TWS FAQs

1. What is the difference between browser-based TWS and TWS standalone?
2. How do I store my settings on the server and use them when I login on from another PC?
3. How can I practice with the TWS?
4. You advertise XXX feature, but I can’t find it in the TWS, where is it?
5. How do I disable the nightly log off?
6. What are the Margin Requirements for Options?
7. Do you have an order type that does XXX?
8. Why didn't my stop trigger in pre/ post market hours
9. What types of Spread Orders are available through TWS?
10. How do I create a ticker line, an Order line and modify an Order?
11. How to create / modify hotkeys?
12. How do I enter a Trailing Stop Order?
13. Where can I find the TWS settings and log files?
14. What is the difference between bundled and unbundled commissions?
15. How many live market data quotes do I receive?

1. What is the difference between browser-based TWS and TWS standalone?
The difference is minimal, and is in the way it checks for updates. The browser-based TWS automatically checks for the newest version any time you launch it. Standalone TWS requires you to download the latest version from the IB website. Both TWS versions run from your PC.

2. How do I store my settings on the server and use them when I login on from another PC?
To save your settings on the server, from the TWS menu select File >Store Settings on Server. To use global settings that have been saved on the server, on the TWS Login box, check the Store settings on server. This instructs TWS to go to the global server and use any settings you saved previously.

3. How can I practice with the TWS?
IB offers a Paper Trading Account which allows traders who have an account to use the full range of IB trading facilities in a simulated environment using real market conditions. Use this test environment to:

• Use TWS features such as order types without risk.
• Learn market dynamics in new exchanges and products.
• Simulate and test trading strategies.
• Test Application Program Interface (API) applications.

http://individuals.interactivebrokers.com/en/software/paperTrader.phpib_entity=llc

4. You advertise XXX feature, but I can’t find it in the TWS, where is it?
You must enable the feature in the Feature Selector. The Trader Workstation is a powerful, feature-rich trading application with the built-in flexibility to customize your workspace environment for optimal productivity. The Feature Selector allows you to become familiar with the simplified version of the application and then add functionality as you need it. Experienced users can use the Feature Selector to hide functionality they don't need and simplify their trading environment.
http://www.interactivebrokers.com/en/software/tws/usersguidebook/configuretws/feature_selector.htm#HT_featureselector

5. How do I disable the nightly log off?
The nightly log off is required for maintenance and cannot be disabled.

6. What are the Margin Requirements for Options?
This chart shows margin requirements for options.
http://individuals.interactivebrokers.com/en/trading/marginRequirements/margin.php?p=o&ib_entity=llc

7. Do you have an order type that does XXX?
All order types are explained in this chart.
http://www.interactivebrokers.com/en/p.php?f=orderTypes&ib_entity=llc

8. Why didn't my stop trigger in pre/ post market hours
From Global Configuration, select Order, then Order Defaults. Set the default trigger method using the Trigger Method dropdown on the Order Defaults configuration page. Check the box “Allow order to be triggered outside of regular trading hours.” You can also modify the trigger method for Stop, Stop Limit, Trailing Stop and Trailing Stop Limit orders on a per-order basis using the Order Ticket.

9. What types of Spread Orders are available through TWS?
http://www.interactivebrokers.com/en/software/tws/usersguidebook/specializedorderentry/about_combination_orders.htm

10. How do I create a ticker line, an Order line and modify an Order?
1. Click in an empty row in the Underlying column.
2. Enter the instrument's underlying ticker symbol and press ENTER.
3. Select the instrument type from the list.
4. In the Contract Description box, select a contract and click OK. You can limit the contracts displayed in the right pane by selecting an exchange or a currency from the Filter section. Choose Smart to use SmartRouting. Hit ok

1. Click the "Ask" or "Bid" price of an asset (or use your buy or sell hot key on the selected Market Data line) to create an Order Management line directly below the selected asset.

• Click the Ask Price to create a Buy order.
• Click the Bid Price to create a Sell order.

2. On the Order Management line, modify the order parameters Time in Force, Action, Quantity, Price, Order Type, or Destination, if needed. Set the Limit Price to automatically update to the bid, ask, midpoint, last or closing price.
NOTE: To trade more efficiently, set the Quantity and Order Type defaults using the Order Defaults window.
3. To transmit your order, click the T in the status field, or click the XMIT icon on the Trading toolbar, or use your Transmit hot key or mouse shortcut.

http://www.interactivebrokers.com/en/software/tws/usersguidebook/getstarted/modify_an_order.htm

11. How to create / modify hotkeys
You can record mouse-click shortcuts for specific order creation and transmission commands, such as buy, sell, transmit and cancel and many others
On the Configure menu, select Global Configuration, then select Hot Keys.

In the Possible Actions list, choose an action to which you want to assign a mouse shortcut and click Create Shortcut.
In the Mouse area, use the Market Data Field drop-down to choose the field you click in to activate the shortcut.
In the Click Event drop-down, choose the click method you will use in the selected field to initiate the shortcut.
Click the customize tab to configure a trading hotkey. On this tab you can select order type, default size, limit and stop offsets, etc. You can attach a bracket, stop loss or target limit order to your order hotkey.
Click Apply, then click Close.

http://www.interactivebrokers.com/en/software/tws/usersguidebook/configuretws/assign_mouse_shortcuts.htm

12. How do I enter a Trailing Stop Order?
1. Click in the Ask Price to initiate a BUY order, or the Bid Price to initiate a SELL order.
2. Click in the Type field and select TRAIL.
3. Enter values in the following fields:

a. Aux Price (Trailing Amt) field. Use the dropdown to choose Amt or %. The trailing percent is calculated off the current best bid/ask.
b. Limit Price - this value defaults to the current best bid/ask. The limit price will move with the trailing stop price based on the delta between the two prices (initial stop price - initial limit price = limit delta). If the limit price and stop price are equivalent, they will move together with a zero delta.
c. Stop Price - This field is optional. By default, the workstation calculates the initial stop price using: market price - trailing amount. You can modify the stop price, but if it is lower than the calculated value, it will be discarded when the order is submitted. Note that the value you enter may display in the Stop Price field even if it is not used.

4. To transmit the order, click the red "T" in the Transmit field or the Transmit icon on the trading toolbar.

http://www.interactivebrokers.com/en/software/tws/usersguidebook/ordertypes/trailing_stop.htm

13. Where can I find the TWS settings and log files?
The TWS settings file is named tws.xml and is located in a subdirectory of c:\Jts. Search (CTRL F) the c:\Jts directory for the most recently modified file.
TWS Log files are named log.<day>.txt (e.g., log.Wed.txt) and are located in the c:\Jts directory.

14. What is the difference between bundled and unbundled commissions?
Click here for information.

15. How many live market data quotes do I receive?
All customers receive 100 concurrent lines of real-time market data (which can be displayed in TWS or via the API). After the first month of trading, high-volume traders may receive additional lines of market data, calculated as follows:

Maximum ((Monthly Commissions/8), 100)
For example, if you generate USD 16.00 in monthly commissions, you will receive 100 lines of market data. If you generate USD 400.00 in commissions, you will receive 100 lines of market data. But if you generate USD 840.00 in commissions, you will receive 105 lines of market data.

Only streaming quotes are counted against your total. Tickers on pages or windows not showing do not receive market data and are not counted against your total.