ESignal & Interactive Broker

[cpatte7372]

Hi,

Can someone please how they find integrating Interactive Broker with esignal? At the moment I use IB's standalone TWS.

Cheers


Carlton

[DuaneG]

Hi Carlton,

You may want to start off by reading through the IBEFS.doc document in the Docs folder of the eSignal directory. This is a good reference guide for getting started with the eSignal / IB integration. I've attached the document to this post for easy viewing.

[cpatte7372]

Hi Duane,

Thanks a lot mate for the info.

Cheers

Carlton

[shaeffer]

IB integration with eSignal

G'day Carlton,

I also use IB TWS (standalone) with eSignal. I am aware that IB can be integrated with eSignal, but don't know what advantages that integration could bring.

On the other hand, running them separately (as I do) gives me two sources of data. This is an advantage since, if one or the other crashes, I'm left with one data source to decide whether to exit any existing trade(s). (Or does the same data still come from IB even if its integrated with eSignal?)

Can an integrated IB platform be symbol-linked to an eSignal chart? So that whenever the chart symbol is changed, an IB buy/sell limit order at the current best bid/offer (and default size) would appear? If so, that would be an advantage. It looks like maybe that's what the efs Duane mentioned does?

If you do pursue integrating IB with eSignal, I'd be interested to hear what advantages or disadvantages you find. Or experiences by others?

Duane, do you know of any advantages to integrating?

Cheers
shaeffer

[DuaneG]

Hi shaeffer,

Thanks for the questions.

In regards to integrating the order passing capability through eSignal to IB, the prices quoted in eSignal are passed to TWS, however IB will continue to supply the data to the TWS platform. Because the relationship is structured in this way, you will still have multiple data feeds working.

The primary advantage of this relationship is speed. The time required to manually enter an order into IB is absolved, as it becomes the responsibility of eSignal passing the order to TWS. As always, it is best to double check to make sure that any order sent from eSignal is matched within the numbers that are provided by IB.

In regards to your other question about linking the integrated IB platform to eSignal charting, if you could clarify exactly what kind of platform you are referring to, it will help answer that question. Would this be done through an external platform such as Bracket Trader or Ninja Trader? Please let me know. Thanks again.

Can an integrated IB platform be symbol-linked to an eSignal chart? So that whenever the chart symbol is changed, an IB buy/sell limit order at the current best bid/offer (and default size) would appear?

[shaeffer]

Hi Duane,

Right now, some signal will trigger my interest in a particular stock. I then enter that symbol into what I call my (eSignal) trading charts, which are linked to also change Level II and T&S. eSignal's symbol linking feature makes all that very quick.

Then I to go into TWS, enter that symbol, and enter buy and sell limit orders at the inside bid/ask, ready to Transmit. I have a default order size set in TWS. (Then I use the arrow keys to adjust the bid or ask price, until I decide to transmit an order).

Its that whole setting up the order in TWS that takes a little time. It would be ideal if the second I enter the symbol in my trading charts, the buy/sell orders (ready to transmit) would be automatically set up in TWS. That's what I meant by linking TWS and eSignal (I don't use any other platforms).

So the above describes ideally what I'd like to have. What I don't know is what the "order passing capability" from eSignal to IB does. Does it do some of that?

Using your efs, is the TWS window (standalone, not web based) open as always, and this efs just passes some info to TWS? Assuming the answer is yes, I've seen some IB data based systems where whole new looking order windows were created - I think that's where I was getting confused.

I didn't understand your response "prices quoted in eSignal are passed to TWS, however IB will continue to supply the data to the TWS platform" Do you mean the Last price per eSignal will be passed to TWS, but bid/ask and all other IB info is from IB?

Maybe I should just run this efs from a chart and see what happens? It won't actually transmit an order will it?

Regards
shaeffer

[DuaneG]

Hi shaeffer,

Thanks for the follow up. I thought I would include the following link to an article in our Knowledge Base that goes into great detail about integrating IB and eSignal.

One of the specific areas that I wanted to comment on was the ability to enter a symbol on the Trading Charts and automatically have the order passed to TWS. With the current integration, this is not possible, however it can be done with EFS. It shouldn’t be too complex to code, but you may want to search through the EFS Knowledge Base and forums for some helpful hints. The IBEFS.doc that I attached earlier in the thread is also another good place to start. Hope this helps.

[shaeffer]

Hi Duane,

Thanks again for your reply. I read thru the link you suggested, and think I understand the integration process. But once integrated, I'm trying to compare the speed and ease of executing a trade. It seems TWS is up and running in either case, so I'm picturing the order process both ways:

1. Directly from TWS, and
2. from eSignal integrated with TWS

In Case 2, I see more software links in the order chain, an extra window and popup, and no less keystrokes. What can you do easier or faster from the integrated system, than directly from TWS?

Regards
shaeffer

[shaeffer]

Duane,

Further to my last note, I can see that the ability of eSignal to generate an IB order simply by clicking on the bid or ask in an eSignal quote window is a powerful tool. But this same thing can be done in the TWS window.

In TWS, I can have a Biotech page with my favorite 10 biotech stocks, and a Semi page with favorite 10 semis, and an Internet page, and a Software page ... etc etc. In TWS I would have to select that page and (maybe) scroll to the symbol to initiate an order. Whereas in the eSignal quote window, maybe I can see these symbols all at once. Is that the integrated system advantage, or is there more to it that I'm missing?

Regards
shaeffer

[DuaneG]

Hi Shaeffer,

Thanks for the comments. There are some order entry efficiencies that can be created by integrating TWS and eSignal. One of the best ways to streamline the two apps is to use the Order Ticket Designer in eSignal, tie it to TWS and then link it so that it populates with the particular symbol that you are interested in. The Order Ticket Designer is pretty slick in the sense that it allows you to create buttons, set size limitations and other order specifics.

You may want to visit the following link in FileShare. There is a video here called Order Ticket.wmv, which goes through several of the preferences that can be set.

Once everything has been set up, the seamless passing of orders from eSignal to TWS is quite effective.