Interactive Brokers – Top 5 Features for Indian Traders

Published on July 14, 2021

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In this session, VRD Sir will cover the 5 most useful features of Interactive Brokers. Very few Indian traders are familiar with the power of this platform so this video can be very beneficial to the beginners.

Key features:
– Chart Based Trading
– Real time Scanners
– Advanced Alerts
– Dynamic Watch Lists
– Hot Buttons

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Interactive Brokers is one of the most powerful platforms available to traders. However, very few Indian traders are familiar with this platform and its functionalities.

Therefore, in this session, I am going to walk you through the top 5 features of IB that can be very useful for Indian traders.

First on the list is Chart-Based Trading, the ability to directly trade from the charts without even using the keyboard. You can simply drag and drop buy and sell order lines and as soon as the price hits those lines, the orders get executed.

Let’s take a live example. Let’s say, I want to buy say 1 share of Reliance Communication. So, first I placed a buy order directly on the chart at 12.1 rupees. However, my order is not getting fulfilled and I am getting a little impatient. So, what I can do is just move the buy order line up to 12.15 rupees. Still not filled…let me move it up to 12.2 and finally 12.25, where there you go…the buy order gets executed and I get this message at the bottom. As you can see, it is very easy to place and modify orders directly from the charts.

At the bottom here you can also checkout the orders, trade log, portfolio etc. Basically, there is no reason for you to step away from the charts. You can place any kind of order sitting right here.
If you are a visual trader who prefers to work through charts and candlesticks, this can be a great tool for you.

Second very useful feature of Interactive Brokers is the real-time scanners.
Using these scanners, traders can scan the market in real-time, easily find out the top gainers and losers of the day, checkout the stocks that are near their at 52 wk highs and lows, and do a lot more. There are also a lot of filters that can be applied to only narrow down the list of stcosk…for example, you can choose to see only large cap stocks or F&O stocks.
I use these scanners to get a pulse of the market. For example, right now, just by looking at this screen I can tell that steel stocks are not doing well today because JSW steel,, Jindal Steel are in the bearish screener. In fact, the whole metal sector seems to be down. Look at Vedanta, Hind Zinc, Hindalco. On the bullish side, I can see that the PSU banks are doing well. You got Indian Bank, SBI, Bank of Baroda etc.

If you are an intraday trader in stocks- like myself-, these scanners can come in very handy.
Third great feature is the “watch lists”
Stocks should ideally be analysed along with the other stocks in the same sectors and Interactive brokers has this great screen where the stocks can be neatly organized and arranged to fit in 1 big screen.
There are a lot of benefits of looking the stocks this way. First, just a glimpse of red and green gives an idea about the texture of the market. Second, we can pin point exactly which sector is relatively weaker and which sector is relatively stronger. These inputs can be further taken to processed to decide where to take long or short positions.
Fourth feature that I really find useful is “Advanced Alerts”
Interactive Brokers has by the most advanced alerting system that I have ever seen. You can set alerts directly at the charts and I find it very useful because I can visualize the levels at which the alerts will be triggered. For example, here, I can quickly set alerts so that when HDFC Bank bank breaks the highs or lows of the day, I will get this kind of a pop up.
You can also add different sound effects for different kinds of alerts and add descriptive notes that would later help you reminding your analysis of the stock.
Truly, a great feature!
Last but not the least are the Hot Buttons
These hot buttons can do a lot of things at the click of a button.
For example, you can place buy and sell orders of worth say 1 lakh rupees, just by clicking at a button. This amount of 1 lakh can be set to anything that you want and doesn’t matter which stock you pick, system automatically calculates the number of shares that much quantity can buy. It’s a really cool feature.
In the same way, with one click of a button, you can cancel all the orders, reverse your position, add to an existing position, add a profit booking order and really do a lot more…
So, these were the top 5 features that I really find useful in Interactive Brokers. I have been using IB for several years now but I still feel that I am not fully utilizing all the bells and whistles available in this platform.

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