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Browser-based or Stand-alone?

You can run TWS directly from your internet browser, or download the application to your desktop and run it from your PC. If you have a broadband connection, we recommend running the browser-based version of TWS, since this requires minimal maintenance and ensures that you are always running the latest release.

If you use a dial-up connection, we suggest downloading the TWS standalone version and running it from your desktop, as this may result in better performance. To download the standalone version, from the Software menu select Trader Workstation. From the Software tab, select your platform from the Standalone Downloads section.

Note that you must have Internet access in order to receive market data and submit orders, regardless of whether you are running TWS from the browser or from your desktop.

Log In

Once your account has been approved and funded, you'll be able to successfully log in to the Trader Workstation.

To log in to the browser-based version, from the Login menu select Trader Workstation. In the Login box, enter your username and password, and click Login.

To log in to the standalone version, double-click the TWS icon on your desktop, enter your username and password, and click Login.

Add Market Data

TWS supports direct-access trading for options, futures, forex, stocks, bonds and funds. It's easy to add market data to your trading window. To view real-time data, you must log in to Account Management and select your market data subscriptions from the Trading Access menu. Products to which you do not subscribe will display delayed data if allowed by the exchange.

1. Click in a blank line, enter an underlying symbol and hit Enter.
   
   
2. Choose a product. For assets that require you to define or select an asset class, select the expiration month and year.
   
   
3. In the Contract Selection box, highlight the contract(s) you want to add and click OK.
   Hint: Use the filters in the left pane to limit selections that are shown in the right pane.
   
   
4. Continue to add ticker lines to your trading window. Choose SMART as the routing destination to get best-price execution through IB SmartRouting^SM.

Submit An Order

Click in the bid or ask price for a specific contract to instantly create an order directly below the ticker line.

Click the Ask price of an asset to create a BUY order.

Click the Bid price of an asset to create a SELL order.

 

 

Use the Order Wizard to help modify order parameters before you transmit, or to help you create an order based on your trading objective. The categories in the left pane (Basic, Size, Price, Timing, Algorithm, Protection, Speed, Routing, Conditional, and Display) control the output selections in the right pane. Any changes you make to the order using the Order Wizard are reflected immediately in the order line. To open the Order Wizard, click the Order Wizard icon in the trading toolbar.

To transmit the order, click the "T" in the Status field. To cancel an order, click the "C" in the Status field.

 

 

 

Monitor Account Activity

Click the Account icon on the Trading toolbar to open the Account window. This window shows real-time balances, margin requirements, buying power, P&L, market values, portfolio details and more for your account.

View Trades

View real-time trade reports listed line by line, and netted by contract.

Click the Trades icon on the Trading toolbar to open the real-time Trades window. This displays daily execution reports, including those completed during after-hours trading. For orders with multiple legs, or orders that execute portions at different prices or on different exchanges, click the "+" sign to the left of the execution to see details. Use the Settings menu to enable blinking notification of executions.

Display or Hide Features

Use the Feature Selector to define the modules in your environment, and Global Configuration to configure all aspects of your workstation.

To configure features, on the Configure menu select Global Configuration. Use the left pane to navigate to different TWS features, use the right pane to configure them.

To display or hide features, on the Configure menu select Feature Selector. Use the Expand key to the left of each category to see individual features. Those that are currently available are checked. To hide a feature, simply uncheck it. You can hide and display features at any time, and do not need to restart TWS.

Options involve risk and are not suitable for all investors. For more information, read the “Characteristics and Risks of Standardized Options” before investing in options. For a copy call 203 618-5800 or click here. There is no guarantee of execution. Orders will be routed to US options exchanges.

Any trading symbols displayed are for illustrative purposes only and are not intended to portray a recommendation.

Interactive Brokers LLC is a member of NYSE, FINRA, SIPC

Live Trader Workstation Demos

The Trader Workstation (TWS) is our full-featured java-based trading and order management application. The TWS demo mirrors the actual TWS in both form and function except market data is simulated based on the previous week's ticks and orders are not actually executed and cleared. However, TWS demo functionality is identical to that in the actual application.

Please choose one of our TWS demos below. Our single user Individual Demo and our multi-user Advisor Demo (1 master and 2 client accounts) utilize Reg T Margin calculations. Our Portfolio Margin demo utilizes value at risk based margin calculations for US stocks, stock options, index options and single stock futures. Portfolio Margin accounts are available for customers with over USD 100,000 (or USD equivalent) in their account.

Use the online version to take advantage of the index, search and other navigational features. Use the printable PDF version to print multiple topics or the entire guide. Please note that features described in the TWS Users' Guide are available in the latest production version of the browser based application.

 

PaperTrader IB offers a paper trading account which allows traders to test the full range of IB trading facilities in a simulated environment using real market conditions. Use this test environment to: Learn TWS features without risk, including different order types and algos. Learn market dynamics in new exchanges and products. Simulate and test trading strategies. Test your Application Program Interface (API) solutions. Creating a Paper Trading Account The PaperTrader is linked to your TWS production account. To create a paper trading account, log into Account Management and use the Trading Access menu. Accounts are created within 24 hours under normal business circumstances. You will be notified by email when the account is ready for trading. Paper trading accounts are only available after your production trading account has been approved and funded. Accessing Your Paper Trading Account Once your paper trading account is active, you can log in from the TWS login box using your PaperTrader username and password. Please save and protect the PaperTrader user ID and password in the same way you would protect other confidential password information.

Note: Any symbols displayed are for illustrative purposes only and do not portray a recommendation.

Click on a build number or a topic in the table below to access the associated Release Notes.

Build 900 November 24, 2009	Templates for Accumulate/Distribute Algo See Delayed Market Data for Unsubscribed Tickers Bracket Orders Supported in BasketTrader View Current News Headlines in Trader Dashboard Rebate Mode in Stock Borrow/Loan Display Check Risk Pre-Order from Trading Window Custom Risk Scenarios in IB Risk NavigatorSM Hide Local Options Symbol Movable Margins Added to Charts Quick Click Icon to Show/Hide Volume in Charts See Term Structure Charts for Futures	Build 899 October 14, 2009	Stock Borrow/Loan Trading Tool Trading Tools Enhancements Portfolio Hedge in IB Risk NavigatorSM Edit Industries in IB Risk Navigator Stock/Stock Combination Add Liquidity for Two-Legged Combos Deep Data Subscriptions for Options Add Arrows to Chart Trendlines
Build 898 September 11, 2009	ScaleTrader Enhancements OptionTrader Loads Single-Side Chains Links to Options and FX Commentary Auto-Adjust Algo Order Dates Midpoint Offset Added to Update Orders Feature Hide Pivot Point Indicator Lines Set Alerts from Within a Chart	Build 897 July 24, 2009	OptionTrader Chain Headers Advisor Allocations in Accumulate/Distribute Enable Order Ticket Features Non-US Smart Combos Date Chooser Enhancements Completed Order Display Filter Realtime Charts Enhancement Moving Average Quote Column
Build 896 June 24, 2009	Enhanced Update Orders Functionality Trader Dashboard Settings Earnings Estimates removed from Ticker Line Rename Page Tabs Using Right-Click New Dividend Yield % Field Smart-Routed Combos for Non-US Products New If Touched Trigger Field for MIT and LIT Orders Multi-Account Users: New Order Origin Selection Trades Window New Chart Icons Disable Inline Order Editor	Build 895 May 26, 2009	Enhanced ScaleTrader with Interactive Chart OptionTrader Loads Position Chains Optional Trade Time Market Data Column Two New "Trailing If Touched" Order Types Show Own Trades on Charts Precautionary Settings for Algos Post Liquidity via Post-Only Order Attribute
Build 894 April 27, 2009	Deep Book Allowance Increased to One Per Every 100 Tickers IB Risk NavigatorSM Expiry Data Slicer Modify the Order Side on Working Orders Precautionary Settings Now Use Default System Limits	Build 893 March 12, 2009	Time Slice Order in Option Portfolio Algo Real-time Charts Assume Risk for Partially-Filled Smart Combos Advisors: Allocate Combos using Percent Change Multiple Market Data Window Allowed per Symbol Midpoint Added to Forex Time and Sales More Optional Market Data Columns Added
Build 892 February 02, 2009	Advisors Can Now Trade Funds for a Single Account Accumulate/Distribute Algo Supports Combination Orders Continued Enhancement to Market Scanners Charts Add Slider to Quickly Increase/Decrease Day Range	Build 891 January 09, 2009	Rebalance Window Allows Import/Export Global Market Scanners ISW support for Algo orders Global Configuration Redesign BookTrader Order Control Enhancements Real-time Charts Enhancements Advisors: Position and P&L for Multiple Accounts

Note: Any symbols displayed are for illustrative purposes only and do not portray a recommendation.

The table below outlines our suggestions for both minimum and recommended system requirements to run the IB TraderWorkstation^SM.

The enhancements and modifications below are in build 903 of TWS. To identify the build number, on the TWS Help menu select About Trader Workstation.

The order presets functionality and page layout has been redesigned. There is now a top-level parent preset, designated with a crown icon in the left pane of Global Configuration, which is the starting point for all preset default settings. The right pane has been enhanced to include hide all/show all icons on the top of the page, and buttons that allow you to show All enabled fields or All possible fields. The child preset panes include a third show button, Overridden fields only, which will display only those fields whose value differs from that in the parent preset.

The order default fields have been reorganized into collapsible sections including: Timing, Size, Primary Order, Target Order, Attached Stop Order, Miscellaneous, Precautionary Settings, Algorithm, and Display Settings.

A new market scanner parameter for US Stocks, High Dividend Yield, has been added to the Market Scanners. To view scanners, from the Information menu select Market Scanner. Select an Instrument, Location, Filter (if desired) and Parameter and click the Query button. The scanner returns the top 50 products that meet the scanner criteria.

A second yield-related column has been added to the Trades window to show yields on bond trades. The Tx Yield columns shows the actual yield on the transaction, and the Yield column now shows the calculated yield which includes the transactional yield plus commissions.

The Custom Scenario feature in the IB Risk Navigator has been expanded to reflect the "what-if" P&L on the existing Portfolio Relative P&L graph. The custom P&L is displayed in purple, while the real-time market P&L is displayed in red. To create a Custom Scenario, open the IB Risk Navigator from the Analytics menu. From the View menu in the My Portfolio window, select Custom scenario.

For details and examples on using this feature, see the TWS Users' Guide.

The .csv file that is created when you elect to Export your portfolio from the Account window File menu is now clearly separated into three sections with headings: Portfolio, FX Portfolio, and Cash Balances. In addition, the fx positions now display as expected, using the same convention as in the account window.

You can now configure charts to display all orders for the primary chart contract, instead of only those orders that were submitted from within the chart. A new chart configuration section on the Charts - Settings page, Order Display, allows you to define settings for both ChartTrader orders and all other orders.

A new Display setting in charts, Margin area, has been added. If checked, you can change the right-hand margin in a chart by holding your cursor at the right margin until it changes to a blue double-sided arrow, then clicking and dragging the magenta margin line to the left. If unchecked, the margin cursor will be disabled.

A new configuration setting, Master API Client ID, has been added to the API configuration page. If a value is entered here, all live orders and order status updates will be sent to the API client that logs in with the specified client ID.

A new optional routing feature, Try to post where the order will be on the top, has been added to the Smart Routing configuration page. If checked, the smart router will attempt to route your order to an exchange where it will sit at the top of the book. Enabling this feature doesn't guarantee that your order will end up at the top of the book, and may reduce the chances of your order filling.

A new series of optional Bond analytics fields has been added to the Market Data Columns section of the Layout manager under the Bond category. New analytics fields include: 10 yr hedge, Convexity, Duration, and Value of BPs. Add these fields by right-clicking in any heading label at the top of a trading page and selecting Customize Layout.

The following additions and modifications have also been included in TWS build 902:

• API: Users can now access the API configuration page directly from the new startup API information messages.
• Blotter: The OMS Blotter ticket now correctly supports trade allocations in the form of an Account Group or Allocation Profile.
• Blotter: A new editable Commissions column in the Combination Legs table of the Order Ticket allows separate commissions to be specified for each individual leg of a combo order.
  

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