Software settings are stored locally on your computer the first time you log in and changes will be automatically saved when you log out. If you intend to access your account from other computers, you can choose to store a copy of your settings on IB's servers. Settings are only accessible with your login credentials, so you can view the same trading configurations, regardless of the machine you use to access your account.
TWS has two workspaces:
Once logged into TWS, you can easily switch between the Mosaic workspace and the TWS Classic spreadsheet by clicking the tabs on the bottom left of the workspace. Both set-ups provide access to any of the specialized, self-sufficient trading tools with embedded order management fields.
In Mosaic, windows are grouped using the colored link icon on the top right of each title bar. All windows with the same color are part of the same group. When you change a ticker, all color-linked TWS windows will update immediately. Mosaic uses separate order entry and order activity windows to create and manage your trades.
TWS provides Advisors the ability, pre-trade, to distribute shares among multiple client accounts when you create an order. For multi-structured account types, the Order Entry window includes an account selector and pre-trade allocation fields allowing you to create and manage orders directly from the Mosaic workspace.
The Mosaic Order Entry window for Advisors includes the ability to specify Account Groups or Allocation Profiles when placing orders.
Existing Advisor clients using the IBIS research platform will need to click the blue New Window button to add the Order Entry and the Order Management windows to their workgroup.
The two primary methods for defining allocations are:
Both of these methods require that you create a group, assign accounts to the group, and define the group's allocation method.
First, you will need to define groups and profiles using Global Configuration â€“ File | Global Configuration, Advisor section.
When you create an order and choose an Account Group, the order uses the pre-defined method to automatically calculate ratios and allocate order shares to a group of accounts based on a selected allocation method.
Percent Change â€“ will increase or decrease an existing position.
Available Equity â€“ distributes shares to each acct in the group based on the available equity in each account.
Net Liquidation â€“ distributes shares based on Net Liquidation in each account. TWS calculates a ratio based on each account's Net Liquidation and allocates shares based on these calculated ratios.
Equal Quantity distributes shares equally between all accounts in the group. (For a 100 share order, if your Account Group includes 3 accounts, each account receives 33 shares, then (in order as described in the group) an additional share is allocated until entire quantity is distributed. So in this example the first account gets 34 shares and each of the other two accounts would get 33 shares apiece.
Tip: When placing a closing trade involving multiple accounts use the Pct Change method. If you use the same method to close a position as you did to open the position (for example Net Liq) it will result in a total net position of zero -- but it may create a situation where one account is short one contract while another account is still long one contract.
An Allocation Profile applies to a group of accounts but unlike Account Groups, (where a single method applies to all accts in the group) the Profile requires you to manually specify a value for each account in the group. In Mosaic, setup Account Profiles by selecting the Allocation pull down list and choosing Setup.
Now when you create an order, the account groups and allocation profiles will be listed along with the individual account numbers in the Allocation pulldown in the Mosaic Order Entry window and in the TWS Classic order row.
Execution only clients can configure allocation templates to quickly allocate one or multiple trades to a pre-defined clearing broker.
The default allocation will be used automatically when you create an order. You can modify the allocation on a per trade basis, and change the default allocations at any time.
If you select an Account group, the default allocation displays in the Method field. Click in the Method field to select a new method, applied to all accounts in the group, for this order.
When creating orders from the Order Entry window, Advisors can allocate shares using the Allocation pulldown list to specify the account(s) for your order. You can select:
If an Account Group is selected, then choose the Allocation Method - Percent Change, Available Equity, Net Liquidation or Equal Quantity. If Percent Change is selected, enter the value in the Pct. Change text field. You don't enter a quantity in this type of allocation since the order quantity is calculated by TWS by the change in position, the order quantity populates after the order is acknowledged.
The activity window displays all orders and trades. Using the account selector pulldown list at the top right, you can track the activity for the master account, a Group of accounts, specific Models or any of the individual accounts. Right click on the column header to insert additional columns, i.e. Allocation method.
The Portfolio tab in the Monitor window also includes an Account Selector on the title bar.
The TWS Classic Quote Monitor tab displays the same common market elements that are in the Mosaic Monitor lists and also includes expanded quote details such as bid/ask prices and sizes, etc. for all tradable products. Position values including P&L, average cost and market value are displayed for your held positions. Colors are used to give you at-a-glance information â€“ from directional movement, to order status and more. You can add/remove, rearrange and even resort the columns on each tab according to your trading preferences.
Before you begin to trade you'll need to populate the Quote monitor by adding tickers for real time streaming quotes. With access to over 100 global markets it's important to specify the ticker, instrument and regional exchange.
Where available, equity and options tickers use "SMART" for an aggregate price display and sets up your orders for IB's SmartRoutingSM. This dynamic technology scans competing market centers seeking to automatically route orders to ensure that each piece of an order is filled at the exchange with the best price and liquidity.
You can display an unlimited number of symbols, but only 100 tickers show active quotes at any one time on the platform. Additional Quote Monitors can be created using the "+" icon in the title bar.
Quote Monitor pages serve as the main trading pages with quick click order capabilities for TWS Classic.
Quick click order entry in the TWS Classic interface means you can instantly create orders with a left click on the Bid or Ask price of an interactive quote line. Each order row appears directly beneath the market data row.
The order row contains additional columns for Advisors: Allocation, Method and Pct. Change.
Select the Allocation pulldown to specify the account(s) for your order. You can select an Account Group, Allocation profile, individual accounts or a model portfolio. Alternatively, you can use the account selector on the top left of the monitor to choose the allocation.
If an Account Group is selected, then choose the Allocation Method by left clicking in the Method field. Choose from Percent Change, Available Equity, Net Liquidation or Equal Quantity.
If Percent Change is selected, enter the value in the Pct. Change text field. You don't enter a quantity in this type of allocation since the order quantity is calculated by TWS by the change in position, the order quantity populates after the order is acknowledged.
The active order fields are context-sensitive, so only valid selections for the ticker and routing destination will display. As you enter order criteria, fields become active or inactive based on your choices. Use the arrowhead to expand menu selections.
For a Limit order, you can attach order(s) to activate once the parent trade fills. Right click on the parent order row and choose Attach.
Modifications can be made to a working order up until the order fills. Make the edits on the order management row then be sure to use the Update button to transmit your changes.
In TWS Classic, you can also create an order using the Order Ticket icon. The same fields available on the order row also appear on the Advisor tab of the Order ticket.
The Portfolio tab on the Monitor displays your held positions, current prices and market values as well as total equity and margin balances. Use the account selector at the top to view the portfolio of an individual account, account group or model portfolio.
IB provides real-time data that gives you the edge you need to react quickly to the markets. The Margin Requirements section of the Account window allows you to view your trading risk at any moment of the day by calculating requirements for initial margin (at the time of the trade) and maintenance margin (when holding positions) on a real time basis.
In Mosaic, click the Account button from the Monitor portfolio tab or select Account from the main menu to bring up the Account window. In TWS Classic, click on the Account icon.
Use the account selector at the top of the window to view Balances, Margin Requirements, Available Funds and Portfolio's by account group, master and sub-accounts and models.
The Account window is divided into the following sections:
While the Account tab will give you an in-depth look at values and positions for an individual account or for a group of accounts, the Summary tab on the advisor Account Window has been enhanced to provide you with a summary view of these account balances, including P&L values for each sub account contained in a group.
The window includes two panels; a Balances panel that can be configured to include virtually all of the information included on the account tab such as net liquidation value, initial and maintenance margin requirements and available funds.
The Market Value panel can display Unrealized and Realized P&L, as well as total cash, net liquidation value, total value of all positions by asset class and more.
A Model Portfolio is an advisor-constructed group of financial instruments similar to a mutual fund that the advisor funds and trades on behalf of his clients. Models allow Advisors to create groupings of financial instruments based on specific investment themes and invest client funds into the Model, rather than taking time to invest in a single instrument.
Model Portfolios simplify the tasks of managing and investing multiple client accounts by allowing advisors to:
Models can invest in any asset type including stocks, options, futures, forex, bonds and funds.
Click on the Portfolio tab in TWS Classic to create and manage your Model Portfolios. Click the Display Selector pulldown and then Model Setup on the top right of the menu , then click the Create Model button enter a model name and code.
There are three ways to specify the model's instrument allocation percentages with initial funding:
To view the total positions per model on the Portfolio page, choose All in the display selector and then select My positions by model. To view models by account, use the display selector to choose the account, then click the '+' sign by a Model to see a drill down list of investments.
When you invest new client funds into an existing, populated Model, the new capital is invested using the Model's existing investment allocations. Use the Rebalance window to update the target allocation percentages.
You can withdraw cash from a model and transfer it to the independent holdings for all accounts invested in the model. Access Model Setup on the Portfolio page, choose the model and click on the Withdraw Cash from Model and enter the amount of cash to withdraw.
To divest from a Model, use the Display Selector and choose the client account that will be divesting from the Model. Right-click the Model from which the client wants to divest, and click Divest from [model name]. Enter the divestment amount and click Submit. This action triggers orders to sell assets in the Model equal to the value being divested, in the same proportion they are held in the Model. The model's available funds is decreased by the divestment amount and the client's cash balance is increased by the divestment amount.
The TWS Rebalance window displays all positions held in an account, and shows the percent contribution each makes to the portfolio.
You can subscribe to alerts for specific accounts with the Account Selector drop down. Alerts can be based on margin thresholds, trade executions or price movements. In Mosaic, select the blue New Window button and choose Alerts. In TWS Classic, click on the Alert icon on the toolbar.