In this tutorial, we will be exploring the features and tools available on the IBKR platform for setting up charts and alerts. The tutorial covers two chart options: the Advanced chart provided by Trading View and the Traditional chart developed by Interactive Brokers. The Advanced chart offers more customization options and features, while the Traditional chart is native to the platform. We will learn how to set up basic chart tools such as trend lines and horizontal lines, and understand how to open multiple charts simultaneously without any restrictions. Additionally, we will explore how to create a watch list and connect it to specific windows. We will also delve into placing alerts on the Traditional chart, which allows for actions such as sending emails, displaying pop-ups, flashing the window, and playing audio. Overall, this tutorial aims to provide you with a comprehensive understanding of setting up charts and alerts on the IBKR platform. So, let’s get started and dive into the world of charting and alerts!
IBKR Platform Tutorial 3: Setting Up Charts & Alerts
Welcome to the third tutorial in our IBKR Platform series, where we will guide you through setting up charts and alerts on the Interactive Brokers (IBKR) platform. In this tutorial, we will cover the different chart options available, including the Advanced Chart and Traditional Chart. We will also explain how to open multiple charts, unchain charts, create a watch list, and place alerts on the Traditional Chart. Let’s get started!
Chart Options: Advanced Chart and Traditional Chart
When it comes to charting on the IBKR platform, you have two options: the Advanced Chart and the Traditional Chart. The Advanced Chart is a plug-in provided by Trading View, a popular charting platform. This plug-in offers more features and customization options compared to the Traditional Chart. On the other hand, the Traditional Chart is the native charting tool developed by Interactive Brokers.
Advanced Chart: Plug-in by Trading View
The Advanced Chart is an excellent option if you want to have access to a wide range of features and customization options. With the Trading View plug-in, you can choose different chart types, such as candlestick charts, and customize the appearance of the charts, including the colors of the candle bodies and wicks. Additionally, you can overlay various indicators and utilize a range of tools for technical analysis. The Advanced Chart is a powerful tool for traders who want more control over their charting experience.
Basic Chart Tools for UI Levels
If you are primarily interested in setting up UI levels, such as support and resistance levels, trend lines, and horizontal lines, the basic tools available on the IBKR platform are sufficient. In the Advanced Chart, you can easily draw trend lines and horizontal lines by selecting the appropriate tools from the toolbar. These tools allow you to accurately identify and mark key levels on the chart.
Opening Multiple Charts
One of the advantages of using the IBKR platform is the ability to open multiple charts simultaneously. This feature is beneficial if you want to monitor multiple securities or compare different timeframes. To open multiple charts, simply create a new window and select the desired chart type and security. There are no restrictions on how many charts you can open, allowing you greater flexibility in your analysis.
Unchaining Charts
By default, when you open multiple charts, they are chained together, meaning that any changes you make in one window will affect the others. However, you can unchain the charts if you want to prevent changes in one window from affecting others. To unchain the charts, simply click on the chain icon in the window and select “No Group” for each chart. This feature is particularly useful if you want to focus on a specific security or timeframe without affecting other charts.
Creating Watch List
A watch list is a useful tool for keeping track of multiple securities. On the IBKR platform, you can create a watch list and connect it to specific windows. This allows you to quickly switch between different securities and analyze their charts. To create a watch list, simply create a new window and select the watch list option. You can then add securities to your watch list and customize the layout according to your preferences.
Placing Alerts on Traditional Chart
While the Advanced Chart provides a wide range of features, including real-time data and customizable indicators, it does not support the placement of alerts. To place alerts on the IBKR platform, you need to use the Traditional Chart. The Traditional Chart allows you to set alerts based on specific price levels. This is a valuable tool for traders who want to be notified when a security reaches a certain price. To place an alert, simply click on the yellow button on the Traditional Chart, select the desired price level, and activate the alert.
Setting Alerts
Setting alerts on the Traditional Chart is a straightforward process. Once you have selected the desired price level and activated the alert, a yellow line will appear on the chart to indicate the alert’s activation. You can set alerts to trigger during regular trading hours or even outside of regular trading hours. The IBKR platform allows you to customize your alert settings according to your preferences.
Alert Window
Managing alerts is made easy with the Alert Window on the IBKR platform. This window displays all active alerts and allows you to edit or delete them as needed. In the Alert Window, you can see the conditions that trigger each alert and the actions that are taken when the alert is triggered. You can also customize the actions of the alerts, such as sending emails, displaying pop-ups, flashing the window, or playing audio.
Managing Alerts
It’s important to actively manage your alerts to ensure they remain relevant and effective. Inactive alerts need to be manually replaced with new upper and lower levels to reflect changing market conditions. You can do this by editing the existing alert or creating a new one. The Alert Window is your central hub for managing alerts, allowing you to stay on top of price movements and market opportunities.
In conclusion, the IBKR platform offers a range of charting options and alert features to help you make informed trading decisions. Whether you prefer the Advanced Chart with its extensive customization options or the Traditional Chart for setting up alerts, the platform provides everything you need for successful trading. By utilizing the tools and features available, you can enhance your chart analysis and take advantage of timely alerts to capitalize on market opportunities. Happy trading!