Medved Trader connection to IB is a bit different than with others.  You login to TWS (or IB Gateway) and MT connects to that. TWS or IB Gateway must be running in order for MT to get quotes or allow trading via IB.  You have to first enable the API in TWS to allow for this connection.  The following are instructions how to do that. The instructions are for TWS, though it would be similar with the IB Gateway should you choose to use that instead:

• Start TWS and login
• In TWS, select menus EDIT / Global Configuration
• On the left side, select API.  On right side, click on SETTINGS.
• Check the checkbox for “Enable ActiveX and Socket Clients” top one)
• Make sure the checkbox for "Read-Only API" is NOT checked.
• The "Socket Port" should be 7496.  If not, it should match whatever is entered in MT settings.
• Check the “Allow connections from localhost only”

Once you have done that, MT will be able to connect.  Just select Interactive Brokers as the data source in the portfolio window, in the ribbon (Main Tab, top left).

 Shortly after you connect to IB for quotes, MT will prompt you asking if you wish to configure trading. If you do that, it will setup stuff for you.  Otherwise, if you wish to configure integrated trading or wish to change the defaults, etc for trading, then go to the  FILE / SETTINGS / Trading / Accounts

NOTE: You must have real-time streaming data subscription in order to get quotes within Medved Trader. TWS can show delayed quotes, but IB does not give us a way to do so.

Here is what the TWS API Settings page should look like: