Interactive brokers 2019 need suggestions and reviews.

bpr

Well-Known Member
#41
So, I presume entering option-orders based on futures-prices. I use it to enter stock-futures orders based on stock-prices.
So, you can see the set up of watchlist, there's stock & its future side by side, so let's say I want to send out an order in Axisbank Future based on Axisbank stock-price, I will initiate the future order by clicking on bid/ask, then bring up Conditions tab by right-clicking on the order-line, & then click, & DRAG & DROP Axisbank stock into this Conditions tab, which saves a few precious seconds while day-trading, since I don't have to manually select Price as the condition or type Axisbank in the Underlying column.

I am not sure how this feature can be accessed on Mosaic since I've always used Classic because of the way I like to have my watchlist setup.

View attachment 36187
not my use case ...my use case is on the same instrument
I just want a replacement for SLM/SLL with PEG PRIM.
With SLM I have gurented excution but huge slippage
with SLL I have zero slippage but no gurantee of execution
Hoping with PEG PRIM in theory at leaset should get limited slippage with guranteed execution best of both worlds


Also Noticed PEG PRIMARY order type only available for futures and stocks but not options. why I wonder
 

CougarTrader

Well-Known Member
#42
Also Noticed PEG PRIMARY order type only available for futures and stocks but not options. why I wonder
The essence of placing PEG PRIM Order is that, as the Price moves and the Bid/Offer changes, your order would also move based on your fixed offset. For Options a fixed offset won't work, as the cost of Options depend entirely on the Price of its Underlying. You might argue that, Options are traded with Bids/Asks and a TickSize but for Options, the Offset would become dynamic based on the rate at which the Underlying Price moves which I think no one can calculate real-time. If anyone can or does, the Trader has found the Grail!

BTW Relative Order placing is heavily used by market makers/operators. To test it, try any illiquid stock that hardly moves a tick in 2-3 minutes or so. Let's say the best spread is Bid 100.00, 100.30 Ask and LTP @ 100.15. The moment you place a Limit Order (LO) Bid @ 100.00, automatically you will notice that now the best Bid has moved up to 100.05 and your order falls below to the second best Bid. If you happen to modify your LO to 100.05, almost instantly the best Bid would move to 100.10.

Just the opposite happens with the Ask. The moment you Offer at 100.30, automatically the best Ask would fall to 100.25 and your order becomes the second best Ask.

Imagine this happening in liquid instruments 100 times within a fraction of a second, now add on the latency for placing the order and sending it across to the Exchange. Pretty obvious by the time, it gets executed the dynamic of the Market might change. Chances of being profitable is way reduced, well before the Market takes any direction.

With IBKR we (retailers) have the privilege to use it. It's a great feature!
 
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bpr

Well-Known Member
#43
As per IB knowledge base
"Relative (a.k.a. Pegged-to-Primary) orders provide a means for traders to seek a more aggressive price than the National Best Bid and Offer (NBBO). By acting as liquidity providers, and placing more aggressive bids and offers than the current best bids and offers, traders increase their odds of filling their order. Quotes are automatically adjusted as the markets move, to remain aggressive. For a buy order, your bid is pegged to the NBB by a more aggressive offset, and if the NBB moves up, your bid will also move up. If the NBB moves down, there will be no adjustment because your bid will become even more aggressive and execute. "

so lets say I have PEG PRIM/REL buy order at bid with offset 0
so if market goes up my order will go up and constantly be at best Bid till executed.
if market goes down however then my order will not go down but stay at that price and most likely will be executed immediately.

If that is the case it is scary if the market makers detect this then can feed off this algo order. Volatile price spike just when u placed the PREG PRIM order in a fraction of second will create huge slippage

EDIT :
did some further reaseach and my doubts are cleared .
Wehn you use zero offset then order will go up as well as down.
If you use positive offset then the order will be pegged bid + offset but will not come down.(and vice versa for sell)
Also the user can set a limit price beyond which the order will stop pegging to limit worst case slippage loss

check this video


All the order type needs is trigger price and we are golden ...the conditional order thing is cumbersome not sure how usable practically
I will give it a try and see
 
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#45
I've already talked about IB in so many similar threads talking about brokers that I don't want to repeat myself again, you can just search through my post-history.

You already know how much more advanced IB platform is compared to almost all of the Indian brokers, & I'm sure there are other useful features you'll find out about as you go along because there's just so much packed into that platform.

Minimum amount required to open account is $500, so roughly Rs.35,000, & thereafter, you'll need to have at least $100/Rs.7,000 in the account in order to continue to get market-data - https://www.interactivebrokers.co.in/en/index.php?f=3405

I'm not an investor, only an intraday-trader, so I can't speak from an investor's point-of-view but I guess IF I was an investor, I'd love their GTC orders since I don't think any other Indian broker provides them. As I understand, with other brokers, you have to place your SL & TP every morning on your investment-trades but with IB, you just need to place them once & forget about them, & that one thing alone would save so much headache for investors.
Typically, I use GTD orders, which get auto-canceled after a specified time & date, for instance, I don't want to take any new entries/positions after 10 a.m.

In short, trading with IB has been a good experience, & I've been doing it for a year & a half so far, & in this period, I've only had platform-trouble ONCE whereas with Zerodha & some other discount-brokers, it seems that there's some platform-glitch every few weeks. For me, the only negative point about IB is that their margin-requirements for intraday are not as good as other Indian discount-brokers.
IB also has an inactivity fee of Rs.200/month, which might be a negative for investors who rarely trade but for traders like myself, who spend more than Rs.200 per month in brokerage, it gets waived off.

If you have any specific questions then ask away because a couple of years ago, when I was looking for people here to answer my queries about IB, there was almost no one here to answer them, & hence, I don't mind helping others out with their IB queries as much as I can.
Wht is their margin funding facility if any like collateral, liquid bees. Or nifty bees
 
#47
I've already talked about IB in so many similar threads talking about brokers that I don't want to repeat myself again, you can just search through my post-history.

You already know how much more advanced IB platform is compared to almost all of the Indian brokers, & I'm sure there are other useful features you'll find out about as you go along because there's just so much packed into that platform.

Minimum amount required to open account is $500, so roughly Rs.35,000, & thereafter, you'll need to have at least $100/Rs.7,000 in the account in order to continue to get market-data - https://www.interactivebrokers.co.in/en/index.php?f=3405

I'm not an investor, only an intraday-trader, so I can't speak from an investor's point-of-view but I guess IF I was an investor, I'd love their GTC orders since I don't think any other Indian broker provides them. As I understand, with other brokers, you have to place your SL & TP every morning on your investment-trades but with IB, you just need to place them once & forget about them, & that one thing alone would save so much headache for investors.
Typically, I use GTD orders, which get auto-canceled after a specified time & date, for instance, I don't want to take any new entries/positions after 10 a.m.

In short, trading with IB has been a good experience, & I've been doing it for a year & a half so far, & in this period, I've only had platform-trouble ONCE whereas with Zerodha & some other discount-brokers, it seems that there's some platform-glitch every few weeks. For me, the only negative point about IB is that their margin-requirements for intraday are not as good as other Indian discount-brokers.
IB also has an inactivity fee of Rs.200/month, which might be a negative for investors who rarely trade but for traders like myself, who spend more than Rs.200 per month in brokerage, it gets waived off.

If you have any specific questions then ask away because a couple of years ago, when I was looking for people here to answer my queries about IB, there was almost no one here to answer them, & hence, I don't mind helping others out with their IB queries as much as I can.
Where was this when I needed it. I was under the impression that there was no way in india to ever get overnight GTC orders. this solves a huge headache.
 
#48
Market-data is just your regular live quotes that we see on Nest or any other broker-platform, it's free for NSE as well as a bunch of other global markets but only available if you keep a minimum of $100/Rs.7,000 in the account.

They will charge Rs.200/month every month whether you trade or not BUT if you trade, then those charges get waived off to that extent. For instance, in one month, you made only one trade with IB, you bought & sold one lot of NIFTY, then that's 20+20=40 in brokerage, right? But they'll charge an additional Rs.160 anyway so that they are getting a minimum of Rs.200 out of you for that month. On the other hand, let's say, in another month, you take 5 such trades & spend 40x5=200 in brokerage then you won't have to pay anything additional to them because they want you trade & spend AT LEAST Rs.200/month. Maybe they don't want dormant accounts using them just for their paper-trading or free Amibroker-plugin or simply have a goal to make that much per account.

Again, this might be a concern to those who don't trade much but for any active-trader, who spends at least Rs.200 in brokerage every month anyway, there's no additional charge.
Can you please elaborate on one item please. In no way is it possible to get debt market futures data except through the use of josh1's rtd. Does IB provide debt market data as well? In that case I might just hop on as I look at bonds all day long.
 
#50
I've already talked about IB in so many similar threads talking about brokers that I don't want to repeat myself again, you can just search through my post-history.

You already know how much more advanced IB platform is compared to almost all of the Indian brokers, & I'm sure there are other useful features you'll find out about as you go along because there's just so much packed into that platform.

Minimum amount required to open account is $500, so roughly Rs.35,000, & thereafter, you'll need to have at least $100/Rs.7,000 in the account in order to continue to get market-data - https://www.interactivebrokers.co.in/en/index.php?f=3405

I'm not an investor, only an intraday-trader, so I can't speak from an investor's point-of-view but I guess IF I was an investor, I'd love their GTC orders since I don't think any other Indian broker provides them. As I understand, with other brokers, you have to place your SL & TP every morning on your investment-trades but with IB, you just need to place them once & forget about them, & that one thing alone would save so much headache for investors.
Typically, I use GTD orders, which get auto-canceled after a specified time & date, for instance, I don't want to take any new entries/positions after 10 a.m.

In short, trading with IB has been a good experience, & I've been doing it for a year & a half so far, & in this period, I've only had platform-trouble ONCE whereas with Zerodha & some other discount-brokers, it seems that there's some platform-glitch every few weeks. For me, the only negative point about IB is that their margin-requirements for intraday are not as good as other Indian discount-brokers.
IB also has an inactivity fee of Rs.200/month, which might be a negative for investors who rarely trade but for traders like myself, who spend more than Rs.200 per month in brokerage, it gets waived off.

If you have any specific questions then ask away because a couple of years ago, when I was looking for people here to answer my queries about IB, there was almost no one here to answer them, & hence, I don't mind helping others out with their IB queries as much as I can.
Pls provide information on their margin for option with some example.
 

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