How to Use Interactive Brokers TWS 2025 | Chart, Order Entry, Scanner & Layout Setup

Interactive Brokers TWWS Platform Tutorial

Introduction to the Interactive Brokers TWWS Platform

• The video introduces the Interactive Brokers Trader Workstation (TWWS) platform, highlighting its complexity and features. The tutorial aims to help users customize their layout, chart settings, indicators, order entry, watch lists, and scanners.

• Shay, also known as Humble Trader, shares her extensive trading experience of over 10 years with the TWWS platform. She assures viewers they are in capable hands for learning this tool.

Customizing Layouts

• The tutorial begins with an overview of the current layout on the TWWS platform and emphasizes that it is a paper trading account for demonstration purposes. Users can start with pre-built layouts or create custom ones by clicking a plus icon at the bottom of the screen.

• Shay suggests starting with layouts suitable for short-term chart trading or order entry combined with portfolio views. She demonstrates how to select and add these layouts effectively.

• After selecting a layout for day trading, she explains how various components like charts, watch lists, orders pending, and time sales populate within the interface. Users can also create their own preferred layouts from scratch if desired.

Creating a Custom Layout

• To create a new layout from scratch, Shay walks through adding different windows such as charts at the top and order entries at the bottom while ensuring all elements snap into place correctly on the grid system provided by TWWS.

• Important components include market depth (level two), portfolio management tools, watch lists, trade history logs, and order management systems which can be customized according to user preferences. She stresses unlocking the layout feature to allow movement of windows around easily during customization.

Finalizing Your Preferred Layout

• Shay showcases her preferred setup featuring advanced charts at the top and traditional charts below them along with news feeds and order entry windows positioned strategically for ease of access during trading activities. This arrangement is designed to enhance user efficiency while trading intraday stocks or options.

• Viewers are encouraged to save their customized layouts under specific names (e.g., "intraday trading") so they can switch between multiple setups based on their needs throughout different trading sessions.

Chart Settings Overview

• Transitioning into chart settings customization, Shay unlocks additional features in interactive brokers' traditional charting system which has been in use since early 2000's but may feel outdated compared to modern platforms today; however it still holds valuable functionalities for traders when set up correctly.

Interactive Brokers Chart Setup

Understanding the Legend and Crosshair

• The legend is a crucial part of the chart, providing essential information. It can be toggled on or off for clarity.

• The crosshair feature helps in mapping trades visually on the chart, enhancing user interaction with data.

Trade Visualization Settings

• Trades are represented as triangles on the chart; red indicates selling/shorting while blue signifies buying.

• Users can customize their charts to show data outside regular trading hours, including pre-market (4:00 AM - 9:30 AM) and after-hours trading (4:00 PM - 8:00 PM).

Time Frame Adjustments

• Users can switch between different time frames such as hourly, five minutes, or daily to analyze trends effectively.

Adding Indicators and Studies

• Interactive Brokers allows users to add various studies like intraday VWAP and prior day's close by editing studies.

• For daily charts, users can incorporate indicators like Simple Moving Average (SMA), adjusting colors for better visibility.

Customizing Chart Appearance

• Users can change indicator colors through settings; however, sometimes adjustments may not reflect immediately.

• The Exponential Moving Average (EMA), particularly the 8 EMA for swing trading, can also be added with color customization options.

Font Size Adjustments

• Font size customization is available but may require navigating through hidden settings within Interactive Brokers' interface.

• Default font sizes might be too small for some users; increasing it to a more readable size is recommended.

Drawing Tools and Trend Lines

• Various drawing tools are accessible for marking trend lines directly on charts. This aids in visual analysis of stock movements.

• Users should ensure toolbars are visible by enabling them in the view settings if they are not displayed initially.

Symbol Linking Feature

How to Use Advanced Charts in Trading View

Linking Windows and Icons

• Ensure that the icon for grouping windows is consistent in color across all windows to avoid confusion when switching between different groups.

• When switching to a new stock (e.g., Tesla), ensure that all linked windows update accordingly; otherwise, they may retain previous symbols.

Introduction to Advanced Charts

• TWWS introduced advanced charts from Trading View at the end of 2023, which offer enhanced usability and customization options.

• To access advanced charts, open a new window and search for "advanced chart" within the platform.

Customizing Indicators

• Users can add indicators like RSI by clicking on them; settings can be adjusted for parameters such as period length (e.g., changing from 14-day to 20-day).

• The style and visibility of indicators can be customized, including color changes (e.g., from purple to white).

Managing Indicator Panels

• Indicators can be rearranged or collapsed into different panels; users have flexibility in how they display volume indicators.

• Right-clicking on an indicator allows users to move it to a new pane or delete it entirely.

Chart Settings Adjustments

• Access chart settings via right-clicking; options include hiding grid lines and changing background colors.

• Extended hours trading can be enabled under symbol session settings, allowing differentiation between pre-market and after-hours trading sessions.

Utilizing Drawing Tools

• The drawing tools toolbar provides intuitive options for creating trend lines and planning trades directly on the chart.

• Users can plan long or short positions using visual tools that calculate risk-to-reward ratios based on user-defined entry points.

Planning Trades with Risk Management

• The tool allows users to visualize potential entries and exits while calculating risk-to-reward ratios effectively.

Measuring Market Movements and Using Trading Tools

Measuring Price Movements

• A measuring tool can be utilized to assess market movements, such as tracking the decline from today's high to the end of day, which has shown a 6% decrease.

• Various indicators are available for traders, including Fibonacci channels, which can provide additional insights into market trends.

Advanced Charting with Trading View

• The advanced charts on Trading View within TWWS (Trading Workstation Web Service) offer valuable tools for analysis; viewers are encouraged to follow along in a step-by-step demo.

• Engagement is encouraged through likes on the video content, indicating viewer appreciation and interaction.

Understanding Montage Types

• There are two types of montages in TWWS: traditional level two and level two trader; focus is recommended on the level two trader for enhanced functionality.

• To access the level two trader window, users should navigate to 'new' and type in 'level two', selecting 'market depth trader' to open it.

Configuring Level Two Trader Settings

• Users can customize their quote panel by adding or removing indicators like VWAP (Volume Weighted Average Price), adjusting settings according to personal preferences.

• Execution buttons can be added for faster trading actions; examples include buy buttons and close position options that streamline order management.

Button Configuration for Efficient Trading

• Buttons can be configured by accessing the button line settings; users may add various functions such as buying or selling specific products easily.

• Customization options allow changes in button colors and sizes, enhancing visibility during trading activities.

Order Transmission Settings

• For orders to transmit automatically, an "armed" button must be enabled; otherwise, orders will not go through without manual transmission confirmation.

• Users may encounter issues with order rejections due to insufficient funds in paper trading accounts; adjustments may need to be made accordingly.

Enhancing Montage Appearance

• The default montage color scheme may require customization for better visibility; right-clicking allows access to configuration settings for improved user experience.

Customizing Trading Interfaces for Enhanced Usability

Streamlining the Display of Trading Data

• The speaker discusses the importance of customizing trading interface columns, focusing on essential data like price and size while removing unnecessary columns to simplify the view.

• They emphasize mirroring bid and ask columns to enhance clarity in market depth visualization, allowing traders to see different layers of buy and sell orders effectively.

Color Customization for Better Visibility

• The speaker demonstrates how to change text colors against various backgrounds (e.g., blue with black text), aiming for better visibility of order stacks.

• They suggest using contrasting colors (like green and orange) for different order layers, making it easier to distinguish between them during trading activities.

Adjusting Font Size and Column Layout

• Instructions are provided on adjusting font sizes across the trading window, ensuring that critical information is easily readable.

• The speaker explains how to rearrange column layouts by dragging them, prioritizing important data such as price over less critical information like time.

Configuring Time and Sales Display

• A discussion on configuring the time and sales display reveals limitations in customization compared to other windows; however, adjustments can still be made for better readability.

• The speaker shares their preference for a simple color scheme (white font on gray background), highlighting uptick and downtick changes with distinct colors for quick recognition.

Order Entry Methods Explained

• The speaker introduces various methods for placing orders, including hot buttons and an order entry window, noting personal preferences based on speed and efficiency.

Order Entry and Management Techniques

Basic Order Execution

• Users can easily change font size in the interface, with an example of setting it to 16.

• To sell shares, simply click "sell" without needing to edit the order first; confirmation is given when the order is filled.

Saving and Modifying Orders

• Users can save orders for future execution instead of sending them immediately; this allows for quick submission once a desired price is reached.

• Orders can be dragged to adjust prices before being sent to the market, providing flexibility in trading strategies.

Transmitting Orders

• To send an order live to the market, users click "transmit," which prepares the order for execution based on current market conditions.

• Users have options to save or cancel orders at any time before they are transmitted.

Advanced Order Types: Bracket Orders

Understanding Bracket Orders

• A bracket order includes both a stop-loss and a profit-taking point, allowing traders to manage risk effectively while aiming for profits.

• Example provided of going long on Nvidia with predetermined profit at $96 and stop-loss below $94; this structure helps mitigate losses.

Executing Bracket Orders

• Once a bracket order is set up, if one condition (profit or loss) is met, the other automatically cancels, streamlining trade management.

• The system shows real-time updates on orders filled and cancelled based on market movements.

Utilizing Watch Lists and Scanners

Creating Watch Lists

• Users can create new watch lists by clicking a plus icon; these lists help track specific stocks like Tesla or Palantir.

Customizing Watch List Features

• Options exist to add various columns such as news titles or volume metrics for better analysis of stock performance within watch lists.

Configuring Watch Lists and Scanners in Interactive Brokers

Customizing Watch Lists

• Users can configure the font size of their watch lists, with a recommendation to set it to 16 for better visibility.

• Additional columns such as volume change percentage and news titles can be added to enhance the functionality of watch lists.

• The scanner settings are accessible through a popup window, allowing users to select different market scanners like US movers or dividend yield scanners.

Utilizing Market Scanners

• The default market mover scanner is described as somewhat clunky but functional; users can customize it according to their trading preferences.

• Filters can be applied to show stocks within specific price ranges (e.g., $1 - $500), excluding penny stocks from results.

• Users can filter stocks based on daily percentage changes, allowing them to focus only on those that have increased by a certain threshold (e.g., 5%).

Advanced Filtering Options

• Stocks can also be sorted by market capitalization, enabling traders to target companies above a specified value (e.g., at least $800 million).

• Average volume filters allow users to see stocks with significant trading activity, with an example filter set at 500,000 shares.

Managing Scanner Settings

• Users have the option to rename their scanners for easier identification (e.g., "gap scan") and manage multiple scans simultaneously.

• Adjustments such as changing font sizes help improve readability when toggling between watches and scanners.

Summary of Features Discussed

• A comprehensive overview was provided covering charting, montage order entry, scanner functionalities, and watch list management.

• Users are encouraged to ask questions about any discussed sections for further clarification.