Understood, thanks for clarifying these points! What is an example of a setup considered trading via API?
Thanks for the link! LS Trader, Sterling, and Eze EMS all seem similar per the comparison chart on the link. I trade only equities, usually 50-100 roundtrip trades / mo, mostly catalyst events (earnings, news, etc), usually extended hours trading, with custom routing, mostly limit orders, hidden or lit, the occasional advanced order type (REL, RPI, etc), brackets & OCAs. No automated trading yet. What nuances between those 3 options could you provide that might help narrow down a choice?
Well some of this will require a longer conversation and some is a matter of what you like and need. Let's ignore the APIs, In general: Lightspeed Trader is built to be a thin client, use fewer resources, be very fast and offer a large number of configurable hotkeys and routes. (Lowest monthly cost) Sterling Trader Pro has better charting with more studies, a little better option offering-IMO, and has the advantage of being available in many languages. Realtick is considered the have the best charting, can also offer futures, a full suite of conditional orders, multi-broker. LVX is for option centric traders. ( also available to interactive brokers clients) Silexx is for only PM accounts and option centric traders. This is all very simplistic. They are all very good but if I know a lot more about you, I could recommend one.
another question is Can yon channel data from IB to your charting software? I tried before. It wouldn't work.[/QUOTE] If my understanding is correct, it can be done in "Amibroker".
If my understanding is correct, it can be done in "Amibroker".[/QUOTE] Oh wow good to know thanks a lot @Eli Stern !
If you send orders to TWS via API. Other third party like MotiveWave use same API, but I assume that IB has an agreement with them and treat the orders as non-api. So if you write a program to send orders via API, you will be charged extra for direct routes.
I'm not sure what you mean by treating orders as non-api, but IB and MotiveWave do not have an agreement like that. MotiveWave uses the TWS API, so any orders you place through MotiveWave using IB go directly through the TWS API.
So if I write a stand alone app and send directed orders via API, IB charges an extra fee vs. sending directly from TWS. I assume that when your customers send such orders, they do not incur this extra fee because IB knows that the account is associated with some third party platform (like DAS trader). I don't know this for certain, but it would be a major deterrent if this was the case. @MotiveWave, I assume you guys have IB Gateway running which serves all your customers so IB knows that the orders were manually submitted via your GUI(not sure how they treat SDK orders).