I recently switched over to Interactive Brokers from Schwab as my first day trading broker. I was shocked that IB doesn't have charting and real time feeds, but that's not the end of the world. I have read some threads on here that IQ feed is one of the better data packages and that I will need software like multi-charts to use it. I then learned that I can set up my IB account with multi-charts to trade from there. I'm wondering, can I use Interactive as a broker and trade within multi-charts and at the same time use IQ feed as my only data source? With the 75.00$ IQ feed and 40.00$ multi-chart cost and 100.00$ for trade ideas that puts me at around 205.00$ a month as overhead. Is this in line with what some of you spend? Does anyone have a better idea of how I can set this up? I trade equities/etfs.
I've seen many posts on forums of people using IQFeed and IB on Multicharts and other charting packages. Its a common thing to have separate data feed from brokerage feeds. Just so your not suprised, IQFeed 75$ is base fee, you still need to add on exchange fees for what you want (NYSE,NASDAQ,CME,etc) and then if your alright with 500 symbols. You can pay 50$ more for 1000 symbol limits and think another 50 to bring you up to 1500. These are just for simultaneous real-time streams. Your free to switch symbols at anytime. Not sure how multicharts works but for instance with Amibroker, I can't upload more then 500 symbol in the realtime quote window. I can have more symbols in the database with the plug in but their are limitations to the realtime. Just thought I'd make sure your aware of the subscription limit and perhaps ask customer service or look up how multi charts or any software you look at handles symbol count with IQFeed.
Just to add I re-read your post about Interactive brokers not having charts/feeds. Never used them but I'm pretty sure they do.... They do charge a fee for data but its minimal compared to IQFeed. Can review what people say about the feed. I've seen mixed reviews about quality but guess it all depends on your timeframe and style. https://www.interactivebrokers.com/en/index.php?f=770
IB doesnt provide tick data, if you can handle time based bars, their cheap data will do, otherwise, you need to go with the more expensive data provider solutions.
And indeed in this business, YOU GET WHAT YOU PAY FOR. I'll gladly "pay-up" for tick-level data from IQ Feed. Rationale: trading decisions should be based on ACTIVITY, not TIME.
I tried setting up IQ feed in multi-charts to use today and it was so inaccurate I ended up having to use tradingview (the website) to trade today and I'm not even sure that's actual real time. For example, at market open nothing moved. I know everything was connected, but maybe my internet is too slow?
Doesn't seem like he paid the exchange fee for realtime data access. With the IQ Feed subscription, all you get is the access to historical data.....and 15 minute delayed data.
I tried out their free one week trial. I must have not read the fine print. After I read what they offered again, it seems you're right.