Interactive Brokers (India)

[Erythromycin500]

Do you know how to change IBKR chart trendlines from percentage to price base?

I have been trading with them since 6 months and so far their platform is far better than Indian brokers. I personally think Indian brokers are against retail traders even including Zerodha (They have removed bracket orders, Trailing SL orders). I read on reddit that IBKR is trying to implement Tradingview charts directly into TWS.

 

[Krisskross]

I am quite keen on Interactive Brokers reading through the board.
Can anyone please confirm how their pre market order works. Has anyone tried putting an order say at 8 and does it go to the exchange by 9 automatically ?
Zerodha I know sends this to the exchange automatically
Thanks

 

[CougarTrader]

Thanks for your reply. Indeed I am of the view that keeping extra Margin is a plus point. My confusion was that if we Sell a CE and Hedge it with an OTM CE then the new rules allows to take this position at a better Margin utilization. I check the Margin Calculators of different brokers and suppose we Sell 39000 CE and hedge it with 39200 CE then quite likely the Margin needed for 1 lot of such hedged position will require Rs. 26,000 Margin.

This kind of calculator I could not find on IBKR site so got confused that whether this facility will be provided by IBKR or they will block Full Margin for the Sell Position irrespective of the Buy Position.

Boring calculators are irrelevant with IBKR,

1) Before taking any position, you will get to know your margin requirements; here is the TWS guide for you. Visit page # 121.

2) And using IBKR's opensource API, anything is possible,

(https://interactivebrokers.github.io/tws-api/order_conditions.html)

(https://interactivebrokers.github.io/tws-api/margin.html)

 

[CougarTrader]

Do you know how to change IBKR chart trendlines from percentage to price base?

percentage only, for price difference easy mental math perhaps!

 

[CougarTrader]

Can anyone please confirm how their pre market order works. Has anyone tried putting an order say at 8 and does it go to the exchange by 9 automatically ?

You can place orders anytime/anyday, and while placing you need to select whether to process beyond market hours or not.

How can I trade stocks during the pre-market or post market?

Also (pure, simple) GTC is available.

 

[CougarTrader]

One more unique super helpful feature that I would like to discuss today is IBKR's Conditional Order. It's not that complicated, once we grasp it!

Let say, when Nifty spot goes above 17500 I want to turn bullish and buy Niftybees ETFs for long-term.

Problem:
One cannot accurately say, what would be the price of Niftybees ETF at the time when Nifty spot hovers around 17500. So, how to place buy order?

IBKR's unique simple Solution:
1) From IBKR's BookTrader, create a condition stating so; you can also Add several logics to one order. Your order to get sent to NSE only when that(those) condition(s) is(are) met.

2) And you may choose your order type,

Since the order is conditioned, although placing Limit or Stop Limit Buy orders are possible but we precisely don't know at what price NIFTYBEES would be trading, when NIFTY50 @ 17500. We do not want to buy when Market is weak!

Well you can place Market order, which means when NIFTY50 hovers >= 17500, NIFTYBEES's 1000 contracts will get executed @ Market. But I do not want that, as I am reluctant to lose so much on slippage.

So, here comes a beautiful solution which is unique to IBKR only. You can use IBKR Relative Orders (REL) i.e. Pegged-to-Primary. This is how my order page looks like:

The Limit Price, i.e. 193, here denotes Capped price. This means I am not willing to buy NIFTYBEES beyond Rs.193/-.

How to determine the capped limit price? It's easy from the price charts. I don't know NIFTYBEES's price when NIFTY's Spot @ 17500; but from charts can definitely estimate that when NIFTY's Spot @ 17500, NIFTYBEES won't be trading beyond 193.

Because REL (Relative) order type is chosen, IBKR would be automatically pegging to Best Bid + 0.01 (ticksize of NIFTYBEES is 0.01) as I have kept the Offset Amount as 0 increasing my order's probability to get filled. Should you wish to get your order filled more aggressively or conservatively, set the Offset accordingly.

Now when the condition NIFTY spot >= 17500 is met, IBKR will first check whether NIFTYBEES <= 193 or not, then will place order @ Best Bid (at that time) + 0.01.

For any Conditional Relative Sell order, think all above oppositely.

Trust guys, with IBKR you have the power of a PRO at no extra cost. Moreover, programmatically any sort of automation is possible using their APIs.

 

[VXP]

You can place orders anytime/anyday, and while placing you need to select whether to process beyond market hours or not.

How can I trade stocks during the pre-market or post market?

Also (pure, simple) GTC is available.

Orders can be placed during Pre-market and it works as expected but IBKR don't allow Post Market orders which are meant to be executed between 3.40pm - 4.00pm (Post Market Trading Time on NSE). If you place any order after 3.30pm they will be executed next trading day. I have tested both of these myself.

Moreover even if we enable "Allow order to be activated, triggered or filled outside of regular trading hours" in the Presets, it make no difference to After Hours Trading. We don't get the option of "Fill Outside RTH".

Please also note that TWS don't display the "Official Close Prices" (which are weighted average price of last 30 minutes of trading) till start of next trading day. It only shows Last traded prices. For after market hours trading the prices are fixed at the official Close prices and you can not place any order which is different from the Close.

 

[CougarTrader]

Orders can be placed during Pre-market and it works as expected but IBKR don't allow Post Market orders which are meant to be executed between 3.40pm - 4.00pm (Post Market Trading Time on NSE). If you place any order after 3.30pm they will be executed next trading day. I have tested both of these myself.

Moreover even if we enable "Allow order to be activated, triggered or filled outside of regular trading hours" in the Presets, it make no difference to After Hours Trading. We don't get the option of "Fill Outside RTH".

In India trading beyond regular hours are extremely risky (upon compared to implied perks), because if you want your orders to be filled you need to use Market orders; with Limit orders there's no certainty of getting filled.

I understand you do not want gaps next day and FOMO on a potential opportunity. Would suggest to higher your timeframe if possible, you will do much better instead of risking too much every time. Because there lies the risk of gap opening opposite to your position. No one can say for certain, given the volatility situation of the markets, FII selling, now is not the time to take unnecessary risks.

Please also note that TWS don't display the "Official Close Prices" (which are weighted average price of last 30 minutes of trading) till start of next trading day. It only shows Last traded prices. For after market hours trading the prices are fixed at the official Close prices and you can not place any order which is different from the Close

Your way of looking... Last price is fine for me!

 

[VXP]

In India trading beyond regular hours are extremely risky (upon compared to implied perks), because if you want your orders to be filled you need to use Market orders; with Limit orders there's no certainty of getting filled.

I understand you do not want gaps next day and FOMO on a potential opportunity. Would suggest to higher your timeframe if possible, you will do much better instead of risking too much every time. Because there lies the risk of gap opening opposite to your position. No one can say for certain, given the volatility situation of the markets, FII selling, now is not the time to take unnecessary risks.


Your way of looking... Last price is fine for me!

I am not going into the merits and demerits of After Hour Trading and whether or not Last Price is fine or not. I am just stating the facts so that those using IBKR with NSE have some clarity on the subject.

 

[CougarTrader]

Just for record keeping, IB uses different symbology and here is the webpage that enlists it all for NSE,

IB Products & Exchange | Interactive Brokers LLC