How to fix the error: "Ddedll.dll file missing or out of date"

Background: 

TWS users running add-on applications in Excel using DDE on a Windows 64-bit operating systems may receive the following error message upon log in or when enabling the DDE client:

This message is usually displayed for the following reasons:

Issue A - You are not using the 32-bit version of TWS

You running an instance of TWS that is using the 64-bit version of the Java Virtual Machine while attempting to load the ddedll.dll library which has been compiled for 32-bit Java. This error can be corrected by re-installing TWS 32-bit from IB website.

Issue B - The API components have not been installed

The API Components (and consequently the library ddedll.dll) have not yet been installed but you already enabled the DDE Client Connection for TWS. This error can be corrected by installing the API Components.

Note: On certain systems you will need to apply the fixes for both issue A and B. If you applied the fix for issue A (or if you are already sure you are using the 32 bit version of the TWS) and you are still receiving the error message, then please apply as well the fix for issue B.
 
 
 
Instructions to resolve issue A
Installing 32-bit TWS 
 
Please open the page http://www.ibkr.com in your browser and perform the steps below:

1) Click on the LOG IN button at the top right corner of the page.

2) Under the section TRADER WORKSTATION, click on the  TWS Latest.

 

3) Click on the link Download for Other Operating Systems.
 
 
4) Click on the item Windows 32-bit.
 
 
5) Please make sure that the description under the DOWNLOAD button has changed to "Windows: 32 bit". Then click on DOWNLOAD

 
6) Launch the downloaded file. The Trader Workstation installation will start. At this point you may see the warning message "Trader Workstation latest is already installed...". Ignore this warning and click on the button Next to continue the installation.
 
 
7) Your Trader Workstation Desktop icon will be automatically updated. You can now launch the 32-bit Trader Workstation by a double click on that same icon.
 

Note: IB has recently updated the installer wizard for Trader Workstation (TWS) and now utilizes a new desktop icon (click here for Release Note.) Clients using an older build of TWS and wish to run a DDE client connection, would need to install a newer build of TWS and start using the new desktop icon.

If you have installed and launched the 32-bit TWS but you are still receiving the same error message, please proceed with the instructions below

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Instructions to resolve issue B
Installing the API components
 
8) Click the GET API SOFTWARE button below.

9) This will direct you to Interactive Brokers API License Agreement, please review.

10) Click the I Agree button at the bottom.

11) Under the section Windows on the left side, download one of the IB API packages listed and install it.

12) Once the installation has completed, log back into TWS.

 
 

Possible conflicting programs: 

Please be aware that there are some programs that can effect the DDE Client connections, for example: Chrome, VLC Player, Adobe Creative Cloud or Microsoft One Drive. In case you are using these programs, please keep them closed while you are using the Excel DDE workbook.