IB and complimentary software setup

All,
I'm considering openning an Interactive Brokers account but want to understand what it offers before I go in. I understand that it's a real-time order execution system. And, various real-time data feeds can be subscribed to for price info. I take it, however, that this data can't be saved or piped into another application (like Tradestation or metaStock) for generating charts and performing analysis?

I ask because I'm considering buying some software to support the development and expansion of my trading strategy. Before I pay for any software I need to understand what IB does that I needn't pay additonal cash for. What software are other people around here using to complement their IB accounts? Can I "frontend" IB with any software I might buy - like TS or MetaStock?


Thx in Advance,
D

I take it, however, that this data can't be saved or piped into another application (like Tradestation or metaStock) for generating charts and performing analysis?

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You can use IB to supply data into Tradestation and if you use TS2000i then it is automatically saved. What you cannot do is get back data from IB. So if you wish to use IB then I would suggest subscribing to another data provider that will allow importing of historical data and you will be fine. IQ is one I would suggest but others will have different preferences.


Paul

Trader333 said:

You can use IB to supply data into Tradestation and if you use TS2000i then it is automatically saved. What you cannot do is get back data from IB.

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Do you mean that I write data to IB from Tradestation? So I can get quotes but can't, for example, automate trades?

Trader333 said:

So if you wish to use IB then I would suggest subscribing to another data provider that will allow importing of historical data and you will be fine. IQ is one I would suggest but others will have different preferences.


Paul

Click to expand...

Tradestation uses HISTORYBANK.COM doesn't it? So I'd need to use IQ (is this DTN.IQ?) to keep my historic data up to date? Am I understanding you correctly?


Thx in Advance,
D

I don't know about TS but I've always used Sierra Chart (not as complex as TS, admittedly, but I have a real simple strat) for IB, which does give some historic data from the IB feed when you fire up Sierra.

fundjunkie said:

All,
What software are other people around here using to complement their IB accounts? Can I "frontend" IB D

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Yes you can
I Use:
QuoteTracker for charts http://www.medved.net/quotetracker/ (excellent charts and support).

BracketTrader http://www.bracket-trader.com/home.html for order entry. Allows clicking of limit orders onto a depth of market window and then , on fills, automatically brackets the order with two OCO exit orders which can then be moved around on the DOM window.

I think what Paul meant when he said you cannot get "back data from IB" is that you cannot get an historical feed from IB. In fact a 5 day historical feed is available from IB, but you will have to subscribe to IQ or the one you mentioned if you need to go further back.

fundjunkie said:

Do you mean that I write data to IB from Tradestation? So I can get quotes but can't, for example, automate trades?

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No I meant the opposite data received from IB into TS2000i is saved. I have not tried to automate trades so I am not the best person to ask although I believe that it is possible.

Tradestation uses HISTORYBANK.COM doesn't it? So I'd need to use IQ (is this DTN.IQ?) to keep my historic data up to date? Am I understanding you correctly?


Thx in Advance,
D

Click to expand...

Historybank is no longer supported so yes I would suggest IQ feed as there are some free tools to help import data into TS2000i from IQ and these can be found at http://www.hypertrader.it/freetool.shtml and they are good in my view.


Paul

One thing about hypertrader: a lot of their free tools will expire at the end of this year and will then require a fee. Hypertools will not be free, and some versions of hyperserver (don't know which yet). I just heard this morning, so have no further details yet.
Steve

You can get 6 months back data from IB for anyhing between 10 second and daily bars, but you'll need to write a program to retreive it via their API, incrementing the date accordingly. Well that's the theory, it's still a bit buggy in practice

rog1111

peto said:

Yes you can
I Use:
QuoteTracker for charts http://www.medved.net/quotetracker/ (excellent charts and support).

BracketTrader http://www.bracket-trader.com/home.html for order entry. Allows clicking of limit orders onto a depth of market window and then , on fills, automatically brackets the order with two OCO exit orders which can then be moved around on the DOM window.

I think what Paul meant when he said you cannot get "back data from IB" is that you cannot get an historical feed from IB. In fact a 5 day historical feed is available from IB, but you will have to subscribe to IQ or the one you mentioned if you need to go further back.

Click to expand...

riddle said:

One thing about hypertrader: a lot of their free tools will expire at the end of this year and will then require a fee.

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Oh dear I wasnt aware of that and I think my licence lasts until 2007 but I maybe wrong. If this does happen then I will just have to write a trading interface between IB and TS myself.


Paul