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Looking for a Solution to Position Sizing


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Looking for a Solution to Position Sizing

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  #1 (permalink)
Shanghai, China
 
Experience: Intermediate
Platform: MetaTrader, TWS
Trading: ES
 
Posts: 30 since Jul 2014
Thanks: 60 given, 10 received

Hello everybody,

I'm looking for a solution to automate position sizing based on defined risk (% of capital). It should work this way: when I place the order, after I set the stop loss level, it automatically calculates the order size and sends the order to TWS. I need it to work with futures, stocks and forex. I'm looking at two options:

1) A system/tool that has two-way data exchange with TWS. It retrieves market data and contract details data from TWS. You place order with this system/tool by setting order type, buy or sell, price, stopless and TP level, it calculates the order size and transmit the order to TWS.

2) I already coded some MT4 scripts for order placement and those scripts calculate order size automatically. For this option I need a data bridge between MT4 and TWS that supports two way communication: transmit market data and contract details from TWS to MT4 and transmit order from MT4 to TWS.

Can anyone suggest a system or tool to do the job ?

Thanks in advance !

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  #2 (permalink)
Chattanooga TN/USA
 
 
Posts: 13 since Sep 2014
Thanks: 5 given, 2 received

I use IB and have looked into automating some strategies and I think it is possible to do what you want through the API feature of TWS.

If you look in IB Marketplace on the their website you will find a section that lists some programmers who are probably capable of doing what you want but it may be costly.

Unfortunately I do not know of anything existing or free that will accomplish your goal. There are some companies that advertise their software in IB Marketplace and say they have automated trading capabilities but you would just have to research them to see if you can find one that does what you are specifically wanting to do.

Sorry I could not be more help but maybe this will get you looking in the right place for some options.

Good Luck

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  #3 (permalink)
Edinburgh, UK
 
Experience: Intermediate
Platform: ninja
Trading: eurusd
 
Posts: 22 since Jan 2010
Thanks: 8 given, 15 received


have not used either so can't vouch for whether they work but may be worth looking into

MTIBBridge: MetaTrader - InteractiveBrokers Interface Application

MTPredictor.com | Control Your Trading Risk and Win

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  #4 (permalink)
Johor/Malaysia
 
 
Posts: 13 since Aug 2014
Thanks: 3 given, 1 received

I'm also looking for a solution to the aforesaid matter for position sizing & a way to predetermine SL risked $ & TP profit $, prior trade submission. Is there any way to do that? Hope some TWS veterans could advice.

Thanks.

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  #5 (permalink)
Johor/Malaysia
 
 
Posts: 13 since Aug 2014
Thanks: 3 given, 1 received


realcapri View Post
I'm also looking for a solution to the aforesaid matter for position sizing & a way to predetermine SL risked $ & TP profit $, prior trade submission. Is there any way to do that? Hope some TWS veterans could advice.

Thanks.


Hi all TWS registered user, I've posted a feature poll request for position sizing purpose in TWS. Please visit IB's site at the following link to vote for that feature if you want to position size easier within TWS. However do note only registered user of IB live trading account may vote..

TWS feature poll request link: https://www.interactivebrokers.com/en/general/poll/?sid=10355


Although I'll prefer to have position sizing capability incorporated into chart trading directly, something like how Position Sizer is for ninjatrader. But due to the concern that IB may not even consider my request for something as complex as Position Sizer, I decided to request for something much easier. Hope IB's developers implement this asap. It'll make position sizing so much easier without relying on some paid 3rd party programs..

Thanks all.

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Last Updated on November 3, 2014


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