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There is even a third-party open source bridge available if you’d like to use Python with Metatrader. It doesn’t have as large of a learning curve and has several solutions built-in. But some steps might seem a bit complicated and if you’re focused on the currency markets or only trading CFD’s, it might be worth checking Metatrader 4 or Metatrader 5. Ease of use – This detailed guide will attempt to walk you through setting up the IB API step by step.Check out the following article for more information – Backtesting Systematic Trading Strategies in Python: Considerations and Open Source Frameworks. There are some great third-party solutions and most even supply the data which simplifies things quite a bit. Backtesting – There isn’t a built-in solution for backtesting strategies. ![]() Here are a few reasons why IB’s API might not be the right fit: In some cases, there are easier ways to accomplish your goals. Why shouldn’t I learn the IB Python Native API? Custom alerts and notifications – Do you have a need for an alert that TWS can’t fulfill? There’s a good chance you can do it Python.If you’re interested in machine learning or sentiment analysis for example, the API offers a bridge to connect to amazing libraries available in Python for these areas. Further, Python is known for its vast libraries. However, if you’re looking to customize your own indicators, the API is the way to go. Easily create custom indicators – TWS has standard built-in technical indicators that are widely used.IB offers streaming data and is generous with its API rate limits. Collect historical data – Having access to past data is the starting point for most automated trading systems.But if you’re looking for an alternate solution to place trades, a custom terminal can easily be built using the API. Create a custom trading terminal – Interactive Broker’s TWS is great and packed with a ton of functionality. ![]()
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