- What’s New In Autospreader
- Manager Dialog Box
- Configuration Dialog Box
- MD Trader Overview
- The Hedge Manager Window
- The Working Orders Pane Field Descriptions
- The Rules Pane Field Descriptions
- Hedge Manager Context Menus
- Hedge Rule Builder Overview
- Launching Hedge Rule Builder
- The Hedge Rule Builder Window
- Do Not Hedge Rule
- Formula Building Blocks
- Creating and Editing Rules
- Working with the Rules Library
- Activating and Deactivating Hedge Rules
- Understanding Pre and Post Hedge Rules
- Creating Spreads
- Creating a Spread using the Market Grid
- Creating a Spread using Drag-and-Drop
- Adding Legs to an Existing Spread
- Deleting Legs from an Existing Spread
- Opening an Existing Spread
- Replacing an Expired Contract
- Activating a Custom Pricing Model
- Protecting your Spreads
- Understanding Quoting Mode Options
- Specifying a Minimum Hedge Quantity
- Trading Spreads
- Pre-Trade Risk-Checking
- Trading on an Autospreader Strategy Engine
- Trading in the Market Grid
- Changing Customers
- Overriding the Tick Size
- Freezing Autospreader Orders
- Using Reload Orders
- Using Sniper Orders
- Using Queue Holder
- UsingPayup Ticks
- Using Dynamic Payup Ticks
- Using Do Not Hedge
- Inside Smart Quote
- Using Smart Quote Limit
- Using Basic Slop
- Using Advanced Slop
- Trading Yield Spreads
Using Smart Quote Limit
Along with the Inside Smart Quote setting, you can define a limit in ticks a quoting order is allowed to work away from the price level that matches the spread differential. This new setting is called, Smart Quote Limit.
When Inside Smart Quote and Smart Quote Limit are defined for a spread, quoting orders will only reprice only when they are a set number of ticks away from the inside market (Inside Smart Quote) or when the distance between the quoting order price and the spread differential price exceeds the Smart Quote Limit value.
Both Inside Smart Quote settings and Smart Quote Limit settings can override each other and orders can re-quote based on user settings.
Notes: Smart Quote Limit…
- Is defined for each leg of the spread.
- Ranges from 0-99 (Default is 99) A value of 0 represents the spread differential price level and the quoting order will always requote to the price that matches the spread differential.
- Disables Slop and Advanced Slop when enabled.
Setting a Smart Quote Limit
Example: You have an Inside Smart Quote setting of 1 for Leg A. You enter a spread order which submits a quoting order in Leg A 5 price levels away from the inside market. The quoting order in Leg A will not requote toward the inside market unless the new quote price is the inside market price. However, the quoting order in Leg A can and will reprice away from the inside market.
In this example, the quoting order reprices and is now 10 price levels away from the inside market. With an Inside Smart Quote setting of 1, the quoting order will not requote toward the inside market unless the new quote price is the inside market price, which is now 10 price levels away.
With the Smart Quote Limit, you can define a limit in ticks that a quoting order is allowed to work away from where it normally would be working without Inside Smart Quote.
Setting the Smart Quote Limit
To set smart quote limit:
- From the Control Panel, click the icon.
- In the Autospreader Manager window, click a spread in which you want to use smart quotes and click Edit.
The Autospreader Configuration dialog box appears.
- Click the Slop Settings field and click Inside Smart Quotes.
The Inside Smart Quote row appears under Basic Properties.
- In the Inside Smart Quote field, type the number ticks you want to set for each leg.
- In the Smart Quote Limit field, type the number ticks you want to set for each leg.
- Click OK.
You successfully set the smart quote limit.