OmniVest User Forums
Questions on Using the Trade Processor
Interactive Brokers TIPS and HOWTOs
105 replies, 10050 viewings
|
OmniVest User Forums
Questions on Using the Trade Processor
Interactive Brokers TIPS and HOWTOs
|
Last Activity 7/17/2018 6:22 PM 105 replies, 10050 viewings |
|
| Printer friendly version |
Steve2 Elite    Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD  User Profile |
"If you submit a market order to short stock that is currently unavailable at that time the system will continue to work to fill that order when more shares become available if the orders have not been canceled or expired. It will be distributed on a first come first serve basis. Market on Open orders are only good for the opening print so due to this Time in Force this order would not continue to work after that specified time." I've had good success submitting market orders to IB prior to the market open. Slippage has been slightly positive (beating OV entry/exit prices) with the caveat that I trade very liquid stocks (Avg Daily Vol > 1M shares). On the few occasions that IB has not had shares available to short at market open, my market orders remain in force and have always filled (usually within the first hour of trading). Whenever this situation occurs, I get an email from IB indicating that the order did not fill at open and that they are looking for shares. So, I have the option of cancelling the order through TP or TWS. To date, I've just let them fill late and that has not caused any problems. So, if you have an issue trying to short unavailable stock, you might consider configuring TP to submit market orders prior to market open rather than MOO orders. Steve [Edited by Steve2 on 11/19/2013 9:06 PM] | ||
| Mark Holstius Elite Posts: 744 Joined: 10/11/2012 Location: Sleepy Hollow, IL User Profile |
Mark | ||
| Jim Dean Elite  Posts: 1059 Joined: 10/11/2012 Location: L'ville, GA User Profile |
OVest currently offers some strats tied to entirely different lists of symbols - ones related to industry groups - which have on the average far less liquidity than the ones you've been trading. And, although it's not been tested, I still firmly believe that slippage can be a serious issue for symbols/lists of significantly lower avg daily volume. This danger, I believe, is exacerbated more in a shorting environment than in a bullish one. These are just opinions. I do feel that TP needs to give the option of automatically resubmitting a failed MOO short order with a followup Market or Limit (better, esp for shorts that failed with MOO) order. I included this in my recent feature-request post. As you said, the opportunity to submit Mkt orders before the open nicely works around some of the hard-to-short cases, for highly liquid stocks. Question: what percent of the trades that you've tracked in the past year have been shorts using Market orders? Do you have a separate stat for the slippage of that subset? [Edited by Jim Dean on 11/20/2013 6:49 AM] | ||
| Fred Gordon Legend Posts: 481 Joined: 10/11/2012 Location: Fayetteville, Ga User Profile |
Thanks, | ||
| Steve2 Elite Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD User Profile |
Take a look at the spreadsheet attached to the following post: http://www.omnitrader.com/currentclients/omnivestforum/thread-view.asp?threadid=4437&start=91 Look at the MBO table in the Summary worksheet. This shows the average slippage by order size for market orders submitted before market open. The "Short" columns show the slippage for opening and closing short positions. As you can see, the average slippage is slightly better than for long positions although the number of trades is a lot less. The reason why the totals for opening and closing orders don't match is because I was submitting opening limit orders for awhile and this table only counts market orders. Steve | ||
| Steve2 Elite Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD User Profile |
Do you mean the "Seek Price Improvement" option on SMART routing? If yes, then I have tried that and it actually resulted in worse slippage although I only tried it for about 3 weeks. Take a look at the spreadsheet attached to the following post: http://www.omnitrader.com/currentclients/omnivestforum/thread-view.asp?threadid=4437&start=91 Look at the MBI table in the Summary worksheet. This table shows the slippage by order size for market orders submitted with the "Seek Price Improvement" option enabled. This was done for 69 orders and the average slippage per share was $(.006039) per share versus a slightly positive slippage when submitting market orders without this option turned on. So, I've discontinued the use of this option. Caveat: I'm trading liquid stocks (Avg Daily Vol > 1M shares) so you may see different results if you are trading less liquid stocks. Steve | ||
| Jim Dean Elite Posts: 1059 Joined: 10/11/2012 Location: L'ville, GA User Profile |
| ||
| Fred Gordon Legend Posts: 481 Joined: 10/11/2012 Location: Fayetteville, Ga User Profile |
Fred | ||
| BrianD Legend Posts: 302 Joined: 2/23/2013 Location: Grand Rapids, MI User Profile |
Because Steve's results, I decided to disable it for now. Did seem to add some later entry/exit times. | ||
| Keith Parsons Member Posts: 25 Joined: 3/12/2014 Location: Durban, South Africa User Profile |
Firstly many thanks to you and all other contributors for these posts. I have read each and every one and printed many. Great help and sincerely appreciated. I have now set up OV / TP and IB Gateway on my main computer. Have only had OV for a few weeks. I want to use TWS on my second PC and have done the IB application form including the electronic signature. To do the application I went: 1) Logged into my live account 2) Manage Acc 3) Access Rights > completed the USER form. I then received an email from IB part of which said: " The first time you enter the Registration System, you will be asked for a token to verify your e-mail address. Please cut-and-paste the token confirmation printed below into the "Token Confirmation" field." I have searched IB management to find where I would "cut and paste" the Token Confirmation" number. Four (4) times I have left messages with their support asking them as to where I paste the confirmation number. Kindly advise: 1) Did you receive an e-mail giving a 'Token Confirmation" number? 2) If you did receive a Token Confirmation number - where did you paste it? Thanks in advance. KEITH PARSONS | ||
| BrianD Legend Posts: 302 Joined: 2/23/2013 Location: Grand Rapids, MI User Profile |
If so, all you need to do is download the 'correct' IB software, and TP, to your new target, or "second PC" and log in to IB as you did on your "main computer". Note you can only login to IB from one IB Gateway or TWS client or IB web page at a time. If you trying to open a net new/ additional IB account, the process as I remember is: During the process, IB will send you an email, which has the 'token' number in the email. This number is entered into a field on the web page I believe you are looking at in your message. The email is the account you used when opening the account. And if you are opening another IB account, note you can only run one TP application at a time on your PC. | ||
| Keith Parsons Member Posts: 25 Joined: 3/12/2014 Location: Durban, South Africa User Profile |
Tks for responding and apologies for not being more clear in my earlier post. I require USER access for the TWS station remote monitoring of my live account which is running OV / IB Gateway on PC1 To Clarify: 1) On PC1 I have OV / TP and IB Gateway. 2) To be able to monitor my account from a different location I need USER access for TWS. For monitoring of my account I have TWS (939.3) loaded onto my laptop. 3) As per Wes advice below I have completed the USER application. Perhaps I have added to many rights to the USER application. Wes thread on the USER post is below. Perhaps someone could post / email me an IB USER application showing what should / should not be entered. (kparsons@worldonline.co.za) Other than this issue - my work in learning / understanding OV is going great. Thank u for the interest and patience. Much appreciated. Regards, KEITH PARSONS ________________________________________________ WES POST IB only allows a user to be logged in at the same time. This is a problem if you want to monitor your account from a different location and are already logged in with the Trade Processor. The solution is to create a 2nd userid via IB Account Management web application under the "Manage account"/"User Rights" menu. I'm not going to detail how to do this, as it's pretty straight fwd. In IB's view .. A user is a fully separate 3rd party from yourself. People would use this function to grant another person access to your account.. for example an advisor or spouse or 'Trade Processor'. You fill out forms online to define the user/password, determine which rights it has (for example .. Trading only without the ability to withdraw/add funds), etc. Since this 3rd party is a 'trading' user, IB will require you to complete a trading authorization form. It's pretty painless. Just fill it out, fax or scan/email it back to them. So now .. you can use your 2nd userid with IB-Gateway and TP.. and monitor your account via Web or the full TWS app. Downsides... Market Data subscriptions are per user and may have a cost depending on what you subscribe to. It's not a big deal for OV/TP users. These systems trade a lot and will easily cover the minimum commissions to qualify for the US free data bundle. Wes | ||
| Steve2 Elite Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD User Profile |
It's been a long time since I created an additional user id for my IB account but I believe this happens the first time you try to log in to the IB website using the new user id. Have you tried logging in with the new user id? If you log in to account management with your original user id and click on Manage Account > Access Rights > Users, is your new user id listed and what is it's Status? Steve | ||
| Keith Parsons Member Posts: 25 Joined: 3/12/2014 Location: Durban, South Africa User Profile |
I have (at long last) completed the application after entering the Token Confirmation number. Assume tomorrow I can log into my laptop with the USER ID Must say IB's instruction on this is very poorly defined. Again, thanks Brian and Steve2 for the valued support. Keith Parsons NB: On a light note 18:20 in RSA and time for a glass of red wine.. | ||
| Keith Parsons Member Posts: 25 Joined: 3/12/2014 Location: Durban, South Africa User Profile |
Following this post I now have a 2nd ID Userid set up for my Live trading. Effectively I have OV / TP and IB gateway set up on 3*screen PC monitor. TWS (live) is on my laptop and all "link in". I am still testing / learning on paper. But I want a paper (TWS) Userid for my laptop (realise there is a cost). However IB have advised that a paper Userid is not possible. There is a lot of learning / remembering about all that OV / TP systems do - and I would feel more comfortable knowing my interpretations are correct before going into live trading Kindly advise if and in your opinion this is correct i.e. that it is not possible to have a paper IB TWS user id Many thanks, KEITH PARSONS NB Your post really helped me so much - thank u. | ||
| Steve2 Elite Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD User Profile |
While you can create multiple user ids for a live account, IB only allows one user id for a paper account. So, you could use that paper account user id to log in with the IB Gateway or TWS but not both at the same time. The good news is that TP is now quite reliable and I find that I have little need to have TWS running in parallel with TP/IB Gateway. Steve | ||
| Herm Member Posts: 28 Joined: 10/11/2012 Location: Boynton Beach, Florida User Profile |
Yes, the current IB JAVA version works and you must download it off the IB web site. BUT, the link that was provided for us to download on this forum for the new IB platform includes a gateway that is not Java. It seem that because that gateway is not Java based and it did not work on my Cloud NOR my desktop which I tried first. The problem 100% resolved after I obtained the Java version of the IB gateway. https://www.interactivebrokers.com/en/index.php?f=1325 Strange error message that I was not authorized to access the API when I used the non Java version. Heck, it works with the Java module ok. I only experienced this glitch with the latest forced upgrade. The IB gateway they bundled, did not work for me. Only on the IB web site can you obtain the components you wish to install. | ||
| SteveL Veteran Posts: 189 Joined: 10/11/2012 Location: Boulder, CO User Profile |
I don't see any discussion regarding how to configure IBG to handle more than one trading account. Multiple instances of TradeProcessor can be started. But it's not obvious to me how to access more than one IB account. At the moment, on an AWS instance, I have one TP connected to GXtrader, and I'm in the process of setting up a 2nd TP to connect to a newly created IB account. Assuming that I will find this to work well, I expect to be interested in setting up additional TP instances for additional IB accounts. The question I have is, how does IBG fit into this picture where I want to manage multiple IB accounts from a single AWS instance running multiple TPs? IBG is logged into my (currently only) IB account. So, that is clear. But what happens when I have a 2nd (and 3rd, etc) IB account. How is IBG configured for that? Is there an IBG per TP? Or is one IBG used to access multiple accounts? Not at all obvious how that is accomplished. [Addendum] Perhaps the answer is to use a "Family Office Account" login, which has access to all the accounts in the "Family Office Account", to connect IBG to IB. Is that how it works? [End Addendum] Thanks for any insights. [Edited by SteveL on 7/19/2014 5:02 PM] | ||
| Steve2 Elite Posts: 750 Joined: 10/11/2012 Location: Annapolis, MD User Profile |
While I haven't yet traded multiple IB accounts with TP, I believe you must configure an IBG instance for each account and make sure that each one is configured to use a different port. You then configure your TP instances to use the correct port to communicate with the correct IBG instance. I'm in the process of setting up a second IB account that I will trade with TP so I can probably confirm this late next week. Steve | ||
| Mark G Member Posts: 41 Joined: 10/11/2012 User Profile |
This is a very timely question for me. I am currently configuring my first IB account in AWS. Nathan got an IB AWS image set up for me. I asked him about setting up my second IB account, and he said that he 'thought' that only one gateway would be needed, but was not sure. I have not seen anything on the forum about this, and we shouldn't have to individually reinvent the wheel. I'll call N tech support tomorrow, and see if I can get a resolution for posting. | ||
| Barry Cohen Icon Posts: 1844 Joined: 10/11/2012 User Profile |
| ||
| KC Kid Member Posts: 23 Joined: 6/20/2013 Location: Olathe, KS User Profile |
| ||
| SteveL Veteran Posts: 189 Joined: 10/11/2012 Location: Boulder, CO User Profile |
Thanks for explaining and confirming how it works. Regards | ||
| Geoff Veteran Posts: 180 Joined: 12/4/2012 Location: Byron Bay NSW Australia User Profile |
Brian, you are correct, (your memory is good) when using Win8, The IB software (TWS and IB Gateway) download and are accessible from the Apps page. The App icon (program) can then be 'pinned' to the 'Start' desktop if desired. | ||
| BrianD Legend Posts: 302 Joined: 2/23/2013 Location: Grand Rapids, MI User Profile |
BTW: When running more than one IB account, an Opening trade for ABC gets rejected when a pending Closing for ABC is "sitting" in another IB Account. Took more than a few discussions with IB to get a straight answer on why it happens. I use IB Prop Trading accounts and did not anticipate this base on my PREVIOUS discussions with IB (and would expect same in Family Account structure) but SEC is afraid we're manipulating the market, so IB rejects to keep us honest. Only supposed to happen with Market Orders. |
|
|
|
Administrator
Forum Moderator |
Registered User
Unregistered User |
 E-Mail this thread to a friend |
Toggle e-mail notification |
