Interactive Brokers TWS users - do you need Aussie features?

G'Day fellow 'Strine IB users,

We are the minority of users for IB. They have loads of US and UK clients but the representation of afficianados of the Australian bourse is comparatively quite small.

So to help get our collective nasal twang heard loud and clear on required TWS features as they apply to Australian trading, I've started this thread in the hope we can band together in true Aussie style and punch above our weight when it comes to getting IB to consider our local requirements.

Most IB users will be familiar with the IB suggestion box system - you can propose a new feature / function for TWS on the IB website and other users can vote on it. Get enough votes and they will include it in the next upgrade. This is great if the feature you want is popular and applies to all traders irrespective of exchange - however you are significantly disadvantaged if you are in a minority group, such as ASX traders as there are fewer potential voters.

And that is where this thread comes into play.

If you have a feature you are itching for in TWS, once you have posted it in the IB suggestion box at interactivebrokers.com/en/general/poll/poll.php
you can post the details here, including the suggestion number (or even the URL to the suggestion - once it is cleared by the IB administrators it is given its own URL you can cut and paste into this thread) and a rundown on what you are wanting IB to help you with. Then ask your Aussie brethren on this thread to come into bat for you and vote for the feature on the IB site. Similarly, we can all check here once a week to see if anyone needs a hand to get their feature considered by IB for inclusion, and find out what needs voting for.

This will also hopefully benefit IB as it will improve Australian services and thus attract more clients.

Note: you need to be an IB client with an activated account to vote or post a suggestion. Many thanks to non- IB clients who want to help but sadly you will not be able to log in to vote.

So we can all get a fair suck of the sav, don't do the Harold on your mates or come the raw prawn when it comes to telling the seppos what we need to trade fair-dinkum Aussie style. Post your ideas here and give us the links so we can all cast our votes for Aussie ideas on the IB suggestion board.

Cheers!

Happy Reaper said:

G'Day fellow 'Strine IB users,

So we can all get a fair suck of the sav, don't do the Harold on your mates or come the raw prawn when it comes to telling the seppos what we need to trade fair-dinkum Aussie style.

Cheers!

Click to expand...

This is confusing enough for a fellow Australian, let alone anyone else :. Can't think of any changes that relate specifically to Australians.

Thanks Mr J,

As it so happens I have a few, mainly relating to options trading.

First one:

TWS Optionstrader does not list the ASX ticker for the option series (eg BHPJ7K), instead it uses a cryptic series of numbers and bars that not even anyone in IB knows what they mean. Having the ticker symbol would be very useful. The link to vote for this feature is:

http://www.interactivebrokers.com/en/general/poll/poll.php?sid=4795

If you any IB users could please add a vote, I'd really appreciate it.

(PS: Apologies for the ockerisms,, I was temorparily possessed by the ghost of Bazza McKenzie.)

Next one:

The Market Scanners do not allow scanning for Australian stock options - it does for most other exchanges but not the ASX. Ive asked them to add this feature. Here is the URL to vote for this feature:

http://www.interactivebrokers.com/en/general/poll/poll.php?sid=4794

They need to relax their ridiculous order vetting on ASX stocks. Australian brokers aren't as draconian in their implementation.

Third one:

The size of the options contracts is not available (ie how many underlying shares are represented by a contract). The IB customer service officer advised me that "they are always in lots of 1000, that doesn't change so we dont need to add it in". When I used RIO as a prime example of a company that had a stock split and no longer traded options contracts in lots of 1000, I was advised "yeah, but no one really worries about it". Hmm. Well, I do for one.

Please vote for this field to be added:

http://www.interactivebrokers.com/en/general/poll/poll.php?sid=4796

Thanks to all who take the time to add their vote!

MS+Tradesim said:

They need to relax their ridiculous order vetting on ASX stocks. Australian brokers aren't as draconian in their implementation.

Click to expand...

Thanks for the input! Add it in as a suggestion at
http://www.interactivebrokers.com/en/general/poll/poll.php

Be as specific as you can so they are clear on what you expect from them,
then post the URL of your submission and we can all vote for the suggestion!

Id imagine this would probably best fit in the "others" section as the rest all look specifically at TWS functionality.

Hi Happy Reaper, just a few points,

Happy Reaper said:

The size of the options contracts is not available

Click to expand...

Yes it is, right click over the market info line>>contract info>>description or details. Or you can double click on the description column. ( Both in option trader)

Happy Reaper said:

TWS Optionstrader does not list the ASX ticker for the option series (eg BHPJ7K), instead it uses a cryptic series of numbers and bars that not even anyone in IB knows what they mean. Having the ticker symbol would be very useful. The link to vote for this feature is:

Click to expand...

Why do you need the ASX ticker symbol ? it will just add clutter to your screen, the option trader format has got all bases covered, strike, OI, IV, Greeks ect. ect.

cutz said:

Hi Happy Reaper, just a few points,
Yes it is, right click over the market info line>>contract info>>description or details. Or you can double click on the description column. ( Both in option trader)

Click to expand...

Thanks Cutz, but I cant seem to find it - Ive tried your suggestion but cannot see where to add contract size. Have a look at the attached screenshot - Ive placed a red circle around the "Description" colums I was clicking on, and this brings up the config tool. I cant find anything in the config tool that equates to a contract size column - can you point out where Im going wrong? (A screenshot might help too!) Thanks!

cutz said:

Why do you need the ASX ticker symbol ? it will just add clutter to your screen, the option trader format has got all bases covered, strike, OI, IV, Greeks ect. ect.

Click to expand...

The symbols are universal and unique within the ASX. At present TWS has a field for the symbol but when you add it. its just meaningless numbers.

I have two main reasons for wanting this: first is that TWS don't have a market scanner for Aussie stock options and Ive had to get a feed from another provider to source opportunities. They use the ASX symbols (as does every other broker in the world) to identify the options series. Also, the API doesnt give you access to all the greeks, just Delta. I need them all. (Note: this wouldnt be an issue if they enabled the market scanners for Australian stock options).

Second is backup. When TWS goes offline (as happens on the odd occasion) I need to be able to cover using another broker and I want to make sure Im trading the correct option. The symbol leaves less margin for error.

If you are an IB user PLEASE follow the links to my suggestions and add a vote in (barring the options size one if I can work that out!)

Add Market scanner for ASX stock options: http://www.interactivebrokers.com/en/general/poll/poll.php?sid=4794

Add Ticker Symbol for ASX options:
http://www.interactivebrokers.com/en/general/poll/poll.php?sid=4795

Add contract size:
http://www.interactivebrokers.com/en/general/poll/poll.php?sid=4796

(BTW use IE to visit the website - Firefox and other browsers seem to have problems with their Java scripts and you mightn't see the suggestion details in full.)

Hi Happy Reaper,


Double left click on the line under your circle, it will show you details, or place your arrow (curser) over last price of your 22 call (.70), right click over it then >>contract info>>description or details, that will show the 22 strike call details.

Sorry no screen shots as i have a dedicated setup for trading, separate from my browsing computer.

Just gotta say, TWS is a beautiful platform, get to know it before getting too excited.

As for scanners, can't really see the point, better to get a feel for the market. IMO with option trading get to know a select group of underlyings intuitively.

Thanks Cutz. I appreciate the pointer to the contract details feature. Id searched all through the help file but couldn't find any way to bring that detail up - always good to have someone in the know to point you in the right direction.

As for the scanners....I take your point, but different strokes for different folks. You may not use them but I'm looking to trade IV so the scanners would be just the ticket. I'm sure there must be others out there who would also find them a useful research and review tool - you never know what patterns you might find playing with them that you might want to explore. Information leads to knowledge, and knowledge is power.

The annoying thing is the scanners are already there for the other exchanges, they just have to plug the Aussie feed in and there you are. Why they have not done so is a mystery as it would take minimal effort and zero cost on their part - I'm guessing it was just an oversight when they added the ASX. Problem for me is getting them to do something about it - hence my request to please click the button to vote for this at http://www.interactivebrokers.com/en/general/poll/poll.php?sid=4794
....even if you'd never use it personally, it would really help me (and hopefully others) out in a big way. And if you ever want a feature added in you just have to post it on this thread and Ill be sure to return the favour!

MS+Tradesim said:

They need to relax their ridiculous order vetting on ASX stocks. Australian brokers aren't as draconian in their implementation.

Click to expand...

good news, the changes for pre/post market auction has been submitted to the ASX. Once approved, we should be able to trade Pre/Post Market Auction again.

We'll have to see how good the code is...

Ice

paulchow2k said:

good news, the changes for pre/post market auction has been submitted to the ASX. Once approved, we should be able to trade Pre/Post Market Auction again.

We'll have to see how good the code is...

Click to expand...

Excellent to hear. I've been whinging through a few channels, but I hadn't heard that, so here's hoping they get it right.

Thanks for the help !!!

Hi Happy,

I voted for your requests, not many have so far. I would really like to see logarithmic scale charts becoming available at interactive brokers. The below link is for voting for this option, any IB users that could add their weight would be much appreciated. If anyone uses Diamonetrics or follows the Risk Dr then you would know Charles advocates log vs linear scale charts.

Thank you for you help

Mattie J.

http://www.interactivebrokers.com/en/general/poll/poll.php?sid=6202

Happy Reaper said:

Thanks Mr J,

As it so happens I have a few, mainly relating to options trading.

First one:

TWS Optionstrader does not list the ASX ticker for the option series (eg BHPJ7K), instead it uses a cryptic series of numbers and bars that not even anyone in IB knows what they mean. Having the ticker symbol would be very useful. The link to vote for this feature is:

http://www.interactivebrokers.com/en/general/poll/poll.php?sid=4795

If you any IB users could please add a vote, I'd really appreciate it.

(PS: Apologies for the ockerisms,, I was temorparily possessed by the ghost of Bazza McKenzie.)

Click to expand...

Re: CME Fee Waiver - IQFeed

While people are throwing out their IB requests I might as well do mine on here.

If anyone uses IB and IQFeed for their data you might have noticed that IB doesn't qualify for the CME Fee waiver. This would amount to quite a saving as there are basically no exchange fee's for CME products.

IQFeed website:
CME Fee Waiver
Q: Why isn't Interactive Brokers on the list (IB)?
A: We have contacted IB numerous times on behalf of our joint customers requesting their participation in the Exchange Fee Waiver program for IQFeed users. At this time, the response we received from their Manager of Data Services is that they don't have the manpower to support the program. If you are an Interactive Brokers customer, please contact them to request that they participate. A poll has been setup on IB's website at
http://www.interactivebrokers.com/en/general/poll/poll.php?sid=6179 as well. In addition to answering the poll, please contact IB directly with your request that they support the IQFeed Exchange Fee Waiver program.