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Options trading with Interactive Brokers

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  • Feb 21st, 2022 12:00 pm
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Jan 24th, 2022 12:55 pm
seema.singh [OP]
Newbie
Nov 28, 2006
28 posts
6 upvotes

Jan 24th, 2022 12:55 pm

Options trading with Interactive Brokers

Is anyone using IB to trade options daily/weekly? I currently trade in my Scotia iTrade account but the commisions are killing me. My concern with IB is the cost of market data as I currently don't pay for it. I don't mind paying, but I don't want to be paying out the a$$ for it. I'm also looking at the ease of trading options. With Scotia, their FlightDesk platform is so slow that point and shoot is not realistic. Also I think the ability to set stop losses on options are crucial which I think IB provides.

I am not looking to transfer all my accounts there but just have a small account for options trading.

If anyone uses it, what is your cost for market data monthly and do you recommend it?
10 replies
Jan 24th, 2022 1:00 pm
AllanMar
Member
Jun 6, 2017
224 posts
387 upvotes

Jan 24th, 2022 1:00 pm

seema.singh wrote: ↑ Is anyone using IB to trade options daily/weekly? I currently trade in my Scotia iTrade account but the commisions are killing me. My concern with IB is the cost of market data as I currently don't pay for it. I don't mind paying, but I don't want to be paying out the a$$ for it. I'm also looking at the ease of trading options. With Scotia, their FlightDesk platform is so slow that point and shoot is not realistic. Also I think the ability to set stop losses on options are crucial which I think IB provides.

I am not looking to transfer all my accounts there but just have a small account for options trading.

If anyone uses it, what is your cost for market data monthly and do you recommend it?
I only trade options rarely (LEAPS) but im generally a fan of IB. Depending on what data your referring to if you generate ~20-30USD in commissions you get some free market data. If your just looking for L1 i believe its $1.50USD/month but its all on their website. The commission difference alone should make up any difference quickly if you do several trades.
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Jan 24th, 2022 8:08 pm
quanta
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User avatar
Feb 14, 2002
1965 posts
791 upvotes
Toronto

Jan 24th, 2022 8:08 pm

If you do US stocks and/or options, you need this first:
  • US Securities Snapshot and Futures Value Bundle - ( Waived if monthly commissions reach 30 USD )

Then, you can add this for US stock quotes:
  • US Equity and Options Add-On Streaming Bundle - $4.50 USD/month
(If you don't want to pay this, you can use Yahoo Finance or something to track prices instead and save the money.


If you only do options, you can subscribe to:
  • OPRA (US Options Exchanges) - USD 1.50 / Month (Waived if monthly commissions reach 20 USD)

You can get these for free:
  • ICE Futures US - Digital Asset Futures - Trader Workstation
  • NEO Exchange - Trader Workstation
  • The Small Exchange - Trader Workstation
  • US and EU Bond Quotes - Trader Workstation
  • US Mutual Funds - Trader Workstation
  • US Reg NMS Snapshot - Trader Workstation
How I try to save money: Koodo Mobile $29 30GB LTE / Teksavvy Fibre 1.5Gbps $100 / Freephoneline $2 / No TV! / Flipp
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Jan 25th, 2022 4:45 pm
seema.singh [OP]
Newbie
Nov 28, 2006
28 posts
6 upvotes

Jan 25th, 2022 4:45 pm

quanta wrote: ↑ If you do US stocks and/or options, you need this first:
  • US Securities Snapshot and Futures Value Bundle - ( Waived if monthly commissions reach 30 USD )

Then, you can add this for US stock quotes:
  • US Equity and Options Add-On Streaming Bundle - $4.50 USD/month
(If you don't want to pay this, you can use Yahoo Finance or something to track prices instead and save the money.


If you only do options, you can subscribe to:
  • OPRA (US Options Exchanges) - USD 1.50 / Month (Waived if monthly commissions reach 20 USD)

You can get these for free:
  • ICE Futures US - Digital Asset Futures - Trader Workstation
  • NEO Exchange - Trader Workstation
  • The Small Exchange - Trader Workstation
  • US and EU Bond Quotes - Trader Workstation
  • US Mutual Funds - Trader Workstation
  • US Reg NMS Snapshot - Trader Workstation
Thank you! This is very helpful!
Feb 18th, 2022 10:33 am
Sedul
Sr. Member
Aug 31, 2001
668 posts
70 upvotes

Feb 18th, 2022 10:33 am

Anybody have recommendation on a laptop/computer that is powerful enough to run TWS . I currently have a i7 2.80 Ghz Dell Laptop with 16 gigs of ram on a computer and it's struggling
Feb 18th, 2022 11:39 am
slavka012
Deal Addict
Dec 13, 2007
2032 posts
548 upvotes
Toronto

Feb 18th, 2022 11:39 am

Sedul wrote: ↑ Anybody have recommendation on a laptop/computer that is powerful enough to run TWS . I currently have a i7 2.80 Ghz Dell Laptop with 16 gigs of ram on a computer and it's struggling
It should work fine. clean it up.
Feb 18th, 2022 12:15 pm
yvrbanker
Deal Addict
May 2, 2019
1524 posts
2173 upvotes
Vancouver

Feb 18th, 2022 12:15 pm

Sedul wrote: ↑ I currently have a i7 2.80 Ghz Dell Laptop with 16 gigs of ram on a computer and it's struggling
More than enough. I have a 2012 desktop that runs TWS just fine. Check if memory settings are set too low by any chance, 1GB (1024 MB, as shown) should be fine. Other then that, I'd suspect a conflict with antivirus / firewall.
+1
Feb 20th, 2022 6:38 am
bigblue1ca
Sr. Member
Sep 28, 2011
822 posts
1484 upvotes
Winnipeg

Feb 20th, 2022 6:38 am

Sedul wrote: ↑ Anybody have recommendation on a laptop/computer that is powerful enough to run TWS . I currently have a i7 2.80 Ghz Dell Laptop with 16 gigs of ram on a computer and it's struggling
I run TWS on a 12 year old laptop (Intel Core i5 CPU M 460 @ 2.53GHz 8 GB RAM) at the same time I run the TradingView application and usually about half a dozen tabs open in Chrome and I have no problems.

It might be your computer, but it has nothing to do with your processing power as your machine kicks mine.
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Feb 21st, 2022 12:00 pm
ruchir
Deal Addict
User avatar
Apr 23, 2009
1783 posts
783 upvotes

Feb 21st, 2022 12:00 pm

rapashoo wrote: ↑ I trade options pretty heavily on my phone. Works great.
I only use my phone and see no reason to go back to the computer. It is just so convenient.
Why do you want to climb Mt. Everest, Sir? - Because it is there.

— George Leigh Mallory
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