After discovering the wonderful world of twitch.tv, I decided I wanted to stream some games I played. However, setting this up in OS X was tricky. It required that I download Alpha release software (OBS), hack Yosemite (soundflower), and tolerate buggy implementation. This just would not do. The solution on the other end of the spectrum was $500 for Wirecast. I wanted a functional, enjoyable solution and didn't want to spend $500. I also wanted something that made broadcasting as fun as the game I was playing.
This solution makes use of a used nVidia Shield tablet (used $200), an iPad (used $200), an OTG cable ($20), an Apple USB to Ethernet cable ($30), an OS X box (the gaming rig), and parallels ($40 on sale).
By putting all these together I was able to create a streaming studio that does not stutter or drop frames, is fluid, and works with any game I choose to play (I'll add how to stream iOS games with it later).
I am using an nVidia Shield Tablet as my twitch.tv broadcasting station. There are two versions of the tablet. One is a 16GB WiFi only model, the other is a 32 GB LTE/WiFi model. My budget allowed for the 32 GB model (I already had it on hand). Feel free to buy a used 16GB model on eBay. I am running Android Lollipop on my Shield, and have no experience streaming from earlier versions of Android. The only piece of software you will need to install on the Android for this configuration is Parallels Access.
Some of you might be asking, why Parallels Access? There are RDP and VNC apps available (like Jump). These are less expensive than having to buy Parallels, and won't they work?
I tried them first, and the answer is: at four or five frames per second. VNC is built in to OS X. It was not designed for streaming video. It works for controlling a GUI, but is not useful for streaming 30 to 60 fps (frames per second). That is what you need to play anything that is not a text based game. So, no, RDP and VNC won't help us here.
This is why we are using Parallels Access. It can stream video and audio fast enough that we can use the broadcasting functionality in the Android to receive video and audio, compress it, and transmit it to twitch.tv.
I mentioned you will want to have an iOS device too. As long as it can run the twitch app, you can use anything that works (even an iPhone).
It is assumed that all Apple devices are on the same wireless network.