it from the dropdown menu, make modifications, such as
price or quantity and use the Replace button to request cancellation of the initial entry and replace with
the modified version.

When you set up an order, you can also choose from the list of order types by clicking on the Order Type
dropdown box. You may also choose how much of your order is di splayed to the market by entering a
value in the Show box beneath the Quantity input field.

Choose IBALGO at the bottom of the Destination menu to create one of IB’s algos. A separate tab will
appear at the bottom of the ISW window allowing you to select from the list of available algorithms and
enter required values using the input fields. Note that you can attempt to maximize possible rebates by
checking the ‘Attempt to never take liquidity’ box.

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.

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