Basket Trader is a tool for End-Of-Day traders using Wealth Lab Developer (WLD) as order generation tool and Interactive Brokers (IB) as their broker. All trades generated by Wealth Lab Developer can be transmitted to IB’s Trader Workstation (TWS) with a variety of options.
Advantages
- Ease of use: Transmitting orders to your broker has become fast and easy
- Orders can be queued (=not transmitted) in IB’s TWS for later submission
- Support of OCA-order-groups for bracked orders (LMT and STP order of same symbol)
- STP orders can be converted into STP LMT (with limit-price adjustment)
- Market orders can be converted to: VWAP, Market on Open or Market on Close
- Orders can be submitted with Good Till Date and Good After Date flag
- Order destinations can be chosen for each security
- NYSE will be chosen automatically where appropriate
- Support for Financial Advisors (different allocation profiles can be chosen)
- Realtime account monitoring: Statistics about the number/value/kind of all alerts are calculated
- Generating IB-Basketfiles from the WL-alertlist
A typical scenario of Basket Trader would be:
- Before the market opens the system trader generates orders for the current day and stores them in a text file
- This text-file is imported into Basket Trader
- There, all necessary changes and conversions are done
- All (converted) orders are submitted to IB’s TWS
- Basket Trader monitors the account value to delete all outstanding orders in case the cash value drops below a certain value
System Requirements
- Interactive Brokers TWS (Version 873 or above)
- Interactive Brokers API (Version 9.1 or higher)
- 512 MB Ram
- Windows 95, 2000, XP
