Looking for a Position Sizing Solution to Work with TWS of IB

Hello everybody,

I'm looking for a solution to automate position sizing based on defined risk (% of capital). It should work this way: when I place the order, after I set the stop loss level, it automatically calculates the order size and sends the order to TWS. I need it to work with futures, stocks and forex. I'm looking at two options:

1) A system/tool that has two-way data exchange with TWS. It retrieves market data and contract details data from TWS. You place order with this system/tool by setting order type, buy or sell, price, stopless and TP level, it calculates the order size and transmit the order to TWS.

2) I already coded some MT4 scripts for order placement and those scripts calculate order size automatically. For this option I need a data bridge between MT4 and TWS that supports two way communication: transmit market data and contract details from TWS to MT4 and transmit order from MT4 to TWS.

Can anyone recommend a system or tool for the job ?

Thanks in advance !

For weeks, I've also been looking for something similar to determine risk per trade in TWS, but no luck so far other than seeing some monthly subscribing tools/programs costing $$$ with functions like that. It appears that the TWS community who may have a solution to it are unwilling to share as it seems to be some trade $ecret. Such is basic risk management to allow proper trade management for anyone using stoploss, but it's just so challenging to do it in TWS, I'm amazed.

use ninjatrader

Hi junkone, I supposed you meant to use ninjatrader as a frontend for TWS. NinjaTrader's site says it's free to use with IB account, really? Does ninjatrader for TWS allows trading from the chart then? Care to elaborate more on the pros & cons with using ninjatrader as frontend?

IB have a free API so anything can be done via the API.
Provided one has programming skills or a programmer to do it.

Yeah, that's going to be my 2nd last alternative. I'm no programmer but I can code in MQL4 with very little C++ knowledge. However learning how to program & coding the functions I want will definitely take me months before I can get anything decent out to use, reliably.

Other than using 3rd party paid programs & trading platforms as frontend, I wonder if TWS itself has any way to obtain information on stoploss risk in dollar (base currency)? I'm studying IB risk navigator at the moment to see if I can get something close for position sizing purpose. I trade forex, stocks, futures & cfds.

Thoughts anyone?

try google and you will get lots of info. best way is to try the product and see it for yourself.

Hi all TWS registered user, I've posted a feature poll request for position sizing purpose in TWS. Please visit IB's site at the following link to vote for that feature if you want to position size easier within TWS. However do note only registered user of IB live trading account may vote..

TWS feature poll request link: http://www.interactivebrokers.com/en/general/poll/?sid=10355


Although I'll prefer to have position sizing capability incorporated into chart trading directly, something like how Position Sizer is for ninjatrader. But due to the concern that IB may not even consider my request for something as complex as Position Sizer, I decided to request for something much easier. Hope IB's developers implement this asap. It'll make position sizing so much easier without relying on some paid 3rd party programs..

Thanks all.

i did not know ninjatrader has a position sizer. never saw the feature.

It's not built-in, you need to buy that separately https://www.ninjacators.com/products/position-sizer/.

I have been doing auto for some time using mt4 and tws. I use bracket-trader to enter order and mt4 to generate the scripts. got a programmer to write the intial codes and I added some. No feed back from tws to mt4. I am interest in your project. i am also looking for some one to help me to develop a program to do similar task.

Attached risk calculator for IB TWS.
You can attach an order button to this. When someone does can i have a copy?

or if there is something better can i have a copy?

below links which may be of interest.

JD

https://www.interactivebrokers.co.uk...dex.php?f=1062
https://interactivebrokers.github.io...api_comparison
https://www.interactivebrokers.co.uk...ex.php?f=11698

can you link MT4 to excel, then excel to TWS maybe that's a solution?

can you link ninjatrader to excel?
JD

7 year old thread, so I'm probably not gonna get a reply.. but how did you go with this? Have been looking for something similar but haven't come across anything.