Try TT Now

X_TRADER®

MD Trader – Order Management

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

Changing Order Quantity Using a Mouse

In MD Trader most users use the keyboard to enter order quantity amounts in the Order Quantity field. However, you can also use the mouse wheel to change order quantity.

Using the mouse wheel to change the order quantity is subject to the following constraints:

  • The restrictions established by Guardian firstly, and the maximum trade quantity defined on the MD Trading tab secondarily.
  • Orders increase or decreases by a quantity of ten.

Follow these procedures to change the order quantity using the mouse:

To set the quantity change property:

  1. Open MD Trader.
  2. Right-click anywhere in MD Trader and click Properties.
  3. Click to select the Enable qty change on left/right click in edit fields option.
  4. To set this property for all subsequently opened MD Trader windows, click to select Set as Global default.
  5. Click OK.

To change order quantity using the mouse wheel:

  1. Set the quantity change property.
  2. Click in the Order Quantity box.

  1. Move the mouse wheel to increase or decrease the order quantity.

Changing Working Orders

You can drag-and-drop working orders from one location to another in MD Trader.

To drag-and-drop a working order:

  1. Right-click and continue holding down any price and working cell information in the Working Quantity column.

Warning: Be very careful. A right-click and release deletes the order!

  1. Drag and drop the price/quantity to the cell where you want to place the order and release the button.

Deleting Orders

Follow these procedures to delete your orders in MD Trader:

To delete all your orders:

If you have the Delete all when LTQ column clicked property enabled, left or right-click on any grid cell in the Last Traded Quantity column to delete all of your working bids and offers.

- or -

Click the Delete All button.

To delete a single order:

To delete a single order, click its cell in the Working Quantity column.

To delete all Bids or all Offers:

If you have the Delete Bid/Ask property enabled:

  • Click the blue Delete n to delete all workig bids.
  • Click the red Delete n to delete all working offers.

To delete the working quantity of all orders at a given price level:

Left or right click on any cell in the Working Quantity column.

If the working quantity is for 50 orders, for example, in five separate 10-lot orders, all five orders delete. If there is only a single 50-lot order, this single order deletes.

Filtering Orders

You can quickly filter orders displayed in MD Trader by customer or broker. When a filter is applied only orders associated with that broker or customer will display in MD Trader.

 

To Filter Orders in MD Trader:

  1. Click the upper left corner of the Broker or Customer.

    The upper left corner turns red and a "Filters On" appears after the contract name indicating a filter has been applied.

    Tip: Selecting another broker or customer account while filtering is enabled displays working orders, net position, and average price for that particular broker or customer.

    .
  2. To remove the filter click the upper left corner again.

    The filter is removed.

Viewing Just Your Orders

If you are sharing an Order Book with other traders, you can filter MD Trader to just show your orders.

You can do this using the context menu option called View My Orders Only.

Once selected, a icon appears above the price column. This indicates you are only seeing your orders in MD Trader.

Viewing your Estimated Position in Queue

You can view your Estimated Position in Queue (EPIQ) in MD Trader and the Market Grid. EPIQ estimates how many contracts are in front of your order at any given price.

  • If your EPIQ is 10, there are approximately 10 contracts ahead of your order.
  • If 3 contracts trade, your EPIQ changes to 7.
  • If your EPIQ is 0, your order should be the next to fill.  

Note: EPIQ is not sent from the exchanges. X_TRADER calculates an EPIQ based on quantity of trades occurring in front of the order, and does not account for cancelled orders nor pro-rata allocations.

To display the EPIQ columns:

  1. Right-click MD Trader and click Properties.
  2. Click the MD Display tab.
  3. Click to select the Estimated Position in Queue (EPIQ) property in the Columns section.
  4. To set this property for all subsequently opened MD Trader windows, click to select Set as Global Default.
  5. Click OK.

MD Trader

In MD Trader the EPIQ is a set of columns to the left of the buy quantities.

To display the EPIQ, click to select the property in the Columns section of the MD Trader Display tab.

 

Color Codes

In MD Trader, the EPIQ number is color-coded to give you even more information about your order.

  • By default your EPIQ number is black.
  • If your order is the inside market, the color turns white.
  • If your order is the first in the queue, the color turns yellow.

You can configure EPIQ colors on the MD Color tab.

Reading Working Column Abbreviations

Abbreviations in the working column help you track your working orders.

Your order is Working (W) when it has been sent but has not received fill.

Your Buy (B) or Sell (S) order has received a fill but may still have a working quantity.

An Undisclosed (U) quantity appears when you place an order that has not yet entered the market.

Order restrictions with undisclosed quantities include:

  • Stop Order
  • If Touched

 

A Disclosed (D) quantity appears when you place an order that hides a portion of its overall quantity. When you have a disclosed quantity, the undisclosed abbreviation shows the portion of the order still hidden.

Order restrictions with disclosed quantities include:

  • Iceberg
  • Time Sliced
  • Volume Sliced
  • Time Duration
  • Volume Duration

A synthetic spread order exists for a period in time, during which Autospreader is maintaining and updating the spread orders Working, Pending, Legged and Filled counts. A lifespan for a synthetic order is over when Working, Pending, and Legged are all equal to zero, or when the spread order is deleted.

Example: A time sliced order to buy 100 contracts, 10 at a time with no variance in 10 second intervals at the same price appears like this:

After 15 seconds, two child orders of 10 contracts each have entered the market, with one contract executed:

Autospreader Order Column Abbreviations

An Autospreader order is working when all its quoting orders have been sent but none have been filled.

An Autospreader order is pending when:

  • At least one of its quoting orders has been filled
  • Zero hedge orders are currently legged or have been deleted
  • At least one of its quoting orders is working in the market

If one or more quoting orders is deleted, the spread order remains pending if it is still possible to fill that spread order defined by its spread ratio.

 

An Autospreader order is legged when:

  • At least one of its hedge orders is currently legged
  • At least one of its hedge orders was legged and deleted

If one or more quoting orders is deleted, the spread order remains legged if it is still possible to fill that spread order in the outright quantities defined by its spread ratio.

 

An Autospreader order is filled when the number of its quoting orders and the number of its hedge orders have been filled in the exact quantities defined by the spread ratio.

A spread fill price is only created when the exact quantities defined by the spread ratio are completely filled.

Resting Market Orders

If allowed by the exchange, you can enter market orders that rest in the book without matching during an Auction or Pre-Open period. These resting market orders are matched when the market opens using the price calculated by the exchange matching engine.

X_TRADER distinguishes these market orders from limit orders. In MD Trader, the total quantity of resting market orders to buy display above the Bid Quantity column and the total quantity of resting market orders to sell below the Ask Quantity column.

The Market Window also displays resting market orders during an Auction or Pre-Open period. The Bid Market Quantity (BidMktQty) column displays the total quantity of resting market orders to buy and Ask Market Quantity (AskMktQty) displays the total quantity of resting market orders to sell. These optional columns are off by default, and you can expose these columns from the Show/Hide Columns dialog box.