What's new in

Contingent Orders


Iceberg Contingency

Timed Entry and Timed Exit contingencies

New Contingent Orders

Contingency Templates

Keyboard shortcuts

Iceberg Contingency

Defines a cascade of orders. It has a total quantity as an overall quantity to be traded for the contract. The user specifies a step and an "Initial quantity" both used to compute the quantity for the orders to be placed. An order is placed on the initial quantity. When the initial order is filled, immediately place an order for the lesser of ("Incremental quantity") or ("Total quantity" - quantity already filled).

For example: given the "Total quantity" of 10, the "Incremental quantity" of 2 and the "Initial quantity" of 4, the following sequence of quantities are generated: 4, 2, 2, 2. So, 4 orders are created using these quantities: first one placed immediately and the next 3 as unplaced.

Second example: given the "Total quantity" of 10, the "Incremental quantity" of 3 and the "Initial quantity" of 2, the following sequence of quantities are generated: 2, 3, 3, 2. The last element is 2, because 2+3+3=8 and 10-8=2, although the "Incremental quantity" is 3 you have just 2 at the end of the sequence.

All orders are placed at the same price. The user can Cancel/Replace/Cancel Replace MKT and the price or quantities for the active order and left unplaced orders are recomputed.

The user sets the type of the orders (Buy/Sell), the total quantity, the initial quantity, the incremental quantity and the price for the orders (an absolute price or an offset).

The total quantity and the incremental can be modified using the "Edit Contingency Window" accessed from the menu.

After these he can set the "Price" or the "Offset" to specify the conditions for placing an order. The "Offset" is the number of the ticks between the last trade price and the contingency.

By pressing the "Ok" button, the user validates his selections. By pressing the "Default" button, he causes the new settings to be the default settings in the future. By using the "Cancel" button, he interrupts this action and goes back to the initial frame, without any contingent order being placed.

An example for a "New Iceberg" contingency order (Buy 10 @1550.00) which is placed in the Order Entry section of the "Charts" frame is represented in the first figure below. The second example represents a "New Iceberg" contingency order (Buy 10 @1538.75) which is attached to a placed order (Sell 1 @1561.25).


Go to the top of page

Timed Entry and Timed Exit contingencies

Timed Entry

Places a "Sell" or "Buy" order for the specified "Contract", "Quantity", "Order Type" and "Price" at the date and time which are indicated by the "Exchange Date" and the "Exchange Time" fields. The "Offset" is the number of the ticks between the last trade price and the contingency. The date can be selected by pressing the "Calendar" button .

By pressing the "Ok" button, the user validates his selections. By pressing the "Default" button, he causes the new settings to be the default settings in the future. By using the "Cancel" button, he interrupts this action and goes back to the initial frame, without any contingent order being placed.

An example for a "New Timed Entry" contingency order (Buy 1 @1551.50) which is placed in the Order Entry section of the "Charts" frame is represented in the first figure below. The second example represents a "New Timed Entry" contingency order (Buy 5 @1552.25) which is attached to a placed order (Sell 1 @1585.00).



Timed Exit

Market or Limit order at the specified time. The user can set the "Order Type", the "Price" or the "Offset" which specifies the number of the ticks between the market price and the contingency and, at last, the "Exchange Date" and the "Exchange Time" which are the date and the time when the specified order will be placed. The user can select the date from a calendar. The calendar can be accessed by pressing the Calendar button .

By pressing the "Ok" button, the user validates his selections. By pressing the "Default" button, he makes the new settings to be default in the following. By the "Cancel" button, he interrupts this action and goes back to the initial frame, without any contingent order placed.







An example for a "New Timed Exit" contingent order (Sell 1 @1544.00 MKT) which is attached to a placed order (Buy 1 @1522.25 is represented in the figure at the right.
Go to the top of page

New Contingent Orders

Synthetic Stop Entry

Simulates a STOP order type. It can be used when the user needs to place a STOP order and the exchange does not support STOP orders. For "Buy" STOP orders, the order becomes a market order once there is a trade >= the STOP price. For "Sell" STOP orders, the order becomes a market order once there is a trade <= the STOP price.

In this dialog box the user selects the "Contract", the order type ("Buy" or "Sell") and the "Quantity" for this contingent order. After these he can set the "Price" or the "Offset" to specify the conditions for placing an order. The "Offset" is the number of the ticks between the market price and the contingency.

By pressing the "Ok" button, the user validates his selections. By pressing the "Default" button, he causes the new settings to be the default settings in the future. By using the "Cancel" button, he interrupts this action and goes back to the initial frame, without any contingent order being placed.

An example for a "New Synthetic Stop Entry" contingency order (Buy 1 @1555.00) which is placed in the Order Entry section of the "Charts" frame is represented in the first figure below. The second example represents a "New Synthetic Stop Entry" contingency order (Buy 10 @1560.75 SynSTOP) which is attached to a placed order (Sell 1 @1581.75).



Synthetic MIT (Market If Touched) Entry

Simulates an MIT order. It can be used when the user needs to place a MIT order and the exchange does not support MIT orders. For "Buy" MIT orders, when Last trade price <= price, fill the order at the Last trade price. For "Sell" MIT orders, when Last trade price >= price, fill the order at the Last trade price.

In this dialog box the user selects the "Contract", the order type ("Buy" or "Sell") and the "Quantity" for this contingenct order. After these he can set the "Price" or the "Offset" to specify the conditions for placing an order. The "Offset" is the number of the ticks between the last trade price and the contingency.

By pressing the "Ok" button, the user validates his selections. By pressing the "Default" button, he causes the new settings to be the default settings in the future. By using the "Cancel" button, he interrupts this action and goes back to the initial frame, without any contingent order being placed.

An example for a "New Synthetic MIT Entry" contingency order (Buy 5 @1550.75 SynMIT) which is placed in the Order Entry section of the "Charts" frame is represented in the first figure below. The second example represents a "New Synthetic MIT Entry" contingency order (Buy 3 @1551.50 SynMIT) which is attached to a placed order (Sell 1 @1531.25 STOP).


Go to the top of page

Contingency Templates

Contingency Templates allow a user to preset the profit exit and stop loss parameters automatically at the time an entry trade is placed. This toolbar appears in the Order Entry toolbar when there are placed contingent orders in the application and it can be modified by the user. He can add new buttons in this toolbar if he clicks on the first button ("Create Contingency Templates"). So, the structure represented in the figure at the right is just an example. The maximum number of the templates which can be created is 9.

If the user clicks on the "Create Contingency Templates" button, the "Contingency Templates" dialog box appears. In the figure below you can see an example for this dialog box.

Go to the top of page

On the right side of this dialog box, there are 3 buttons: "New", "Edit" and "Delete". You can see that, the "New" button is disabled. The reason for this is that the maximum number of the templates which can be created was reached. After the user deletes a template by pressing the "Delete" button, he can add again a new template by pressing the "New" button. After he clicks this button the following dialog box will appear:

In this dialog box the user have to add a "Name" for the template which will be created, after this, he can select an "Icon" for it (see the second figure above): one from the 9 default icons or a custom icon by pressing the "Change..." button. The user can create a template using just one type of contingent order. This type is named "Synthetic OCO (One Cancel Other) Stop Loss or Profitable Exit". If you want to read more about this type of contingent order, click here.

After a template is created, the user can edit it, if he selects it and presses the "Edit" button. If the "Edit" button is pressed, the "Edit Template" dialog box appears. It has the same options like the "New Template" dialog box. The difference is that, in the "Edit Template" dialog box, the user edits a template which was created before.

When the user wants to use a contingency template, he will select one of them from the "Contingency Templates toolbar", and in the following, when he places an order, the contingent order which is represented by the selected template will be attached automatically to the placed order.

For example, if the "Contingency Template" has the following attributes:

and the user will select this "Contingency Template", when he places a "Buy" order, it will look like the following:

To read more about contingent orders click here.

Go to the top of page

Keyboard shortcuts

If the user needs to switch between the created "Contingency Templates", ha can press the buttons presented in a figure above from the Order Entry toolbar or he can press the Alt + Shift + 1, 2, ... 9 keys.

Alt + Shift + 1 Switch to #1 contingency template
Alt + Shift + 2 Switch to #2 contingency template
Alt + Shift + 3 Switch to #3 contingency template
Alt + Shift + 4 Switch to #4 contingency template
Alt + Shift + 5 Switch to #5 contingency template
Alt + Shift + 6 Switch to #6 contingency template
Alt + Shift + 7 Switch to #7 contingency template
Alt + Shift + 8 Switch to #8 contingency template
Alt + Shift + 9 Switch to #9 contingency template
Go to the top of page