Interactive Brokers (IB) Webtrader Guide

By: Alson Chew

Copyright © 2021 Adam Khoo Learning Technologies Group Pte Ltd. All Rights Reserved. 1
Begin we begin, let’s understand some difference between IB and TOS

Thinkorswim (TOS) and Interactive Brokers (IB)

❖ TOS charts are aesthetically nicer than IB

❖ TOS allows for trading Stocks, Futures and Options only. IB allows for trading Stocks, Stocks CFD,
Forex, Futures and Options.
❖ Commissions generally lower in IB as compared to TOS.
❖ TOS does not charge market data fee but IB charges (See below slides on how to enable relevant
market data)
❖ TOS does not require you to enable trading permission to different markets. IB requires. (See below
slides on how to enable relevant trading permissions)
❖ TOS doesn’t charge inactivity fee but Interactive Brokers does apply an inactivity fee and it is $20
per month if you have less than $2,000 account balance and if you don't generate minimum $20 in
commissions. $10 for accounts having at least $2,000 account balance, while no inactivity fee for
US clients choosing IBKR Lite plan

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited. 2
Logging in to Interactive
Brokers (IB)

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
❖ Go to your browser and key in www.interactivebrokers.com. You will be directed to this page.
❖ Mouse over to the top right hand corner LOG IN button and select WebTrader as shown.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
❖ Once you have selected the WebTrader, you will be re-directed to this login page.
❖ Key in your username and password. Once done, click the login button as shown.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
 Putting in Watchlist

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
❖ Upon successful login into your account, you will be directed to this page. At the top left corner select
Market tab.
❖ After that, click the green plus button “Add Watchlist” and key in the name for your watchlist. In this
case, we have keyed in “Watchlist” as the name.
❖ Once done, press enter button in your keyboard.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
❖ Once the Watchlist is created, you will see this screen. Click onto the green plus button “Add Row”.
❖ Select the type of products you want to add into your watchlist, in this example we will select the
Futures tab as shown.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
 Putting Stocks/Stocks
CFD OCO Orders

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
Putting Stock OCO orders
❖ Under Order Management tab, select Stocks and enter the stock symbol.
In this example, we will key in BA (Boeing stock).
❖ Once you have keyed in the stock symbol, click on the “Go” button and you will see the following screen.

❖ Once done, click the green plus button to bring out the OCO Bracket order as shown. Check the box.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
Putting Stock OCO orders
❖ Note that if you are entering a Long (Buy) order, your target or SL order will be sell orders as shown.
Vice versa for if you are entering a short (Sell) order, your target or SL order will be buy orders.
❖ Amend the quantity, entry price, target price and SL price as shown.
❖ Amend the TIF to GTC (Good till cancelled) order.
❖ Once done, click on “Preview Order” button at the bottom left window and you are good to go.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
 Putting Stocks
CFD OCO Orders

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
Putting Stock CFDs OCO orders
❖ Under Order Management tab, select CFD and enter the stock symbol.
Note: Not all stocks are “CFDable”, so attempt to put in the symbol and see if the price match with the actual
stock price. In this example, we will key in BA (Boeing stock).
❖ Once you have keyed in the stock CFD symbol, click on the “Go” button and you will see the following
screen.

❖ Once done, click the green plus button to bring out the OCO Bracket order as shown. Check the box.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
Putting Stock CFDs OCO orders
❖ Note that if you are entering a Long (Buy) order, your target or SL order will be sell orders as shown.
Vice versa for if you are entering a short (Sell) order, your target or SL order will be buy orders.
❖ Amend the quantity, entry price, target price and SL price as shown.
❖ Amend the TIF to GTC (Good till cancelled) order.
❖ Once done, click on “Preview Order” button at the bottom left window and you are good to go.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
Modifying OCO Orders
❖ See the OCO orders put on for this Long trade that is established on SPGI. Let’s say you want to
amend the Target Price for your long trade in SPGI to $141.89. Select the “modify” button on the
right of the Target Price limit order.

Target Price $140.89

Entry Price

SL Price $136.58

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
Modifying OCO Orders
❖ Once you have selected the “modify” button, you may amend the Limit Target Price as shown here
to $141.89.

❖ After doing that, select the “Preview Modified Order” to put through the new amended order.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
Putting Forex OCO Orders

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
IB Webtrader – Putting Forex OCO Orders

❖ Select the Forex Tab and Key in the Base Currency. In this
case, if you want to trade EUR/USD then Key in EUR as
shown and select the desired forex pair

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
IB Webtrader – Putting Forex OCO Orders
❖ Click the green plus sign to enable the OCO order as shown. Once you enabled the
Attached Bracket Order, you will see 2 additional order rows. The 1st row is your entry
price, 2nd row is your target price and 3rd row is your SL price.
❖ Note that if you are placing a long OCO order, the Entry Order is a Buy Order, followed by
Target Order (Higher than Entry Order) and SL Order (Lower than Entry Order).
❖ Note that if you are placing a short OCO order, the Entry Order is a Sell Order, followed by
Target Order (Lower than Entry Order) and SL Order (Higher than Entry Order).

❖ Ensure that the TIF is a GTC (Good till cancelled order). You can still manually cancel or
amend the order later on.

❖ Double check your entries and once satisfied, click Preview Order and Confirm it

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
IB Webtrader – Putting Forex OCO Orders

❖ Once you have submitted the OCO order, you can see the
orders in the Orders Tab as shown. If you want to modify or
cancel the order, you can do so as well.
❖ Please note that if you cancel the Buy Entry Order, the entire
OCO order bracket will be cancelled as well.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
 Putting Futures
OCO Orders

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
❖ Once Futures tab is selected, key in the products to be added into your watchlist. Do note that you do
have to update the futures product with active contracts (will be covered during class).

❖ Notice there are 3 selections here, select the first Dow Jones product
as shown and as of this writing JUN17 is the active contract. Once
done, click on “Add” button below.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
❖ Once the YM JUNE 17 contract is added, you will be able to see it in your watchlist as shown.
❖ Let’s say you want to long the YM JUNE 17 contract, mouse over to the Ask price which is 20917 in this
example. With that, the Order Management window will pop up from the bottom as shown.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
❖ Ensure that if you are long, your target and SL will be sell orders as shown. Vice versa for if you are
short, your target and SL will be buy orders.

❖ You may change the Quantity or Number of contracts here

❖ You may adjust the entry, target and SL price here. Note that
STP order type is by default a market order.

❖ Select GTC orders here as shown and most importantly check the
“Fill outside RTH” box here so that the futures SL will still be
triggered in T+1 session.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
❖ Once ready, click the “Preview Order” button and the Preview Order window as shown will appear.
❖ Do a last check of the orders and click “Submit Order” button as shown and your OCO order will be
sent into the market.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
❖ Below is the futures product selection for CL, GC and NG.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
❖ Below is the futures product selection for 6E.

❖ Check that the contract month is active and exchange is GLOBEX as shown.
© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
For selection in TOS Futures drop down list:
❖ AUD (AUD) being AUD/USD future
❖ GBP (GBP) being GBP/USD future
❖ EUR (EUR) being EUR/USD future
❖ CHF (CHF) being CHF/USD future
❖ CAD (CAD) being CAD/USD future

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
Any technical questions with regard to order or product permission, login to your Account Management as
shown.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
Once Login, from the left hand panel, select Support

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
Once Login, from the left hand panel, select Support and then find the Chat as shown to speak to IB
operator during weekdays

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
To amend your Market Data Submission
Select User Settings from left panel and select Market Data Subscription as shown.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
Note that Interactive Brokers (IB) charge for market data, hence you have to enable this option (US Equity and
Options Add-On Streaming Bundle) to see live market data when you trade stocks. Personally, I have enable the US
Securities Snapshot and Futures Value Bundle because I also trade futures in IB. If you are not trading Futures, you
do not need to enable this bundle.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
You may need to enable certain permissions to trade certain markets. Go to left panel, select Account Settings-
>Trading Experience & Permissions and click on the icon to start your selection.

© Copyright 2021 by Adam Khoo Learning Technologies Group Pte Ltd. All rights reserved.
Reproduction in any form without the express written consent of Adam Khoo Learning Technologies Group Pte Ltd is prohibited.
Interactive Brokers (IB) Webtrader Guide

By: Alson Chew

Copyright © 2021 Adam Khoo Learning Technologies Group Pte Ltd. All Rights Reserved. 35