Introduction
Trader Workstation (TWS) is a comprehensive trading platform that provides various tools and features to enhance your trading experience. One of the essential features of TWS is the ability to set alarms. These alarms can help you monitor the market, manage your trades, and ensure that you do not miss critical price movements or events. This guide provides a detailed explanation of how to set alarms in TWS, helping you make the most of this powerful feature.
Step-by-Step Guide to Setting Alarms in TWS
1. Opening the TWS Platform
Before you can set alarms, ensure that you have TWS installed and are logged into your account. If you do not have TWS installed, download it from the Interactive Brokers website and follow the installation instructions.
2. Navigating to the Alarms Feature
Once logged in, navigate to the section where you can set alarms:
- Quotes Monitor: You can set alarms directly from the Quotes Monitor by right-clicking on the desired asset and selecting the alarm option.
- Alerts and Alarms Window: Access the Alarms feature by clicking on the “Alerts” icon, usually located in the main toolbar, or by navigating to View > Alerts.
3. Creating a New Alarm
To create a new alarm, follow these steps:
- Open the Alerts and Alarms Window: Click on the “Alerts” icon or use the menu navigation.
- Add a New Alarm: Click the Add button to create a new alarm. A new window will appear where you can configure the alarm settings.
4. Configuring Alarm Settings
In the alarm configuration window, you need to specify several parameters:
4.1 Asset: Select the asset for which you want to set the alarm. This could be a stock, option, future, or any other financial instrument available in TWS.
4.2 Condition: Define the condition that will trigger the alarm. Common conditions include:
4.3 Price Level: Set the alarm to trigger when the price of the asset reaches a specified level.
- Volume: Trigger the alarm based on trading volume.
- Time: Set a time-based alarm.
- Percent Change: Trigger the alarm when the asset’s price changes by a certain percentage.
4.4 Action: Specify the action to be taken when the alarm is triggered. Actions can include:
4.5 Pop-Up Notification: A notification window will appear.
4.6 Sound Alert: An audible alert will sound.
4.7 Email Notification: An email will be sent to your registered address.
4.8 Frequency: Determine whether the alarm should be a one-time event or if it should repeat under
specified conditions.
4.9 Additional Notes: Add any notes or reminders associated with the alarm for future reference.
5. Saving and Activating the Alarm
After configuring the alarm settings, click Save to save the alarm. The alarm will now be active and will trigger based on the specified conditions.
Managing Alarms
Viewing Active Alarms
To view and manage your active alarms, go to the Alerts and Alarms window. Here, you can see a list of all your active alarms along with their conditions and statuses.
Editing Alarms
If you need to modify an existing alarm, select it from the list and click Edit. Make the necessary changes and save them to update the alarm.
Deleting Alarms
To delete an alarm, select it from the list and click Delete. Confirm the deletion to remove the alarm permanently.
Conclusion
Setting alarms in TWS is a powerful feature that can enhance your trading strategy by keeping you informed of critical market movements and events. By following the steps outlined in this guide, you can effectively configure and manage alarms to suit your trading needs. Whether you are monitoring price levels, trading volumes, or specific time-based events, TWS alarms ensure you never miss important market signals.
By integrating alarms into your trading routine, you can stay ahead of the market and make more informed trading decisions, ultimately contributing to a more successful trading experience.