How to use BookTrader in TWS (Easy Order Placing)

This video covers the BookTrader in the Trader Workstation platform by Interactive Brokers. It is one of the most useful tools in the platform, and could be an educational resource for learning about the price ladder. We looked at the various menu settings that exist to improve performance and readability. We also compared it to another price ladder terminal that has more order flow features. Please watch part 2 of this specific video which has even more details about the BookTrader.
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00:00:00 Introduction
00:02:51 Menu Settings
00:05:35 DOM Re-centering
00:06:49 More menu settings
00:10:27 Invalid exchange glitch
00:11:21 Hotkey examples
00:12:41 Stop order example
00:14:54 Resizing columns/annoying sounds
00:16:00 Comparison to Jigsaw DOM
#tutorial #traderworkstation #interactivebrokers

[@laurenmeyers1392]

This was insanely helpful. You explained everything so clearly and quickly. Made something that is normally dry to watch engaging. Thank you!

[@VerrilloTrading]

Kind words!

[@raminpartovi734]

Awesome!!! Exactly what the doctor ordered. And welcome back (I thought to myself on the last video: I give him two days... haha). We need you!

[@VerrilloTrading]

Ramin Partovi very funny bro 😂😆 happy to help

[@nicolehustles]

you are so so helpful and appreciated

[@Rndhld]

Last summer i'v seen that video of yours, i paper traded with TWS booktrader account and subscripbed to all the deep books i trade at. It is night and day. Metrics and time will confirm but it is far easier, at least to me the cut losses tight, trail profit and so on on a very small time frame. With totalview-open-view-eds on and all the exchange L2 it's fast as hell, enough for me anyway. I fixed most of the issue about recentering by having somehow small fonts and a huge panoramic screen in portrait mode. Sincerely, thank you.

[@pinga20101]

better than the tutorials, as usual!

[@ZorgR]

Thanks man - your videos are invaluable. IBKR should pay you for this

[@VerrilloTrading]

Glad it helps :)

[@algreen1]

Thank you for the great info in all your videos

[@VerrilloTrading]

Happy to help

[@bend8937]

AMAZING!

[@dannynguyen7076]

Great video! Thank you!

[@VerrilloTrading]

You're welcome

[@davizinho555]

Great tutorial, thank you very much

[@VerrilloTrading]

Most welcome! 👍

[@69grandpa69]

Great stuff again, thanks

[@VerrilloTrading]

Pleasure.

[@halfover]

very helpful. thanks !

[@VerrilloTrading]

Glad it was helpful!

[@hzhangyd]

Thank you!

[@VerrilloTrading]

You're welcome!

[@ntbohl]

I wish I knew which market subscriptions were really necessary, but I still appreciate this video regarding setup! I'm sure I can figure out our w customer support at some point.

[@VerrilloTrading]

We are going to work on a new video for this, I think it will clear up a lot of questions about market data subscriptions.

[@samchan9616]

Hey man you are great in explaining. Thx!

[@VerrilloTrading]

Glad to help!

[@samchan9616]

@@VerrilloTrading I dont see Buy Stp limit. Maybe coz this is an old video and IB changed something. I do see buy LMT on Booktrader with STOP. Thoughts?

[@simoncyber]

Very useful content.

[@VerrilloTrading]

Glad it was helpful!

[@MatthewSchnupp]

Thanks!

[@VerrilloTrading]

Glad it helps!

[@IgorOlikh]

Thank you. Very useful.

[@IgorOlikh]

Why when I add a stop order on the BookTrader the existing limit order is cancelled? I missed something in the configurations?

[@VerrilloTrading]

Glad it was helpful! It shouldn't cancel your limit. Keep tinkering with it sometimes it needs a kick to work properly. Always mess with it in demo account before using it to place live trade...

[@Oleksiy777]

@@IgorOlikh if you still need it, to make it stop cancelling, you have to uncheck the multiple orders setting.

[@alexandremondaini]

hi Verrillo, very nice content. waiting for your video regarding IB routing algos

[@VerrilloTrading]

Hi, I have one about order routing. It should be in the options trading playlist. Cheers.

[@imgoodenuf]

This video is better than those IBKR provides. Thank you, sir. Actually I was trying to trade using the described method but struggled to fine tune it. Might give it another try using your settings. IMO BookTrader is an amazing instrument for scalping.

[@imgoodenuf]

Btw, have you covered DOM trading tool in your videos?

[@VerrilloTrading]

Happy to help sir. Yeah dom is meta for scalping I agree. I said otherwise in an earlier video but I take it back.

[@binli307]

thanks so much!!!

[@VerrilloTrading]

Glad it helped!

[@wishbone888]

thanks for doing this! really helpful :) IBKR def takes time to get used to. do you know if IBKR Bookmap can be set with a default contracts based off a notional value?

[@RC-ob6in]

IB should reward you for this explanations ! better than IB ! :O) Thanks for your video !

[@VerrilloTrading]

Much appreciated!

[@jamenmylion5568]

Good informative video

[@VerrilloTrading]

Thank you

[@sebonexex3484]

Recentering the ladder is a must because of TT's patent for the completely static ladder.

[@jessicawiley1394]

Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere???

[@sebonexex3484]

@@jessicawiley1394 I don't think so. I come from Poland :)

[@jessicawiley1394]

How about you and where are you from?

[@bacool]

I used your tip for quote monitor to execute, works well with TWS for execution and TOS for charting which I prefer

[@VerrilloTrading]

Awesome!

[@wtfisthis9192]

What was the tip?

[@VerrilloTrading]

@@wtfisthis9192 to use a quote monitor to execute in tws

[@wtfisthis9192]

@@VerrilloTrading I’m still so confused with the booktrader sell. Can you reply to my other comment please

[@davidmitchell9343]

Great video! I learn a lot from your videos, thank you. I'm an active trader, but new to IBKR TWS. Is there away to have multiple BookTrader ladders open, for scalping several stock at the same time?

[@VerrilloTrading]

Thanks for the kind words. They allow you to have 3 separate.

[@RavenRaven-se6lr]

We’ll Explained 👍🇦🇺

[@dummygo8]

Wow, Verrillo! Thank you so very much for making this video. It's life changing :) I day trade spx options. Is there a way to show on the ladder my current positions? The blue seems to disappear after the ladder moves.

[@VerrilloTrading]

Thanks for the kind words. Near the top you can display your position, and there is a column that displays pnl.

[@dummygo8]

@@VerrilloTrading I see, thank you! Is there a way to display it on the ladder itself? I like the visual approximation. I used to use the TOS active trader and they have it on their ladder

[@noosa1976]

Hi, Has level II horizontal market depth?

[@justwhatgoesonupthere7933]

yo quick question, I dont want a preset 'offset' for my limit In my stop limit order... I want to be able to click 50$ (for example), and that sets my stop, than i wanna click 51$ to set my limit... Is there any way to set the limit in live time, or does it have to be a certain offset value based off the stop??

[@aryanhassan4365]

bro you're awesome. would you be able to create a video on how to flip options as fast as possible on this platform

[@adamaxr]

Great I idea! That would be very helpful. I'm new to this and so far have just used the book trader ladder. It's nice but super slow compared to the platform I use most of the time.

[@adamaxr]

Thanks for all the great videos, much appreciated!

[@trumptrashends2024]

your natural very well done little trouble seeing what you were clicking on ...little slower more descriptive for us old people maybe

[@VerrilloTrading]

Thank you, I will definitely consider this for future videos. This video is more than two years old, we have improved quite a bit since then. I work with a few older traders with trading software. If you ever need assistance feel free to reach out.

[@hb7of9]

TY

[@VerrilloTrading]

Cheers!

[@Berghiker]

Most people respond better to a picture than numbers. You can't look at the numbers and the chart all at the same time. You have to pick one or the other or use book map so you can see both overlayed in one picture.

[@edwinkui]

Great video. Thank you! Any ideas why "Transmit the order instantaneously" is not working. Have configured buy/sell limit hotkeys for the BookTrader. "Transmit the order instantaneously" is checked. The BookTrader is armed. Yet, when triggering the shortcut, a big order confirmation message box (i.e. the one with margin impact etc.) and the order is awaiting explicit confirmation.

[@VerrilloTrading]

This sounds like the order confirmation window. Normally you can choose to not show this window again, and then it will not appear anymore. There are exceptions to this. If you don’t have real time market data, then there’s no way to turn the order confirmation off in TWS when you submit a live order. So normally you should be able to disable the order confirmation but there’s a few exceptions to where you can’t.

[@ldandco]

I am experiencing something really strange in my booktrader I am not sure if it is a bug, or me not having real time data (I actually believe I do have real time data, have double checked and I have access to A,B and C networks for NYSE/NASDAQ) But when I see the bid/asd in the columns moving up and down, the last price is way off the bid/ask. For example, while the bid/ask is moving around let's say 140 USD, the last price is around 138 at a particula moment. To me this is strange, as I would've expected the last price to be at least in the middle of both bid/ask, or very close. Am I missing something here ?

[@binarywin]

Thanks for the video! If I already have a predefined order for options with 40% target and -20% stop (in pressets). When I place the order in booktrader, will it also be executed with the predefined target and stop?

[@VerrilloTrading]

Thanks for your comment. Check out my newer video where I covered chart trading with defaulting to order presets. It might work with booktrader but you would have to test it. kzbin.info/www/bejne/iIrcnKCCnqyVg7c

[@paultan3069]

i configured my booktrader too these settings.very helpful.I just have one question how do i remove this annoying cost impact column?

[@VerrilloTrading]

You can disable some of the columns in the BookTrader Settings > Options, near the bottom. For example you can turn off Display P&L Column.

[@Mazku89]

Very instructional video! is it possible to add numbers to the volume histogram?

[@VerrilloTrading]

I don't believe so at the moment, maybe they will update it however unlikely.

[@mytommy]

@@VerrilloTrading does the histogram represent the total volume that was traded at the corresponding price during the current day of trading? Is this correct?

[@viviangallego1848]

Hi, excellent videos but I want to know if is possible to attache bracket orders in booktrader?thank you for your help

[@VerrilloTrading]

It should be possible. Attach stop when you create hotkey and see if it works. Try in demo account first.

[@pd1216]

Hey thanks, would you know of any way of highlighting your position in the Price ladder in Book Trader ? Thanks

[@VerrilloTrading]

There is a column for PnL and your position shows near the top.

[@sedul2006]

Thank you!!. You are the TWS guru Is the Booktrader here, is DOM showing Level II / Order Book above and below? Is it possible to use the Book Trader on the Option Contract so you could take advantage of the Book Trader with Limit Buy/Sell and Stop-Limit Orders and Market orders? Also, do you know if there is sync on cross hair of option pricing and the underlying price chart?(like in TOS?)

[@VerrilloTrading]

No guru, just made a video. Booktrader is showing level 2 if you subscribe to that data yes. Yes booktrader is useful to execute trades on options. No there is no sync of options price and underlying, you need to do that math yourself.

[@ylklk2819]

Do you have a video how to trade futures well with Interactive Brokers?? I just opened a margin account to do futures

[@VerrilloTrading]

Thanks for the suggestion.

[@jbrandonnorris1]

I was hoping that you could click twice with a stop limit order to set your stop price and then the limit price. This is an option in tradestation.

[@VerrilloTrading]

It does not work in the exact way that you described there.

[@samuelzev4076]

Is this an alternative way of looking at the current stock price other than the charts?

[@VerrilloTrading]

Yes.

[@BJlaguMup3]

Book trader has that option you can set it up by creating a Close Position button or hot key that will close your position and all untransmited orders. Enjoy

[@VerrilloTrading]

I've tried it but it sends a limit order with closing position size. That is not reliable in fast market condition. It needs to be a market order to flat out.

[@Oleksiy777]

@@VerrilloTrading Arm the book trader, and you'll be fine - flat of all positions upon pressing the close hot key. For the pending orders set up a separate button.

[@andreabartolini2214]

What's up verrillo, thank you for great video explaining all those features. i am finding a problem setting up hotkeys because it does not show the "booktrader price" under "Lmt price (+/- offset)". I still have not subscribed to any market data, is that why i cannot select that?? Thank you in advance!

[@VerrilloTrading]

Hello, yes this might be the reason. The platform does not know what is the real-time bid and ask so that is why it can't set a price for the order. Try it on a symbol that you have data for to confirm if that is the issue.

[@andreabartolini2214]

@@VerrilloTrading I appreciate you replying, like and sub from me !

[@VerrilloTrading]

Glad to help.

[@bobbymiles4615]

This is awesome .... however , When creating a hotkey for buy limit the "Booktrader Price" is not shown as an option. Any suggestions ?

[@VerrilloTrading]

On the limit price you need to select book trader price.

[@kturcios]

Hey brother, quick question. How do you set up a bracket order in Booktrader where you click the bid for long trade and it populates the stop automatically? It that possible? I'm at my wits end. I've gone to global settings, looked at every possible permutation of the auto enter features and I know there's something I must not be getting right. Thanks.

[@VerrilloTrading]

Hi Kendall. Go in booktrader hotkey settings. Create a function for left click on bid , make it a buy limit etc. Attach a stop in the same hotkey. Make sure apply offset to parent is clicked then do stop price parent order and the amount away from your limit. Try in demo account first to make sure it works ok. If you need extra help feel free to email me we can talk.

[@thiagonascimento9892]

Nice! Is it possible to send an order to sell and an order to but at the same time ? It's not working for me here. I am trading options.

[@VerrilloTrading]

No you cannot do that on the same instrument unless you are a market maker.

[@mrathos]

So great video ! thank you. One thing that is really annoying in book trader is for ES Options example, it will display all x.05 (x.05, 0.10, 0.15, 0.20, 0.25, 0.30,....) ticker rather than only x.00, x.25 , x.50 , x.75. Cause with ES, it's useless to see 0.05, 0.10, 0.1, 0.20,.... they fill the trader book for nothing.

[@VerrilloTrading]

That can not be changed in TWS, in other software it is possible to change the tick size to display stocks or markets that are spready.

[@mrathos]

@@VerrilloTrading which This party software?

[@VerrilloTrading]

@@mrathos Sierra Chart is one that I know. You can change the tick size for the chart or DOM.

[@mrathos]

@@VerrilloTrading Thank you for your reply. Does JigSaw offer it ?

[@VerrilloTrading]

@@mrathos I have used jigsaw for over a year, this feature is not available in jigsaw either. The thing you need to understand is that you shouldn’t put a market on a DOM that is very thin with a wide bid/ask spread. It defeats the purpose of using the Dom, just use a chart or something similar.

[@Th3mako]

is there anyway to change the increment in book trader? For example when I look at TSLA it increments every penny.

[@VerrilloTrading]

Unfortunately not. :)

[@dissid_4676]

Hello, just to inform some people in need, you have also in TWS a button for supress all Trades in the same time. I don't know if you were talking about the same thing when you compared JS with. Just saying :) And of course Thanks for the video, i was looking for a good tool to scalp stocks and TWS. This tool is the answer. Have you taken the course for Jigsaw too ? very interested for their scalping course.

[@VerrilloTrading]

The thing I was referring to was "Cancel all existing orders when your position is closed". To my knowledge TWS does not have this. It's handy because let's say you had a limit and a stop and you were waiting for one to get filled while you were trailing your stop with the price. If your stop gets filled, in jigsaw the limit would be immediately canceled where as in TWS it won't cancel your limit automatically so it presents a risk that you get filled on the opposite side position.

[@Oleksiy777]

@@VerrilloTrading organize it through OCO orders.

[@riveralevan]

is it possible to display the execution queue position for LMT orders in TWS BookTrader ?

[@VerrilloTrading]

No unfortunately this information is not displayed in the TWS platform. Many platforms have developed a way of estimating this number but TWS does not have the feature.

[@La4edimension]

Is there any other place than ibkr to offer a lvl 2 with TOTAL BID AND ASK SIZE displayed up top?

[@VerrilloTrading]

Yes of course there are hundreds of brokers probably. One thing to consider is that the broker is not necessarily in the business of providing market data. IBKR does provide data, it's acceptable data. This video explains the different parties involved in this regard: kzbin.info/www/bejne/iZfMoIGPmb-Il68

[@closeuptrading]

i got a question, i have been following traders and took a course that use the price histogram but on their platform in addtion to the bars on the histogram they also have the volume traded at each price is there a way of seeing this information in TWS ?

[@VerrilloTrading]

They have a histogram but it’s really bad. I recommend another platform like sierrachart.

[@evkoum]

Hi thank you for the info. I also find DOM to be better for me. I want to follow your setting but I have some difficulties. I have a question regarding the stp/but lmt shortcuts. At the customize - attached stop order what ate the rights options? This is where I put the 0,03cents you mentionted also if I understood well. Can you help me out please? Best Evangelos

[@VerrilloTrading]

Did you manage to get it working finally? That .03 cent offset was for a stop limit order. Careful using this type of order in crazy market environment as it can skip the order completely. I discussed it in this video. kzbin.info/www/bejne/nHaTfHyJjMabgcU&t

[@evkoum]

@@VerrilloTrading yes I did! Thank you very much for the reply. It is still a mess and mostly paying fees and trying to understand order book, level 2, and charts. And as if this isn't enough I am always late for the movers, as I don't have any scanner subscription. Of course with IB I cannot short because only leverage accounts (100k) can do that. Hence another obstacle. But I am determined so I will manage those problems. I was thinking of online courses like the ITPM, etc. Do you have an opinion on those kind of things? PS keeping my D'angelico throwback though:-) Many greetings

[@evkoum]

@@VerrilloTrading I really need some help! I noticed that a message 'futures HSI MAR21 is about to expire, next lead futures HSI APR21 was added to your quote monitor' How can I control it?

[@thorpt211]

Hi, I have come across a hiccup when trading on the charts. I use hot keys to place buy and sell orders of 100s. Some times the buy order only gets filled partially and when I have to sell, I have to manually enter the exact shares (the partially filled ones) and submit the sell order. By this time, the price has moved away. Is there a quick solution to this problem either via charts or book trader? Thanks for all your videos. They are all clear, concise and very helpful.

[@VerrilloTrading]

In regards to a partially filled parent order, if you had attached stops and profit takers, they would also be set to the size you received on the order fill. An easy workaround is to keep a profit taker very far away from your parent price and in the case you want to exit for the same amount of share you got filled, simply move that order closer to the price. Now there may be other issues here which I am not aware of and in fact I really would not recommend TWS for quick scalping since it has problems like this. It's possible that if you cancel the remainder of your order then your attached orders would also cancel which is really not ideal. You would have to do some testing to work this out. Hope it helped.

[@thorpt211]

@@VerrilloTrading Thanks a lot for taking the time to provide a detailed reply. I tried placing stop orders during pre and post market hours but they never worked. I did not notice whether stop/ profit taking orders will automatically reconfigure themselves to the acquired number of shares. If that actually happens it will certainly help. I shall pay attention to this the next time :) I will try to figure this out and will keep you posted if I can come up with a good solutions. Regards.

[@thorpt211]

@@VerrilloTrading By the way, which trading platform do you recommend for quick scalping?

[@VerrilloTrading]

@@thorpt211 there are a few decent ones but also it’s not only the platform it’s the datafeed too. I use sierracharts currently they are by far one of the best, my opinion only.

[@statsconchris]

why my book trader doesnt show numbers in bid and ask..do i need to pay for that? it only shows the lastest transactions and some histogram but i wish i could see all the positions near the last value :/

[@VerrilloTrading]

Yes that requires a level 2 subscription. Level 1 data only shows the top of book (Best bid and best offer).

[@sedul2006]

Hi, My TWS is super slow when loading the charts on option pricing and also on the underlying price. I've used 1534 -2048 mb as the settings. I just have data package for the options. is there a possibility that TWS is slow due to not having real-time pricing for the stocks? Or, possibly more tickers in the quote lists?

[@VerrilloTrading]

Try setting it to 2048, it should work fine if you have a decent CPU and memory. Options are less liquid than stocks therefore you will see less updates of the price cause there are less trades than on the underlying stock. I couldn't really say cause I don't see it on your end.

[@wtfisthis9192]

I am trying to understand what type of order I need to put if I want to drag the sell up with the price going up when scalping an option. I have to set to buy market and set a stop loss of 20% if the option goes up in price do I keep dragging that stop loss with limit up with it then if it comes back down it will trigger the stop loss and try to sell at the limit tied to it? Does that make sense?

[@capitaldd3693]

....sounds like you are lookin for the "Trailing Stop" - when pick the order type from the menu, you will see Trl - go with that and select your amount....👍

[@johnc1823]

Excellent video, just one question if anyone knows, I could not get Buy Stop Limit or Sell Stop Limit to work, don't know what I'm doing wrong, wish I could see a screen shot of yours 🙂.

[@VerrilloTrading]

Thank you. It would be hard to provide an accurate response for this over the comments section. We will write it down to make an updated tutorial regarding stop limit orders.

[@johnc1823]

@@VerrilloTrading Thank you sir.

[@ZeroFloat.]

I have a question. Why book trader and market depth trader shows closest bid and ask sizes differently? Further sizes are exact same but the sizes closest is different?

[@jessicawiley1394]

Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere???

[@noodlessoul8356]

When you open a new Booktrader, how can you fit it into the layout?? These "classic TWS windows" seem not to be compatible with the "newer" layouts

[@VerrilloTrading]

Just make sure it's set to mosaic and you can drag any window into it.

[@andrewsullivan1523]

Which subscription do I need for book trader for options

[@VerrilloTrading]

This is covered in this newer video: kzbin.info/www/bejne/pqClgomcmdirqpo

[@ForeShadow20]

Do you know how to set up the font of the Booktrader to stay between sessions? I set it to 9 and when I restart the application it goes back to 12.

[@VerrilloTrading]

Good question, there is probably a setting to use default font size or not. If you choose use default it'll always default back to something. Change the font in the settings menu instead. TWS can be annoying like that.

[@scimaniac]

Could you have a tutorial on basket trader?

[@VerrilloTrading]

I've never used it but maybe one day!

[@sylviedallaire571]

Hi Verrilo, I like your presentation regarding hotkeys but I prefer not to use them. So what do I need to do If I want to enter a buy stop limit order or a sell stop limit order without having a preset limit price? I just want to select my limit price on any given stock. It could be $0.01 up to $0.25 because it depends on the spread of each stock. So I can't have a preset limit price. On TradeStation you only need to click on your stop limit price AND on your limit price to enter a trade. Two clicks and you're done! For instance, what If I'm trading a $50.00 stock right at the open and I want to send a sell stop limit order under 49.90 (stop price) with a limit price down to 49.80 directly from the BookTrader? Also, how do I place my stop loss from the BookTrader right after I'm entering a trade? Hope to hear from you very soon. Regards, S

[@VerrilloTrading]

In order to create the click function to submit an order using the booktrader you need to program this in the booktrader hotkeys. You would create a new shortcut like - Shift + Left or Right click on Bid Size = Sell stop limit order at booktrader price. If you needed different presets with different offsets you create different buttons to submit orders with a different limit offset. This function you described in TradeStation is good but it does not work the same way in TWS. Something I thought I would add is that if you are trading a $50 stock, the spread of the bid/offer is not very wide so it is not inherently that risky to use a simple market order in the case of emergency. Actually what you programmed there would submit a marketable limit order if the spread is anywhere less than 10 cents. If you need additional help at any time, you can send me an email.

[@tradethelevels]

Great video again. thank you. I trade both stocks and futures. Do you ( or anyone else) know how I can make it default to the correct trade size as I move from MES to IBM? I almost traded a 100 MES contract few times! Thanks

[@VerrilloTrading]

Create order presets for those instruments. Thanks.

[@tradethelevels]

@@VerrilloTrading Hi, again. thank you. My presets are in place, but still I only see quantity change in my order window, and not in my booktrader. Please see this quick video: kzbin.info/www/bejne/jnvOZ5SceN98jdk

[@VerrilloTrading]

​@@tradethelevels I see. You gotta do it manually it seems. Try un arming it and see if it changes.

[@tradethelevels]

@@VerrilloTrading no go. Again thank you. I think it’s one of those TWS limitations. I just need to be careful when changing from to.

[@rasoolghodoosi8852]

Do you have to be subscribed to level 2 to trade from book trader?

[@VerrilloTrading]

No you only need level two to see the depth at each price

[@benap5687]

Is there a specific required subscription to have live data on BookTrader?

[@VerrilloTrading]

If you subscribe to real-time market data it will be active no matter of which trading tool is used to look at the data.

[@benap5687]

@@VerrilloTrading thank you!!

[@JohnsonnPlays]

what is the difference between the book trader and the market depth?

[@VerrilloTrading]

BookTrader shows the Level 2 in a vertical price ladder display. Level 2 shows the bid and the ask in their own respective columns. BookTrader can also be used to place and modify orders where as Level 2 is typically just a visual tool.

[@olo290]

Hi Verrillo- Cursors with buy and sell did not shows on my booktrader screen. I follow the settings and all of that but doesn't seems to work Not sure what am I missing?

[@VerrilloTrading]

We can not really see the problem over a KZbin comment. One thing you could do is try reverting to a default setting and working from there.

[@olo290]

@@VerrilloTrading you’re so awesome! You replied in a lightning speed👍🏼👍🏼🥰🥰🥰 I will try to reverted my settings. I’m not a computer savvy but i will try to figure it out. So stress out on making it work to the simplest way possible. Thanks again for your quick response 😍🥰

[@SD-mg7np]

dont you buy on the ask and sell on the bid? or is it that you sell on the ask into strength and buy on the bid for strength. im just asking because in a fast moving stock theres no way to get filled this way

[@VerrilloTrading]

It depends on the context and trade setup. Never say never, it also depends on the trading service you are using.

[@SD-mg7np]

@@VerrilloTrading right but generally getting filled on the ask in a buy is easier than the mid point or bid let’s say

[@josephlee6184]

when i click the contract from my option chain thats linked to my booktrader i get the order entry that pops up anyway to suppress this?

[@jessicawiley1394]

Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere???

[@DBgamex]

very helful video, when i click on ladder i get confirmation box

[@jessicawiley1394]

Sorry for writing you, just out of curiosity your page come up on my suggested friend lists so I was just wondering if I knew you from somewhere???

[@ettun432]

Hey great video I know this is not related did IB increase there requirement like TD Thinkorswim to 25k

[@VerrilloTrading]

There is no initial capital requirement to my knowledge.

[@ettun432]

VerrilloTrading thanks for replying

[@manalive33]

IB is min $2000 usd, for a margin account.

[@VerrilloTrading]

manalive33 truth

[@ettun432]

Thank you 🙏 both really appreciate

[@zo9fg]

got a question: does trading futures allows u to have more leverage with small amount of capital? any downside? because im interested

[@VerrilloTrading]

Yes because futures by design are leveraged products. It depends on the margin requirement of the broker. To trade 1 micro nq with ib you need $1650 usd per contract. To trade the same contract with amp futures you only need $100 usd.

[@VerrilloTrading]

The downside to lower margins is that you can easily blow up if you make a mistake

[@lkkope]

Have you found a way to change price increment? I trade small caps and large so switching between a $3 stock and a $500 stock requires change in increment. For instance, try trading TSLA on a ladder with .01 price increment. Not possible. I can easily change these increments on TOS, but to my knowledge, no way to do this on TWS.

[@VerrilloTrading]

Use order presets menu to configure a preset for individual tickers.

[@lkkope]

@@VerrilloTrading this changes the increment on the price ladder?

[@traderelated]

whats the difference b/w book trader and time and sales?

[@VerrilloTrading]

Booktrader is a trading tool and can be used to view market depth data and trade while time and sales is simply a print of the most recent trade data.

[@laurenmeyers1392]

Had a question regarding booktrader... I opened an account with IB, have money deposited, options permissions, etc. however, my booktrader barely moves. For example, I see the prices fluctuating rapidly on yours as well as other traders' but the price meter on mine is hardly moving, even though I have AAPL, SPY up on the chart. Any idea why? I don't have this problem with thinkorswim or Tradestation.

[@VerrilloTrading]

Do you have market data?

[@laurenmeyers1392]

@@VerrilloTrading I don't believe so. If that is something I have to pay extra for, then no I don't. Even the prices on the charts barely move.

[@VerrilloTrading]

@@laurenmeyers1392 then that's it. You would need to figure out what market data you require for the instruments you look at.

[@shlomozerbib388]

Hi! I tried to make a keyboard shortcut to just add/reduce the share size at the top of the booktrader but it didn't work at all. Can you explain how? (It's typically very useful when you move from a high price ticker to a low price ticker (and vice versa) and want to very quicklly modify the amount to invest to adapt to your money management) ty guy

[@VerrilloTrading]

shlomo zerbib For that you may be better off creating size presets for individual tickers. Not sure if you can program change size into booktrader, will look later.

[@shlomozerbib388]

@@VerrilloTrading ok but my tws can allow me only one booktrader window open at the same time (if l want more than one i have to pay more each month for fees...)

[@VerrilloTrading]

shlomo zerbib you can have up to 3 open at the same time. The trick is change the group then open another. 3 max

[@shlomozerbib388]

@@VerrilloTrading ok i ll try it ty

[@buildearlyandtradingcorp.]

Is this applicable to options trading?

[@VerrilloTrading]

Yes!

[@haykgrigoryan2444]

Hi what is sub order?

[@VerrilloTrading]

I do not understand the question. Do you mean stop order?

[@nkhanexterran]

How we can use hotkeys during premarket and after hours?

[@VerrilloTrading]

Yes

[@adamweiss8]

What is the difference between booktrader and level2 market depth?

[@VerrilloTrading]

In TWS It is two different windows however the information shown in these two windows is similar. They both show the number of bids and offers for a particular security, the way the two windows display the information is different. It is up to the trader to decide what they are going to use since each one has it's ups and downs.

[@hendrik21]

@@VerrilloTrading So where is the advantage having level 2 data? when is it necessary especially for scalping?

[@wtfisthis9192]

Question, if you set a stop limit below your current price and you set one above where you want to take profit and left them both. You could end up selling something you dont have a position on right?

[@VerrilloTrading]

A sell stop limit you mean?

[@wtfisthis9192]

@@VerrilloTrading Yes.

[@wtfisthis9192]

@@VerrilloTrading Do you have discord?

[@VerrilloTrading]

@@wtfisthis9192 If you put a sell stop and you don’t have a position and it gets hit then yeah you will have a short position.

[@wtfisthis9192]

@@VerrilloTrading Im tryign the demo account and I made it so when I buy at market it sets a stop loss at 20%. I then drag the stop loss up while the stock goes up. The last time I tried it I had to set Limit and Aux price, I have no idea why? Any ideas why I need to set both of those?

[@cassiogabriel147]

hey guys, my name is Cassio I'm Brazilian and I don't live in Australia, I want to know how the taxation on day trade in futures in Australia for foreigners works

[@VerrilloTrading]

You would be best to do a search for this information. This video does not cover anything related to taxes on trading in Australia.

[@justall-in1471]

If i make a tradingview market data subscription will the data be 100 be real timed?

[@VerrilloTrading]

Yes

[@justall-in1471]

@@VerrilloTrading even for the otc?

[@VerrilloTrading]

PEIRAIAS GATE 7 dude why would they sell you a data service that is delayed. Try it out and see!

[@justall-in1471]

@@VerrilloTrading ok you are right.

[@douglasfurlong1]

can book trader do what jigsaw does..i saw you in jigsaw hit a price below your position and the stoploss just snapped into place by you clicking on the price..super fast..

[@VerrilloTrading]

That's right, you can't do that in any other platform. In sierra you might be able to but it's a little tricky to configure. That feature for me is game changing for faster markets. Trail with 1 click to lock in profit baby.

[@douglasfurlong1]

@@VerrilloTrading your from canada? I am located in toronto..I lost a lot of money when i first started,,it was during that market meltup..but learnt so much and just built a new rig for trading....anyhow are you profitable now? I remember after the crash the volatility..i just kept scalping and did really well...that short time period taught me more thne all the books and vids i watched..fyi i like your videos..keep practicing and you will eventually do well..i treat it like university,,lots to learn and you have to put in the time. l.

[@douglasfurlong1]

@@VerrilloTrading Do YOU know if jigsaw would be able to trade simple puts and calls?I like day trading options and i like the way jigsaw snaps the stoploss in place..it is a really nice feature.

[@roko8711]

What subscription do I need to pay for to have all data in Level2?

[@VerrilloTrading]

For which markets?

[@roko8711]

@@VerrilloTrading us stocks, usually price between 0.5$ and 20$

[@ldandco]

​@@roko8711 I am actually interested on the same Did you figure that out ?

[@roko8711]

@@ldandco i didn't

[@erwinerwin1245]

Can one trade Forex on the Book Trader?

[@VerrilloTrading]

You can but there is no transparency in the orderbook of fx since there is no centralized exchange.

[@mohammedamir3772]

I have problem with TWS, it's not updating the data and the chart displaying question mark even though in the top-right corner it shows everything connected. How could I fix it?

[@mohammedamir3772]

+ it happens only with stocks when I choose silver and gold it works properly

[@VerrilloTrading]

you probably don't have a live market data subscription.

[@jerryma3168]

@@VerrilloTrading I have the same problem, and I do have live market subscription. How would I turn on my sim data? Thanks!

[@ustradingdiary]

Any idea about the hidden order in tws. Try to use it, but does not seem to work. Example I place a order, a call options at bid price $0.25. Current market is at bid price $0.2. But end up market filling the price of $0.2. The stocks and option is not so liquidity.

[@VerrilloTrading]

Hidden orders, you don’t need to use that unless you have a reason to. (Trading insane size) Try and stick with the most liquid products and you won’t run into as many problems.

[@zo9fg]

@@VerrilloTrading hmm i always try to hide my order to avoid ppl/algo from front loading me, esp on lvl 2

[@VerrilloTrading]

Nah it makes no difference trust me. Unless you’re trying to buy 100 contracts in a market where the average depth per price is 2-3 contracts. Hiding your order might even make it harder to fill and hidden doesn’t work with every order type either.

[@VerrilloTrading]

Also your order will only be hidden from the order book but when it trades it will show on the ticker tape

[@zo9fg]

@@VerrilloTrading I see, does this advice apply to stocks?

[@hedgefund2138]

Verrillo, t'as pas de vidéo en français stp ?

[@VerrilloTrading]

Non désolé mais je parle français comme une deuxieme langue.

[@hedgefund2138]

@@VerrilloTrading dommage, tu as l'air de bien maîtriser la PF ibkr.

[@joe_aitraders]

There is API for TWS, you can develop your own flash entry app in C++, python or java, hot key is too old school.....

[@VerrilloTrading]

Definitely true!

[@bongo8052]

NEVER MIND ! lol

[@VerrilloTrading]

Glad you found it.

[@garciavision87]

@@VerrilloTrading thanks for your content ! . Deciding to join INTERACTIVE BROKERS but found a couple of users talking about problems trying to login , market data not available on the TWS, etc . What’s your opinion ?

[@VerrilloTrading]

@@garciavision87 Those issues are very rare in our experience. They shut down logins on Saturday mornings sometimes. The market data is not the highest possible quality but if someone needs better data there are options.

[@ricardov2008]

Thank you!

[@VerrilloTrading]

Welcome!

[@Drrkonto]

Thank you!

[@VerrilloTrading]

You're welcome!