TWS Notes for 875
and modifications below are in build 875 of TWS. To identify
the build number, on the TWS Help menu
select About Trader Workstation.
An Exchange of Futures for Physical (EFP) is a two-legged transaction where you either sell stock and buy
it back for future delivery by buying the SSF, or buy the stock and
sell the SSF. The new TWS Relevant EFPs tool scans the US market for EFPs that could provide benefit to you based on your current portfolio. For instance, if you carry a long stock position on margin, an EFP could reduce your financing cost if you sell the stock and buy the forward at a premium that is lower than your margin rate. For a short stock position, if you sell the SSF and buy back the short stock, the premium you receive could be more than the interest you'd get on the credit balance generated by your short sale. You can access this feature using the Relevant EFPs icon on the toolbar, or
by opening the Market Scanner and selecting US EFP as the instrument
type and Relevant EFPs from the Parameters dropdown list.
The Relevant EFPs interface displays a section for Excess cash, and depending on your positions may also display Long stock positions, Short stock positions, Long futures positions and Short futures positions. In each section there is a market data row for each of your positions, and then all EFPs for that underlying that do not expire in the next 20 days.
For more information on how using EFPs could help you to reduce your trading costs, see the EFP Product Highlights on our web site.
The Account window has been completely redesigned to make it easier to read and simple to customize. Your account information is the same but it's laid out so that key information is easier for you to find. And you still have access to the nicest features such as including FX positions in your portfolio, displaying "What-if" Portfolio Margin values, using the right-click menu to close a position and sorting by column heading, but the window now also includes the following enhancements:
- Top-to-bottom layout, instead of multiple "newspaper" type columns.
- New Available for Trading section, which includes Current, Look Ahead and Overnight Available Funds & Excess Liquidity, and Buying Power.
- Expanded version lets you see it all. Your view is expanded when the green "Minus" sign displays to the far right of the section. If the green "Plus" sign displays,
- To condense the view:
- Working section by section, put a check next to the parameters you want visible.
- Click the green "Minus" sign to condense the section, leaving only your checked parameters visible.
- Gentle colors and larger typeset that are easy on the eyes.
- Single-click access to the Configuration screen by clicking the Configure (wrench) icon.
- The Portfolio section now sorts options by underlying, then by expiration, then by strike.
The OptionTrader now provides an automatic option chain loading feature that will load the nearest N expiries, the N strikes closest to the money, or specific month, as soon as the OptionTrader has an underlying. This feature requires a quick one-time set up of default option chain criteria and subsequently loads option chains automatically. You can use the existing filter buttons to reset the chains, and can modify the default auto load settings at any time. To set up your defaults, click the Configure wrench on the OptionTrader toolbar and click the Settings category. In the Auto Load area define criteria and click OK.
You can now open multiple realtime charts in a single chart window. From a chart, click the Add Subchart icon on the Chart's toolbar. In the Subcharts dialog box, check Sub-chart uses current security if you want to view the same security with different parameters. If you deselect this feature, a blank Chart Parameters box opens. Define your new subchart chart and click OK. The current chart and your new subchart both appear in the original chart window. You can resize and move them around. The chart you click on is considered 'active," and you can only have one of these charts active at a time. An active chart will respond to any actions you take in the main chart window menus, like adding a trendline or an indicator. There is no limit to the number of charts you can open on this "Chart Desktop."
The TWS Help menu has been completely reorganized to make it easier for you to quickly find the kind of help you need. Help links are categorized as either Documentation, Customer Service or Web Site Links.
You can now elect to have the Trades icon on the Trading toolbar blink any time an order executes. To set this feature, right-click on the icon and choose from Blink always on new execution, Blink if Execution window is closed, or Never blink (which is the default setting).
Several new enhancements have been added to the Executions window.
- You can now export the Summary data from the Executions window into an Excel spreadsheet by selecting File>Export Summary. For details on exporting reports and opening them in Excel, see the TWS Users' Guide.
- You can now display a Realized P&L column on the Executions window. From the Settings menu select Layout, and click Realized P&L at the bottom of the list.
- You can also set the blinking mode of the Trades icon from this menu (see above feature).
- The Date field has been removed from the Executions tab. If the execution report is from a previous day, the date will display with the time in the Time field. Otherwise only the time displays.
Futures Options on Globex can now be traded from the Volatility page by entering the underlying and selecting FutOpt from the instrument type dropdown list. To create a volatility page, on the Page menu select Create Volatility Page. This page layout includes vol related fields including the model price, implied volatility, volatility, continuous update, and hedge delta fields. For more details trading volatility, see the TWS Users' Guide.
A new order type, Scale, will automatically break a large volume order into smaller orders for execution at increasing/decreasing price increments. You can have TWS divide the order based on the number of components (an order for 1000 shares with Num Components = 4 would create 4 orders of 250 shares each) or Component Size (an order for 1000 shares with Component Size = 100 would create 10 orders of 100 shares each). To create a scale order, open the Order Ticket and select Scale from the Type dropdown list. The Scale tab will open using the Order Size and Starting Price (Lmt Price) from the General tab. You need to enter EITHER the Number of Components or the Component Size, modify the starting limit price if desired, and enter a positive or negative price increment to be used in pricing the components of the Scale order.
A new P&L market data field, Cost Basis, is available for the trading window. To display the Cost Basis and other market data columns, right click in the column headers and select Customize Layout. In the list of Market Data columns, highlight a selection in the Available Columns list and click Add. The Cost Basis calculation is Average Price * Position * Multiplier.
You can now enable sound events to notify you when your market data and/or trading connections have been lost and when they have been re-established. To enable event sounds, on the Configure menu select Global Configuration, then select Sound Manager from the left pane.
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