NexusFi: Find Your Edge


Home Menu

 





Is a front end necessary for TWS and if so which is "best" .........


Discussion in Platforms and Indicators

Updated
      Top Posters
    1. looks_one Veritasig with 2 posts (0 thanks)
    2. looks_two Big Mike with 1 posts (1 thanks)
    3. looks_3 bnichols with 1 posts (0 thanks)
    4. looks_4 Jolew with 1 posts (3 thanks)
    1. trending_up 12,753 views
    2. thumb_up 4 thanks given
    3. group 10 followers
    1. forum 12 posts
    2. attach_file 0 attachments




 
Search this Thread

Is a front end necessary for TWS and if so which is "best" .........

  #1 (permalink)
Overview
California
 
Posts: 40 since Dec 2010
Thanks Given: 14
Thanks Received: 4

Hi All
I wanted to ask some of the experienced users here about IB and TWS, as all I know is what I found when I tried the demo of TWS (ie a pretty much cut-down version).

1. Is TWS usable on its own without having a front-end package like Sierrachart or Multicharts or NT7 etc ? What are the drawbacks of just using it as a standalone ?

2. The list of indicators available on TWS is fairly short compared to some other platforms - Ichimoku is a particular one of interest to me - has anyone written one by any chance ?

3. If I want to try and pull an automated system together without writing code or script (eg indicator crossovers, price crossovers etc) using simple (if anything ever is simple) assisted query building, a bit like the strategy wizard/condition builder in NT7 but ideally even easier - what would be good choices for a front-end platform for both building and backtesting?

Thanks very much

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
Exit Strategy
NinjaTrader
Deepmoney LLM
Elite Quantitative GenAI/LLM
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
Futures True Range Report
The Elite Circle
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
59 thanks
Funded Trader platforms
37 thanks
GFIs1 1 DAX trade per day journal
22 thanks
NexusFi site changelog and issues/problem reporting
22 thanks
The Program
20 thanks
  #2 (permalink)
 Jolew 
San Jose, CA
 
Experience: Intermediate
Platform: Sierra Chart
Broker: IB
Trading: Futures
Posts: 113 since Jan 2011
Thanks Given: 54
Thanks Received: 97


Overview View Post

1. Is TWS usable on its own without having a front-end package like Sierrachart or Multicharts or NT7 etc ? What are the drawbacks of just using it as a standalone ?

2. The list of indicators available on TWS is fairly short compared to some other platforms - Ichimoku is a particular one of interest to me - has anyone written one by any chance ?

3. If I want to try and pull an automated system together without writing code or script (eg indicator crossovers, price crossovers etc) using simple (if anything ever is simple) assisted query building, a bit like the strategy wizard/condition builder in NT7 but ideally even easier - what would be good choices for a front-end platform for both building and backtesting?

Thanks very much

1. Sure. I think the main drawback is the charting is not as good. I've always used Sierra, so I haven't used TWS charting much, but it seems to have improved quite a bit. I used to just log in with IB Gateway, but now I am actually logging in to TWS because it does have some impressive capabilities that I find useful (news, fundamentals, options, spread trader, etc..).

3. Sierra spreadsheets are pretty easy for building and testing trading systems once you understand the basics of using the software. It's mainly just standard Excel formulas.

Reply With Quote
Thanked by:
  #3 (permalink)
 dennho 
North East
 
Experience: Intermediate
Platform: Ninjatrader, Quotetracker
Trading: ES!
Posts: 10 since Jun 2009
Thanks Given: 1
Thanks Received: 2


TWS is a garbage platform and it is pretty much implied that you need a 3rd party front end to manage everything, from order management to charting. Don't trade with TWS alone.

Reply With Quote
  #4 (permalink)
FalseProphets
Toledo, OH
 
Posts: 41 since Nov 2012
Thanks Given: 16
Thanks Received: 46

Hello,
There are many good frontends, Ninja being the most affordable.
If you are a discretionary trader, you could chart in Ninja for free and use the ActiveX excel Api to send orders to IB TWS.

Reply With Quote
  #5 (permalink)
 Veritasig 
Toronto Canada
 
Experience: Intermediate
Platform: NT, SC
Trading: ES
Posts: 15 since Nov 2012
Thanks Given: 3
Thanks Received: 1

For day-trading? Absolutely. I'm with IB now, and use NinjaTrader front end. Shopping around though, as it doesn't have the true tick charts I like.

Reply With Quote
  #6 (permalink)
 Veritasig 
Toronto Canada
 
Experience: Intermediate
Platform: NT, SC
Trading: ES
Posts: 15 since Nov 2012
Thanks Given: 3
Thanks Received: 1

I'm considering Sierra Charts. Maybe a trader who uses that product could share their experience?

Reply With Quote
  #7 (permalink)
 
Big Mike's Avatar
 Big Mike 
Manta, Ecuador
Site Administrator
Developer
Swing Trader
 
Experience: Advanced
Platform: Custom solution
Broker: IBKR
Trading: Stocks & Futures
Frequency: Every few days
Duration: Weeks
Posts: 50,399 since Jun 2009
Thanks Given: 33,173
Thanks Received: 101,539


Veritasig View Post
I'm considering Sierra Charts. Maybe a trader who uses that product could share their experience?

IB works fine with Sierra. Use IB Gateway, not TWS. And never use IB for data, get a good data provider like IQFeed.

Mike

We're here to help: just ask the community or contact our Help Desk

Quick Links: Change your Username or Register as a Vendor
Searching for trading reviews? Review this list
Lifetime Elite Membership: Sign-up for only $149 USD
Exclusive money saving offers from our Site Sponsors: Browse Offers
Report problems with the site: Using the NexusFi changelog thread
Follow me on Twitter Visit my NexusFi Trade Journal Reply With Quote
Thanked by:
  #8 (permalink)
 
bnichols's Avatar
 bnichols 
Dartmouth NS
 
Experience: Intermediate
Platform: MC, MC.Net, NT, TWS
Broker: IB / IQFeed / Kids
Trading: Forex, stocks
Posts: 637 since Feb 2010
Thanks Given: 64
Thanks Received: 460

I've used IB as a broker for years, lately TWS for manual (chart) trading in a pinch. It tends to be rock solid compared to 3rd party API platforms and constantly being improved; brokerage service & data good enough for what I do (these days mainly spot currencies).

As far as I know TWS won't incorporate custom Java libraries so short of hacking TWS the API route may be the only way to add additional functionality (like indicators, etc.). In that regard it's conceivable NT or MC.Net could be coerced into providing a graphical strategy builder to the extent they expose .Net features but that's a job for a developer.

As you likely know a web search for "trading strategy builder" or similar turns up a number of commercial point & click building block type strategy development platforms, as well as a few open source types that show some promise (e.g. apparently Java based trade-manager - Trade Manager automates technical trading of candle stick charts with an interface to [AUTOLINK]Interactive Brokers[/AUTOLINK] Trader Workstation (IB TWS). - Google Project Hosting) and I believe there is (or was) at least one movement to write a custom platform on futures.io (formerly BMT). I've never been involved with any--platform the least of my worries as a trader --so can't recommend any.

If you have no luck finding a platform that meets all your requirements, including bullet-proof backtesting, in one package over the long haul perhaps if you align with a developer or development group you might be able to advise on the user interface. There are many talented developers on futures.io (formerly BMT) and there's always a next-gen NT wishlist thread.

Visit my NexusFi Trade Journal Reply With Quote
  #9 (permalink)
WSMJH
Minneapolis
 
Posts: 5 since Mar 2012
Thanks Given: 0
Thanks Received: 1

When I was with IB, I had IB+Ninjatrader. TWS is one of the worst platforms out there. I don't recommend it at all. It really is sad that one of the best brokers out there doesn't have a decent front end. IB should buy out multichart, ninjatrader or someone as a technology acquisition, just like TD bought out TOS.

Reply With Quote
  #10 (permalink)
Third Base
hong kong
 
Posts: 8 since Dec 2012
Thanks Given: 0
Thanks Received: 8



WSMJH View Post
When I was with IB, I had IB+Ninjatrader. TWS is one of the worst platforms out there. I don't recommend it at all. It really is sad that one of the best brokers out there doesn't have a decent front end. IB should buy out multichart, ninjatrader or someone as a technology acquisition, just like TD bought out TOS.

I for one think the platform has come a long way and is highly configurable which suits my needs. Take some time, play around with the paper trader and figure out what works best. I've got my columns, hot keys and defaults set to my liking and find it really good for trading multiple asset classes.

Reply With Quote




Last Updated on February 2, 2014


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts