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X_TRADER®

Duration Orders

You are viewing X_TRADER Version 7.17 and higher. For earlier versions, click here

X_TRADER provides two duration parameters that can be used with Time Sliced and Volume Sliced orders: Time Duration and Volume Duration.

Time Duration Orders

A Time Duration order defines the total time desired to achieve the total goal quantity. You may set either the total time or specific begin and end times. When specific begin and end times are entered, X_TRADER calculates the difference between the two to determine the total time duration for the order. Child order portions are submitted during the specified time duration to achieve the total goal quantity.

Time Duration parameters can be set as either a Time Interval or Disclose Quantity. Interval (the default) sets the time between each disclosed order portion in Minutes, Seconds, or Milliseconds. The TT system calculates child order portions needed to achieve the total goal quantity in the specified time duration.

Note: An invalid parameter warning displays if the number of slices calculated is greater than the order quantity.

Time Duration Graphic

Example: Time Duration (Interval)

The following screen shot illustrates a Time Duration order with a goal quantity of 87, a time interval of three seconds, and a duration of one minute. The Preview Grid displays the proposed child order portions needed to achieve the total goal quantity in the one minute period.

Note: X_TRADER automatically corrects parameter fields that contain invalid values. When this occurs, the child orders are recalculated and display with a yellow background in the Preview Grid.

Example: Time Duration (Disclose)

Disclose sets the disclosed quantity or percentage of total goal quantity viewable to the market and the time duration. The TT system calculates the interval between each child order portion required to achieve the total goal quantity in the specified time duration.

The following screen shot illustrates a Time Duration order with a goal quantity of 87, a disclosed quantity of 5, beginning at 10:00 AM, and ending at 3:00 PM. The Preview Grid displays the proposed interval and child order portions needed to achieve the total goal quantity in the time period.

Placing Time Duration Orders using the Market Window

To place a Time Duration order...

  1. Click in the appropriate expiration/strike row on the bid or ask side of the Market Grid to seed the Order Pane with a contract.

  2. Set a goal quantity.
  3. Configure routing using the Routing Configuration dialog.

    Note: You can setup routing rules and customer profiles, or use the <Default> profile. Refer to Creating a Customer Defaults Profile

  4. Use the Price Mode section to set how to price each child order portion that will be submitted to the market.

    Note: Refer to Price Mode if you would like to explore this topic in greater detail.

  5. Click the Advanced Settings drop-down and select Time Duration.

  6. Set the Interval or Disclosed order portion.

    Interval is the time between each disclosed order portion in Minutes, Seconds, or Milliseconds.

    Disclosed is either a percentage of total goal quantity or a fixed number viewable to the market.

    Note: Click the Interval button to toggle between Interval and Disclose.

    Note: Click the % button to toggle between Disclosed % and Qty.

  7. Set the Duration to achieve the goal quantity.

    This is either the total time (Hours, Minutes, or Seconds) or a specific begin and end time.

    Note: Click the Duration button to display the Begin and Endfields.

  8. Set a Variance % if you would like to vary each disclosed order portion.
  9. Set the Leftover Action.

    This is how to handle the remaining balance of the resting sliced portion before disclosing the next order portion.

  10. Preview the proposed child order portions in the Preview Grid.
  11. Click OK once you have configured the sliced order settings.

    Note: Left-clicking outside the Advanced Settings dialog box also saves your configured settings.

  12. Click Buy or Sell once you have entered the desired order parameters to submit the sliced order.

Placing Time Duration Orders using MD Trader

To place a Time Duration...

  1. Create an Order Template using the Order Defaults window.

    • Note: If desired, assign the order template to an order button on the MD Trading tab.

  2. From MD Trader, select the Time Duration order configuration.

    • Click the assigned Order Button.

      - or -

    • Select the Time Duration configuration in the Order Type drop-down list.

  3. Configure routing using the Routing Configuration dialog.

    Note: You can setup routing rules and customer profiles, or use the <Default> profile. Refer to Creating a Customer Defaults Profile

  4. Set the goal quantity.

  5. Click the Buy or Sell column at the price level where you would like to submit the sliced order.

    This displays the working and undisclosed quantity in the Working Orders column adjacent to the price..