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Implied prices and quantities derive from direct orders in a combination of outright contracts and spreads/strategies. Implied pricing evolved at exchanges that trade contracts, spreads and strategies involving different combinations of the contract months.
Example: A bid in one contract month and an offer in a second contract month combine to imply a bid in the spread between the two months.
By calculating and displaying implied prices and quantities, exchanges found they could improve the best Bid/Ask price or add liquidity to certain contracts or strategies.
To set implieds...
- From the Control Panel, click the Settings menu and choose Properties.
On the Trading tab, click to select the options you want:
- Include Implieds in Market columns and in Depth: Exchange calculated implieds.
- Calculate Implieds instead of Exchange Implieds: calculated implieds.
- Click OK.