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Introduction to Strategies

Strategies are synthetic spread instruments where the legs are options, futures, or spreads. Strategies are created on the exchange and are exchange-traded instruments. The price differential between the legs is guaranteed.

Notes:

  • Strategy creation is not available when running X_TRADER in simulation mode. However, you may access and trade all strategies that exist in the production markets.
  • When enabled, the Hide New Contracts property blocks new strategies from automatically appearing in the Market Grid when they are released. This property is enabled via the global properties Trading tab.
  • When creating volatility strategies, do not assume a sign on the delta. You must include the sign when creating this strategy.

The sign of the delta indicates whether you are buying or selling the underlying. + Buying / - Selling. Delta in this context acts as a hedge ratio and declares the number of futures that must be bought (or sold) to offset the risk of the options position.

The Create Strategy window allows you to quickly create and deploy strategies. You can launch the Create Strategy window from the X_TRADER Control Panel by selecting the button, Market Explorer, or the Market Grid right-click context menu. You can also launch the Create Strategy window by selecting Create Strategy from the X_TRADER Control Panel Window menu.

Seeding Contracts

There are several ways to seed contracts into the Create Strategy window. For example, you may...

  • Seed contracts directly from Market Explorer or the Market Grid
  • Drag and drop contracts from the Market Grid
  • Filter contracts using Instrument Explorer by Market, Product Type, Product, and Instrument

To seed contracts from Instrument Explorer....

  1. Left-click a contract cell to invoke Instrument Explorer.
  2. Type values into the Search filter fields to filter instruments.
  3. Replace any instrument seeded in the contract cell with the desired contract.

Creation Strategy States

The Status field in the Saved Strategies List provides the following creation strategy states:

Status Field

Description

Created Strategy was successfully created and is available on the TT gateway
Local Strategy was previously created and must be re-created and published to the TT gateway
Failed Strategy creation attempt failed
Submitted X_TRADER is waiting for a creation response from the TT gateway; the strategy may have been successfully created; Refer to the Audit Trail

Tip: Saving the Create Strategy window in an X_TRADER workspace preserves your strategy definitions so they display in the Saved Strategies List the next time you trade list the next time you trade