Do I need to subscribe to a data provider so I can use MotiveWave to chart/execute trades on my IBKR account?

[BenjFranklin]

Or does the IBKR-provided data suffice? I trade NQ, ES and YM and I'm not thrilled with IBKR's Trader Workstation. Thanks!

 

[nooris]

That depends on how you trade. IBKR data is fine for everyone, except order flow traders. Unless you use footprint charts IBKR is fine. In the example below, IBKR data would not give you the granularity of per tick order flow, instead you get a per time order flow (say every 200ms). This results in the bid/ask being averaged out across neighboring ticks.

 

[BenjFranklin]

That depends on how you trade. IBKR data is fine for everyone, except order flow traders. Unless you use footprint charts IBKR is fine. In the example below, IBKR data would not give you the granularity of per tick order flow, instead you get a per time order flow (say every 200ms). This results in the bid/ask being averaged out across neighboring ticks.

thank you once again Nooris!

 

[ScottyA]

I want to add to the excellent post by @nooris

As a general rule of thumb when using IB futures data: any timeframe faster than 5 minutes can easily provide misleading signals. And by "misleading," IB has displayed entries/exits that CQG* did not and also missed entires/exits that CQG did. I didn't know this until after the respective bar closed, and I hit refresh data, only to find the IB data actually changing.

* While I've traded with CQG, Rithmic, and IQFeed at various times, I found CQG to be my preferred provider because of cost (cheaper data than IQFeed and cheaper commissions than IB) and reliability (less headaches than Rithmic).