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X_TRADER® Documentation

Navigating the Spread Matrix

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

The Spread Matrix displays outright contracts and exchange-defined calendar spreads. Outrights display along the top and diagonal. By default, the top outright prices are shown as Net Change. Calendar spreads display in the middle of the matrix where the outright contracts intersect.

Note: You can have up to twenty tabs in one Spread Matrix window.

The Spread Matrix displays comprehensive market data for each outright contract and calendar spread.

Note: You can trade using the Floating Depth Window.

The background color of the market data cell provides additional information about the prices and quantities that comprise the bids and the offers. These colors are customizable via the global properties Color tab | Spread Matrix.


Cell Color


Dark Blue or Dark RedThe price and quantity are comprised of direct bids or offers in the market.
Light Blue or Light RedThe price and quantity is comprised entirely of implied quantities that were derived from outright orders and calendar spreads.
WhiteThe Bid/Offer is a combination of direct prices and implied prices.
YellowYou are working an order that is at the best inside market price.

The Spread Matrix displays calculated implied data even when it is not at the best price. Implied functionality varies by exchange. They determine how the implieds settings function in X_TRADER. Enable the Calculate Implieds instead of Exchange Implieds feature on the global properties Trading tab.

By default, the Spread Matrix color-codes implied prices and quantities. This is configurable via the global properties Spread Matrix tab.

Colors also identify each one-year period. In this Spread Matrix, we see two one-year periods.

As you place your mouse over a calendar spread, the cells comprising the spread highlight for easy identification. In this example, the moue is hovering over the Mar13-Jun13 spread.