IB_Direct is a nifty little program which allows you to send orders to IB through the IB TWS. Besides its simplicity, it's main advantage is that it can send simultaneous orders to 3 separate IB accounts, including FA accounts (not fully tested yet, but features are there). The beta version v4.015 (June 2006) has now been recompiled with the IB API version 9.3 (Version number is v4.02 Dec 2007).
IB_Direct is particularly suitable for traders who day-trade a single instrument like a CME e-mini (that is what it was designed for in the first place). It is however also possible to use multiple sessions of IB_Direct to trade more than 1 instrument. The main focus has been to simplify order entry as much as possible. A market order only takes a mouse click, and a stop or limit order only 2 or 3. Its screen footprint has also been significantly reduced, yet it displays all essential information a day-trader needs. As a matter of fact, the TWS can run minimized or even better on a separate PC on your network.
Trading can be risky, particularly with futures or forex which can be fairly volatile. It has therefore been deemed crucial to allow the trader to have his or her position automatically secured by an optional attached stop / trail order. In addition, up to 3 limit orders can be generated at the same time (fractional exits). Attached orders are handled in OCA groups (One Cancels All), thus bringing higher safety as this is managed by IB. Should anything happen locally, orders are safely in place. When the position is closed, all attached orders are also automatically cancelled. Orders are also automatically restored if the TWS and/or IB_Direct is closed (Internet disruption, PC shutdown, etc...)
It is recommended to practice a bit using an IB paper trading account (if you are already an IB client) or the public demo account otherwise (user: edemo, p/w: demouser), although IB has purposely constrained its demo server which therefore behaves 'funny' from time to time to say the least.
Placing an order only takes a click for a market order, and a maximum of 2 or 3 for a limit order. This allows you to better concentrate on your charts.
API Version Info and Program Download
The IBD Beta version 4.02 (Dec 25th 2007) is available for download:
ibd.zip (setup file ~5MB).
Source Code: VC8 (2005). It is pretty big... so good luck. Source is free of charge, support isn't...
Here are 2 sample screenshots, first the main dialog (footprint has been reduced), then the Settings page:
There is no better place to start with IB_Direct than taking a look at the Quick Guide, which is an easy-reading walk-through document, explaining settings and order placement. It should take a few minutes to get your first paper trading orders in the market.
Status as of end 2007:
IB_DIRECT IS DISTRIBUTED FREE OF CHARGE BUT IS NOT SUPPORTED: IT IS PRIMARILY SHAREWARE SOURCE CODE TO BUILD YOUR OWN IB TRADING INTERFACE TOOL
API Compatibility: 9.3 API (9.4 not tested, but unlikely to work since it has been substantially overhauled)
The source code (VC.NET) is
available at no charge on a
strict 'as is' basis.
Support for latest IB API will be done on a best effort basis.
Taking it further:
Please contact us if you are interested in a partnership or in taking over the maintenance of this software under license or some other agreement to be devised, as this (VC++) development is not exactly our top priority, and has become relatively time consuming.
Page last updated: 2008/01/20 07:52:10 AM
Page last modified:
December 09, 2007