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X_TRADER®

MD Trader – Order Entry

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

Selecting an Order Gateway or Broker in MD Trader

You can select an order gateway or broker using the Routing Configuration dialog box. This dialog box is available from the Order Pane, MD Trader and the Order Bar. To open the Routing Configuration dialog box from the trading window, click the Routing field or Customer hyperlink (available in a X_TRADER ASP environment).

Notes:

  • The Routing section will not display if there is only one available broker (X_TRADER ASP) or order gateway (Non-X_TRADER ASP) and no defined routing rules. Only the Customer section displays with a list of available customers.
  • Orders are rejected upon submission if a selected gateway is down. See the Audit Trail for additional information on rejected orders.

To Select an Order Gateway

  1. Seed the trading window with a contract.
  2. Set an order quantity and any other desired order parameters.
  3. Open the Routing Configuration dialog box.

  4. Select the desired order gateway.
  5. Select a customer.
  6. Enter any additional order information (i.e. FFT2, FFT3).

  7. Click OK when you are finished configuring order routing parameters.

 

To Select a Broker

  1. Seed the trading window with a contract.
  2. Set an order quantity and any other desired order parameters.
  3. Open the Routing Configuration dialog box.

  4. Select the desired broker.
  5. Select an order gateway if multiple order gateways are available.
  6. Select a customer.
  7. Enter any additional order information (i.e. FFT2, FFT3)

  8. Click OK when you are finished configuring order routing parameters.

Applying Routing Rules

You can apply routing rules to spilt a single order into multiple orders using the Routing Configuration dialog box. This dialog box is available from the Order Pane, MD Trader and the Order Bar. To invoke the Routing Configuration dialog box from the trading window, click the Routing field. You can also click the Browse button to the right of the Routing field in the Order Pane.

Notes:

  • The Routing section will not display if there is only one available broker (X_TRADER ASP) or order gateway (Non-X_TRADER ASP) and no defined routing rules. Only the Customer section displays with a list of available customers.
  • Orders are rejected upon submission if a selected gateway is down. See the Audit Trail for additional information on rejected orders.

Tip: Quickly navigate the Routing Configuration dialog box with your keyboard by pressing the Tab key to set focus on the next field and the Tab+Shift keys to the previous field.

To Apply Routing Rules

  1. Define and enable the routing rule using the Routing Rules window.
  2. Seed the trading window with a contract.
  3. Set an order quantity and any other desired order parameters.
  4. Open the Routing Configuration dialog box.
  5. Select the desired routing rule.
  6. Click OK when you are finished configuring order routing parameters. A preview of the routing displays within the order pane

    Routing Preview - Order Pane

Submitting an Order

To submit an order in MD Trader

  1. Select your products from the Instrument Explorer in MD Trader.

    Note: You can also select products and launch MD Trader from the Market Explorer window.

  2. In MD Trader, right-click to access the context menu and choose Properties.
  3. Set your Maximum order quantity in the Order Entry section and click OK.
  4. Select an order quantity or click the pre-set quantity buttons to set your quantity.
  5. Click the ladder next to the price at which you want to place an order.

Note: Click the Blue side to buy or the Red side to sell. The black line is the inside market.

You have entered valid data, the order is sent to market. The Audit Trail window displays a message with a status of OK and an Action of Add.

Submitting a Confirmed Order

X_TRADER has controls in place that let you confirm your order prior to submitting it.

To enable order confirmation and confirm an order:

  1. In the Order Entry section of the MD Trader Properties menu, click the Display confirmation box on order entry check box. Click OK.

  2. Submit your order.

    The Confirm Order window opens.

  3. Click Submit

One-Click Trading with MD Trader

MD Trader lets you buy or sell products using one click of the mouse. It offers a trader the ability to one-click trade across the depth of a market for either a buy or sell order. The grid format dynamically displays the market depth for a given product, and lets you enter orders quickly by simply clicking in specific cells of the grid.

Follow these procedures to use one-click trading with MD Trader:

To set one-click trading:

  1. Open MD Trader.
  2. Right-click anywhere in MD Trader and click Properties.
  3. In the Order Parameter section, enter a Maximum Order Quantity. Refer to Setting the Maximum Trade Quantity.
  4. To set this property for all subsequently opened MD Trader windows, click to select Set as Global Default.
  5. Click OK.

To use one-click trading with MD Trader:

  1. Set one-click trading.
  2. Open MD Trader.
  3. Select a customer profile.
  4. Enter an order quantity.
  5. Refer to the tables below to perform one-click trading:

Left-click in the Buy or Ask columns

Immediately sends a buy or sell order to the market. The quantity field dictates the quantity for the order. The row you click dictates the price.

 

To...Left-click...Market Result...
Buy

The Buy column.

If the cell does not have bid quantities and the adjacent Sell column has offer quantities, you are lifting the ask.

If the cell has bid quantities, you are joining the bid.

Sell

The Sell column.

 

If the cell does not have offer quantities and the adjacent Buy column has bid quantities, you are hitting the bid.

If the cell has offer quantities, you are joining offer.

Right-click in the Buy or Ask columns

Immediately sends a sweeping buy or sell order to the market. The row you click dictates the price.

To...Right-click...Market Result...
Buy

The Buy column.

Sends in a buy for as many contracts as exist from the best ask price up to that price level.

Sell

The Sell column.

Sends in a sell for as many contracts as exist from the best bid price down to that price level.

If you right-click a cell populated with either a bid or offer, no orders are placed.

Placing Stop Orders

MD Trader supports the Stop Market and Limit order types. In the case of the Stop Limit order, you also set the number of ticks from the stop entry price. Enable Stop orders in the MD Trading tab.

Follow these procedures to place Stop orders in MD Trader:

To enable the Stop Market feature:

  1. Right-click in the MD Trader window to open the context menu and click Properties.
  1. Click the MD Trading tab.
  2. In the Enable Order Types section, click to select the Stop Market Orders option.
  3. To set for all subsequently opened MD Trader windows, click to select Set as Global Default.
  4. Click OK to return to MD Trader.

A button labeled SM appears in MD Trader.

To enable the Stop Limit feature:

  1. To enable the Stop Limit feature locally, right-click in the MD Trader window to open the context menu and click Properties.
  1. Click the MD Trading tab.
  2. In the Enable Order Types section, click to select the Stop Limit Orders option.
  3. If you want to set the stop limit price a set number of ticks from the stop entry price, type the number of ticks in the Set Stop Limit Price field.
  4. To set for all subsequently opened MD Trader window, click to select Set as Global Default.
  5. Click OK to return to MD Trader.

A button labeled SL appears on MD Trader.

To set a stop market order:

  1. Select a quantity to go into the market.
  2. Click the SM button in MD Trader.

The cursor and SL button turns yellow.

  1. Move the yellow cursor to the price Buy or Sell column opposite the tick value where you want to put the stop.
  2. Click the mouse button.

The stop is placed and indicated in the Working Quantity column as a stop.

To set a stop limit order:

  1. Select a quantity to go into the market.
  2. Click the SL button in MD Trader.

The cursor and SL button turns yellow.

  1. Move the yellow cursor to the price Buy or Sell column opposite the tick value where you want to put the stop.
  2. Click the mouse button.

The stop is placed and indicated in the Working Quantity column as a stop.

Selecting a Customer Profile in MD Trader

Certain markets require a customer name be selected before any trades enter the market.

Example: CME requires it.

The customer profile is one of any in the Customer List. To manage the Customer List, from the Control Panel, point to the Settings menu and click Customer Defaults.

To select a customer profile in MD Trader:

  1. Click on the down arrow two cells beneath the clock ticker.

  1. Click a customer name from the list.

Selecting a Customer Profile in MD Trader

Certain markets require a customer name be selected before any trades enter the market.

Example: CME requires it.

The customer profile is one of any in the Customer List. To manage the Customer List, from the Control Panel, point to the Settings menu and click Customer Defaults.

To select a customer profile in MD Trader:

  1. Click on the down arrow two cells beneath the clock ticker.

  1. Click a customer name from the list.

Setting Time In Force

By default all orders sent in MD Trader are GTD (good until the end of the day). However, you can override this setting in multiple ways.

  • First, you can create an order template using the Order Defaults window. Once created, you can assign the order template to a customer profile. Then, you can select the customer prior to placing your order in MD Trader.

Set your Time in Force on the Order Defaults window.

  • Second, in the MD Trading tab on the Properties menu, you can set GTC or a created order template as an order button. Then, you can select the button prior to placing your order in MD Trader.

Setting the Default Quantity

In MD Trader setting the Default Quantity field is not required, but once you send an initial order, the Order Quantity field continually resets itself to the default quantity.

Alternatively, you can clear the Default Quantity field and make the Order Quantity persistent.

 

You set the maximum quantity for trades with the Maximum order quantity property. However, the restrictions established by Guardian take precedence over this property.

To set the default quantity:

  1. Click in the Default Quantity field under the CLR button.
  2. Use the Delete key on the keyboard to clear the contents of the field.
  3. Enter a default quantity.

    - or -

    Leave the Default Quantity field blank to have the Order Quantity field persist.

  4. Press Enter to set the default quantity.

Setting the Trade Quantity

In MD Trader you must set a value in the Order Quantity field to trade. Once you send an initial order, this field resets itself with the value in the Default Quantity field.

Launching an Algo in MD Trader

You can quickly launch an algo from MD Trader as you would any other type of order. You can also assign an algo to a MD Trader Order Button within the MD Trading tab. After an algo has been launched you can manage and monitor its progress from the Parent Order Book window or the Algo Dashboard window.

Warning! TT strongly recommends that you test algos with TT SIM before running them in a live production environment. Refer to Running X_TRADER in Simulation Mode for more information.

 

To launch an OTA in MD Trader

  1. Launch a product in MD Trader.
  2. Select a quantity.
  3. Do one of the following:
    • From the Order Type menu, select the algo type.

      - or -

    • Click to select an order button that has been assigned an algo.

    The Algo Variables [OTA] dialog box appears.

  4. Edit the algo variables as needed.
  5. Move the cursor to the Buy or Sell column.
  6. Click the mouse button.

To launch an OMA in MD Trader

  1. Ensure you set the Floating Order Book property in the Trading tab on the Properties menu.
  2. Depending on your property setting, hover over or click a cell with a working order. The Floating Order Book appears.
  3. Place your cursor on the desired order to display the modification buttons.
  4. Click the Algobutton. The Algo Variables [OMA] dialog box appears.

  5. Select the desired OMA from the drop-down list.
  6. Edit the algo variables as needed.
  7. Click Start.

Liquidating a Position

The Liquidate feature lets you flatten your position. Before MD Trader submits an offsetting order, it sends delete requests for all working orders for that contract. You need to send a second liquidate request if an existing working order fills. You can liquidate a position using a Limit order or a Market order.

If you choose to liquidate using a Limit order, MD Trader determines your position (long or short) and calculates the ticks to skew off the inside market price at which your position is flattened. If long, it evaluates the bid price. If short, it evaluates the ask price.

Assigning a specific number of ticks to skew ensures your order, once entered, (not necessarily executed) is only a pre-determined distance from the inside market. When you click the Liquidate button, you enter a Limit order based on the current price. If the market moves and the offsetting price is not available, your limit order remains working at the price you entered it.

Follow these procedures to liquidate a position:

To set the liquidate method:

  1. Open MD Trader.
  2. Right-click anywhere in MD Trader and click Properties.
  3. In the Liquidate section, choose your method:
    • Using LIMIT Order (ticks into markets):
    • Using MARKET Order
  4. To set this property for all subsequently opened MD Trader windows, click to select Set as Global Default.
  5. Click OK

To liquidate a position using your mouse:

  1. Set your liquidate method locally or globally.
  2. Click the Liquidate button in MD Trader.

Before sending the offsetting order, MD Trader sends delete requests for all working orders for that contract. MD Trader then sends an order that allows you to liquidate your position regardless of your credit limit.

You successfully liquidated a position using the mouse.

To liquidate a position using the keyboard:

  1. Set your liquidate method locally or globally.
  2. Press the Shift+T key.

Before sending the offsetting order, MD Trader sends delete requests for all working orders for that contract. MD Trader then sends an order that allows you to liquidate your position regardless of your credit limit.