- Introduction To X_TRADER®
- TT Login
- Workspace Management
- Control Panel Icon And Menu Descriptions
- Trading And The Market Explorer
Trading And The Market Window
- Introduction to the Market Window
- Order Pane
- Submitting an Order using the Order Pane
- Launching an OTA from the Order Pane
- Selecting an Order Gatewayor Broker in the Market Window
- Applying Routing Rules in the Market Window
- Confirming Your Order in the Market Window
- Customizing the Quantity Buttons
- Order Pane Field Descriptions
- Algo Order Pane Field Descriptions
- Order Pane Context Menu
- Market Grid in the Market Window
- Using the Instrument Explorer in the Market Grid
- Market Grid Pane Field Descriptions
- Generating an RTD Formula
- Highlighting in the Market Grid
- Viewing Price Trend Indicators in the Market Grid
- Viewing Live-Only Contracts
- Viewing your Estimated Position In Queue
- Cloning Contract Rows
- Trading Eurodollar Options
- Launching an Algo in the Market Grid
- Market Grid Context Menu
- Viewing Market Depth
- RFQ Overview
- RFQ MiFID II
- Calculating Implieds
- Calculating Implied Ins
- Calculating Implied Outs
- Calculating Implied Quantities
- Calculating Implieds From Implieds
- Implied Functionality by Market
- Setting Implieds
- Viewing Implieds
- Managing Links
- Keyboard Trading in the Market Window
Trading And MD Trader
- Introduction to MD Trader
- MD Trader Field Descriptions
- Using the Instrument Explorer in MD Trader
- MDTrader - Order Entry
- MD Trader - Order Management
- MD Trader and Managing Links
- MD Trader - Displaying Market Data
- MD Trader - Configuration
- Using the MD Trader Context Menu
- Keyboard Trading in MD Trader
Orders And Fills Window
- Introduction to the Orders and Fills Window
- Order Modification Pane
- Order Toolbar
- Orders Pane
- Performing Order Status Inquiries
- Deleting an Order
- Canceling and Replacing an Order
- Holding Orders
- Pausing Synthetic Orders
- Changing Trigger Price Orders
- Recognizing Orders in an Unknown State
- Modifying Running Algo Variables
- Launching an OMA
- Keyboard Functions
- Fills Pane
- Adding a Manual Fill
- Deleting a Manual Fill
- Confirming Fills
- Changing Fill Account Information
- Start of Day Fills
- Fills Alert Dialog Box
- Using the Fills Pane Context Menu
- Fills Pane Column Descriptions
- Summary Pane
- Displaying Profit and Loss
- Position and Summary Pane Grouping
- Using the Summary Pane Context Menu
- Summary Pane Column Descriptions
- Introduction to the Position Window
- Position Pane
- Displaying Profit and Loss in the Position Pane
- Position Pane Context Menu
- Calculating Profit and Loss
- Orders and Fills Pane Context Menu
- Understanding Credit and Margin
- Position Pane Grouping
- Position Pane Column Descriptions
- Orders and Fills Pane
- Order Status Inquiries
- Deleting an Order from the Position Window
- Confirming Fill Orders in the Position Window
- Holding Orders in the Position Window
- Pausing Synthetic Orders in the Position Window
- Recognizing Orders in the Unknown State
- Orders and Fills Pane Column Descriptions
- Keyboard Functions and the Position Window
- Order Passing
- Quote Board
- Depth Window
- Introduction to the Spread Matrix
- Launching the Spread Matrix
- Navigating the Spread Matrix
- Customizing the Spread Matrix
- Displaying the Butterfly-Condor Matrix
- Butterfly Condor Matrix Overview
- Trading with the Spread Matrix
- Spread Matrix Calculations
- Butterfly Matrix Calculations
- Spread Matrix Context Menu
- Creating Strategies
- Audit Trail
- Floating Windows Overview
- Floating Order Book Overview
- Using the Floating Order Book
- Managing Algos in the Floating Order Book
- Keyboard Trading in the Floating Order Book
- Floating Order Book Column Descriptions
- Floating Depth Window
- Floating Net Position Window
- Using Floating Order Entry
- Using Multiple Floating Order Entry Windows
- Trading with the Order Bar
- Launching via the Net Position Field
- Seeding the Floating Order Entry
- X_TRADER Order Types
- Cross Orders
- Triggered Orders
- Iceberg Orders
- If Touched
- Triggered If Touched Orders
- Triggered Stop Orders
- Limits on Market Orders
- Machine Gun
- Market On Auction (MOA)
- Market On Close (MOC)
- Market On Open (MOO)
- Minimum Volume
- Submitting a Mutual Offset Order
- On Behalf Of Orders
- Order Cancels Order
- Duration Orders
- Time Sliced Orders
- Timed Orders
- Trailing If Touched Orders
- Trailing Limit Orders
- Trailing Stop Orders
- Volume Duration
- Volume Sliced Orders
- Best Limit
- Managing Saved Orders
- Saved Orders MiFID II
- Synthetic Orders on X_TRADER
- Introduction to Staged Orders
- Staged Order Creation
- Entering Related Child Orders
- Staged Order Management
- Staged Order Ownership
- Permissions and Risk
- Staged Orders Properties
- Introduction to Wholesale Trading
- SupportedTypes of Wholesale Trades
- Wholesale Orders MiFID II
- BVMF Cross Trades
- CME Cross Trades
- Eurex Wholesale Trades
- GMEX Wholesale Trades
- HKEx Wholesale Trades
- ICE Wholesale Trades
- LSE Cross and Committed Trades
- MX Cross and Committed Trades
- MEFF Cross Trades
- NYSE Liffe Wholesale Trades
- Euronext Wholesale Trades
- NYSE Liffe U.S. Wholesale Trades
- OSE J-NET Trades
- SFE Block Trades
- SGX Trade Reporting: One Sided Trades
- TFX Block Trades
Automated Trading Windows
- Automated Trading Overview
- Introduction to the Algo Dashboard
- Deploying Algos
- Algo Order Management
- Sharing Algos in the Algo Explorer Pane
- Renaming Algos in the Algo Explorer Pane
- Deleting Algos in the Algo Explorer Pane
- Launching Algos in the Algo Variable Pane
- Updating Algos in the Algo Explorer Pane
- Setting Favorite Algos in the Algo Explorer Pane
- Managing Algo Templates
- Algo Behavior at Market Close
- Algo Behavior When the Algo SE Server is Restarted
- Algo Variable Pane
- Algo Explorer Pane
- Algo Orders Pane
- Algos Dialog Box
- Algo Dashboard Column Descriptions
- Algo Orders Pane Context Menu
- Algo Explorer Pane Context Menus
- Order Management
- Order Book
Parent Order Book
- Introduction to the Parent Order Book
- Parent Order Book Toolbar Field Descriptions
- Managing Autospreader Orders in the Parent Order Book
- Managing Staged Orders in the Parent Order Book
- Managing Synthetic Orders in the Parent Order Book
- Managing Algo Orders in the Parent Order Book
- Viewing Child Orders
- Parent Order Book Context Menus
- Algo Variable Pane in the Parent Order Book
- Introduction to the Fill Window
- Fill Window Fills Pane
- Fill Window Fills Pane Column Descriptions
- Fill Window Fills Pane Context Menu
- Fill Window and Start of Day Fills
- Managing Manual Fills in the Fill Window
- Changing Fill Account Information in the Fill Window
- Fill Window Position Pane
- Displaying Profit and Loss in the Fill Pane
- Fill Window Position Pane Column Descriptions
- Analytic Windows
- Alerts Manager
- Time And Sales
- Settings And Global Properties
- Introduction to the Customer Defaults
- Creating a Customer Defaults Profile
- Changing a Customer Defaults Profile
- Deleting a Customer Defaults Profile
- Setting Customer Defaults to Read-Only
- Sharing your Customer Defaults Profile
- Using the Customer List
- Customer Defaults for MiFID II
- Algo Defaults for MiFID II
- Customer Defaults Dialog Box Field Descriptions
- Order Defaults
- Risk Parameters
- Routing Rules
- Login Gateway
- Global Properties
- TT Minimizer
- Screen Configuration
- Customizing Fonts
- Filtering And Sorting Data
- Formatting Grids
- Resizing And Printing Windows
- Tabbed Windows
Staged Order Creation
You are viewing X_TRADER Version 7.17 and higher. For earlier versions, click here
X_TRADER Pro users with the proper Staged Order credentials in TT User Setup, (i.e., Staged order creation allowed is enabled) may create staged orders from the Market Window Order Pane or the floating Order Pane. Selecting the Stage check box routes the staged order to the Synthetic Strategy Engine.
A staged order must contain three components:
- A single exchange-traded instrument, including exchange-listed spreads
- The desired quantity to be filled
- The Buy/Sell direction of the order
Note: All Staged Orders are submitted as GTC orders regardless of the default TIF displayed in the Order Pane.
The following screen shot illustrates a staged order to buy 500 ES that includes execution instructions. The originating user did not include a price, meaning the execution trader has discretion to work the order based on their assessment of market conditions.
TTORD Traders can indicate how they would like to route staged orders using the Stage Internal checkbox. For example,
- When Stage Internal is checked, the order is routed as an internal staged order to another TTORD Trader typically on the firm's internal execution desk.
- When Stage Internal is unchecked, the order is routed as a "Broker" staged order to the Direct Trader to whom the TTORD Trader is mapped.
The Stage Internal checkbox is not available to Direct Traders. However, Direct Traders can create staged orders and share them with others in their shared group. Prior to X_TRADER 7.17, this was referred to as "Broker" staged orders.
The staged order may also include optional execution instructions advising execution traders of desired intentions beyond instrument, quantity and Buy/Sell direction. It also includes a routing choice for the internal execution desk or the external broker desk.
Note: Although originating users may request certain order parameters, they cannot require the execution trader to enter any particular order type. Execution traders will enter child orders at their discretion based upon the current market conditions and their market experience.
X_TRADER Pro users may create new staged orders with any or all available order parameters, including synthetic parameters. Staged orders are for single exchange-traded instruments only. Therefore, you cannot stage Autospreader orders.
To create a staged order...
- Open the product for which you want to create a staged order in the Market window.
- 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.
- Add the order details you want to include.
Click the Stage check box.
Note: Routing Rules cannot be used with staged orders. If the Stage checkbox is disabled, ensure that a routing rule is not selected in the Routing Configuration dialog box.
Click the down arrow to the right of the Stage check box and enter free-form execution instructions. (Optional) The Execution Instructions dialog box appears.
Execution Instructions dialog box
Click the Save Instructions check box if you would like to save the execution instructions for future use.
Note: When this option is enabled the instructions will be saved and the Stage field on the Order Pane displays a green background.
- Open the Routing Configuration dialog box and select the desired routing options, (e.g., Broker/Order Gateway, customer, etc.).
- If a TTORD Trader, check the Stage Internal checkbox if you would like to route the order to a group of TTORD Traders. (Optional)
- Click OK to close the Routing Configuration dialog box.
- Click Buy or Sell to submit the order.
Upon successful submission to the Synthetic Strategy Engine, the Orders and Fills Window Orders Pane displays the staged order in the Working (W) state. The staged order will remain in this state until it is partially filled (P), entirely filled (F), deleted (D), or Canceled (C).
Tip: The Link Type column can be used to filter staged orders from the other orders in the Orders Pane.
The Audit Trail logs actions and events relating to staged orders. Execution instructions are also displayed when Process and display INFO messages is enabled on the global Properties | Audit Trail tab.
Staged orders do not display in the Market Window, Spread Matrix, MD Trader, and Order Book. However, these windows do display related child orders.
Promoting a Staged Order
Execution traders on an internal buy side desk may sometimes need to pass a staged order on to their external broker for further trade management and execution. Traders that are set up as TTORD IDs may promote owned staged orders to the registered trader they are mapped to by clicking the Promote button.
Warning!: Once a staged order has been promoted it cannot be unpromoted.
Order and Fills window
After clicking the Promote button, confirmation will be required if a confirmation method is enabled on the global properties Orders tab.
Confirmation Dialog Box
When the staged order is promoted the Link Type changes from Internal to Broker; the TTStatus field and current State do not change. The TTORD trader can continue to monitor the order in the Orders Pane and even cancel the order. However, the TTORD trader cannot re-claim the order once it has been promoted.
Orders and Fills Window
To promote a staged order...
- Click to select an owned staged order displayed in the Orders Pane.
Click the Promote button. If you have a confirmation set up, the confirmation dialog box appears.
Confirmation Dialog Box
- Click Yes to confirm. The order is promoted and the Link Type changes to Stage-BKR.
Canceling Staged Orders
The originator, the owner, or users with administrator permissions can cancel the staged order while it is in Working (W) or Partially Filled (P) state.
- Canceling a staged order that is partially filled, submits cancels to the exchange for all currently working related child orders. Upon acknowledgement of the cancel the staged order is moved to the Cancel (C) state and the staged order and all related child orders are canceled.
- Canceling a staged order that does not have any fills, submits cancels to the exchange for all currently working related child orders. Upon acknowledgement of no fills, the order is moved to the Deleted (D) state.
- If the owner cancels a related child order, the staged order remaining quantity increases by the amount of the child order quantity canceled. Standard order book sharing applies to child orders (i.e., traders sharing an order book can cancel related child orders).
Warning: Synthetic SE does not enforce the Time-in-Force of the staged order. The parent staged order remains in an active state on the Synthetic SE until it is either fully filled Cancel_Staged_Orderor canceled.
Order and Fills window
To cancel a staged order...
- Click to select the staged order in the Orders Pane.
Click the Cancel button. If you have a confirmation set up, the confirmation dialog box appears.
Confirmation Dialog Box
- Click Yes to confirm. This cancels the staged order.