Basic Trading and the Trade Window


Introduction

The Trade Window is used for non-chart based order entry and for settings for order entry from a chart, Chart DOM, or Trade DOM. Each chart has its own Trade Window. Each Trade Window is independent from each other and is for a particular chart or Trade DOM. To open this window, select Trade >> Open Trade Window for Chart from the menu.

The settings in the Trade Window are saved with the associated chart when you save your charts as a Chartbook. When you open your Chartbook, the Trade Window will be restored with the previous settings. You are also able to save a Trade Window configuration and easily change among various saved configurations within the Trade Window. Refer to Using and Changing Between Different Trade Window and Attached Orders Configurations.

Entering an Order from the Trade Window

This section explains basic order entry from the Trade Window. For descriptions for each of the controls on the Trade Window, refer to the Trade Window Controls section. To enter an order, follow these instructions:

  1. For the orders to be simulated, make sure there is a check mark by Trade >> Trade Simulation Mode On. If you want the orders to be sent to your Trading service, make sure there is not a check mark by Trade >> Trade Simulation Mode On.
  2. If you will be entering orders that will be sent to your Trading service, then make sure you are connected to the server by selecting File >> Connect To Data Feed. If this command is disabled on the menu, then this means you are already connected.
  3. Open or activate a chart for the symbol you wish to trade. You can open a chart through File >> Find Symbol.
  4. Select Trade >> Open Trade Window for Chart on the menu. This will open a Trade Window where you can enter orders and also adjust settings, such as Attached Orders, that are also used when entering orders from the chart or ChartDOM.
  5. Select the Main tab.
  6. If you wish to attach the Trade Window to the chart, press the Menu (M) button and select Attach Trade Window to Chart Window. Select this very same command again to detach it.
  7. In the list box that contains Order Types, select the Order Type. Typically you will use either Market or Limit. Refer to Order Types for descriptions of each.
  8. If the selected Order Type type, requires a price, then enter price in the Limit or Stop price box. Refer to Price Formatting.
  9. Set the order Quantity. You can also press one of the quantity buttons on the Trade Window to quickly select the quantity.
  10. Set the Time in Force (TIF) to what you require.
  11. Press either the BUY or SELL buttons.
  12. Or, set the Quantity and Time in Force (TIF) to what you require and press one of the BUY BID, BUY MKT, BUY ASK, SELL BID, SELL MKT, SELL ASK buttons.
  13. By default, you will receive a confirmation before the order is processed. Press Yes to confirm. The confirmations can be disabled by pressing the Menu (M) button and removing the checkmark from the Confirm New Orders menu command.
  14. To view your Orders or your current Positions, refer to the Trading Information Windows documentation page. The Orders and the Position for the symbol of the chart are also displayed directly on the chart when Trade >> Chart Trade Mode On is checked on the menu.
  15. For instructions to enter orders directly from the chart or the Chart DOM, refer to Chart Trading.

Modifying an Order

To modify a working order, you first need to go to the chart that you opened the Trade Window from and enable Trade >> Chart Trade Mode On on the menu. You will then see the working orders displayed on the chart. To modify the price of the order, click and drag on the order line on the chart to the new price level. To change the quantity of the order click on the quantity number button on the order line on the chart. For complete details, including modifying orders you cannot see, refer to Modifying and Canceling Orders on the Chart.

Canceling an Order

To Cancel an order do one of the following:

  1. Cancel the order directly from the chart. For instructions, refer to the Modifying and Canceling Orders on the Chart documentation.
  2. Select Trade >> Orders an Positions on the main menu. Select the Orders tab. Highlight the order you want to cancel from the list. Press the button labeled Cancel at the top of the Orders and Positions window.
  3. Press the Flatten button on the Trade Window to Flatten your position and cancel all orders for the symbol.
  4. Press the Cancel All button on the Trade Window. This will cancel all orders for the symbol.
  5. Add the Cancel All command to the Chart Trade shortcut menu. Right-click on the chart and select Cancel All to use this command.

In all of these cases, the cancellation request will be made to your connected Trading service or to the Sierra Chart Trade Simulation system. The order Status will then go to Pending Cancel. Once the order is actually canceled, its order Status will then be set to Canceled in the Trade >> Trade Orders and Positions >> Orders list.

Trade Window Controls

To open the Trade Window for a chart or a Trade DOM, go to that chart or Trade DOM and select Trade >> Open Trade Window For Chart.

For complete instructions, refer to Opening Trade Window for Chart or Trade DOM.

Main/C >> Position Quantity@Price

This box displays the current Trade Position for the symbol the Trade Window is for. For complete information about non-simulated trade Position data, refer to the Trade Positions tab section on the Trading Information Windows page.

Position Data Format: [quantity]@[position average price]

In Trade Simulation Mode, the Position Quantity and Average Price box on the Trade Window for the chart or Trade DOM, indicates the current simulated Trade Position for the Symbol and selected Trade Account.

The Trade Position data is calculated from all of the Simulated order fills in the Trade Activity Log for the Symbol and Trade Account settings for the chart. When reviewing the order fills in the Trade >> Trade Activity Log >> Trade Activity tab, be sure to set the From date and time early enough back in time to see all of the order fills for the symbol.

Main/C >> Open Profit/Loss (P/L)

For an example of the Open Profit/Loss, refer to the image to the right. It is prefixed with P/L:.

When there is a nonzero current Trade Position for the symbol of the chart or Trade DOM, the Open Profit/ Loss displays the Profit or Loss for the current Trade Position. There are various formats that can be displayed.

The calculation method is as follows: (Current Price - Average Position Price) * Position Quantity. This gives the Open Profit/Loss in Points.

It can be converted to other formats including a Currency Value by setting this through the Chart >> Chart Settings >> Advanced Settings >> Position Profit/Loss setting.

If there any problems with the display of the Profit/Loss, refer to Profit/Loss Calculations and Symbol Settings.

The Current Price used in the formula can be either the last trade price or the current Bid or Ask price. It is the last trade price if Global Settings >> General Trade Settings >> Use Bid/Ask for Open Profit/Loss Calculations is disabled. When this option is enabled, the current Bid price is used for short positions and the current Ask price is used for long positions.

Main/C >> Daily or Net Profit/Loss (DailyPL / NetPL)

The Daily or Net Profit/Loss indicates the Profit or Loss for the trading day. Net Profit/Loss is the Daily Profit/Loss + Open Profit/Loss. For complete details, refer to Viewing Open, Daily, and Closed Profit/Loss on the Chart Trading page. There are various formats that can be displayed. These are set through the Chart >> Chart Settings >> Advanced Settings >> Position Profit/Loss setting.

Main/C >> Trade Account (Selecting Trade Account)

On the Trade Window for the Chart or Trade DOM, the list box containing the Trade Accounts displays the current selected Trade Account and allows you to select among the Trade Accounts which are available on the current connection you have to your Trading service when not in Trade Simulation Mode. Refer to the image below.

In the case of when Trade >> Trade Simulation Mode On is disabled, to ensure you see the available Trade Accounts make sure there is a connection to the data feed by selecting File >> Connect to Data Feed if not currently connected. If there have been any changes with the Trade Accounts on the username you are logged in with to your Trading service, then Reconnect to the Data Feed after those changes.

When in Trade Simulation Mode, there is more than one available Trade account that can be selected. The number of trade accounts is specified through Global Settings >> General Trade Settings >> Number of Simulation Accounts.

You can choose to add up to 400 Trade Simulation accounts. You can use a different Trade Simulation Account to test different trading ideas or to separate trading activity for the same Symbol for whatever purpose.

In the case of Trade Simulation Mode, the Trade Accounts begin with the text Sim.

It is essential to make sure you are working with the correct Trade Window for the Chart or Trade DOM. This will be easily identified if it is attached. If it is not attached, then refer to the Opening Trade Window for Chart or Trade DOM section for instructions to open the Trade Window for Chart or Trade DOM. You may be looking at a Trade Window which is for a different Chart if it is not attached.

Main/C >> Flatten (Flatten and Cancel)

This command Flattens the position and Cancels all the working orders for the symbol, except for Market orders. When this command is used, the existing Trade Position quantity for the symbol is combined with the quantities of any market orders that will reduce the size of the Position. This is necessary to determine the order quantity to completely flatten the Position. Therefore, if you have a Position of +10 (long) and you have a market sell order with quantity 5, this command will enter a Sell Market order with quantity 5 and cancel all orders except for the working market orders.

If the Flatten command sees that there is not a Position, it will indicate this in the Trade >> Trade Service Log (Trade Order Error: Unable to Flatten or Reverse because a position does not exist for the symbol). Any outstanding working orders will still be canceled in this case.

There is also correct interpretation of partially filled Market orders. For example, if you have a Position of quantity +2, and there is a Sell Market order that is Open with a quantity of 2 and the Filled Quantity is 1, then the Flatten command will not issue a new market order.

If the Flatten command is disabled on the Trade Window, it will need to be enabled. Refer to Enabling/Disabling Trade Window Order Buttons.

The Trade Position which is used with the Flatten command is the same Position you see on the Trade Window. Refer to Position Quantity@Price.

Main/C >> Reverse (Reverse and Cancel)

This command Reverses the current Trade Position with a Market order and Cancels all the working orders for the symbol, except for market orders.

The order quantity of the Market order will be equal to the amount to flatten the existing Trade Position plus the amount of the current Order Quantity setting on the Trade Window.

For example, if the current Trade Position is -3, the Order Quantity setting on the Trade Window is 2, there are currently no market orders outstanding, a Buy Market order will be sent with a quantity of 5. When it is filled, the resulting Trade Position will be +2.

When Attached Orders are used, there will be two separate market orders. One to flatten the Trade Position and another one to establish the new Position. This is necessary when using Attached Orders.

When this command is used, the existing Trade Position quantity for the symbol is combined with the quantities of any market orders that will reduce the size of the Trade Position. This is necessary to determine the order quantity to completely flatten the Position and avoid any unnecessary orders from being sent which would result in an incorrect final Position.

Therefore, if there is a current Trade Position of +10 (long) and there still is a Sell Market order outstanding with a quantity 5, meaning there is an effective Trade Position of +5, the Order Quantity setting on the Trade Window is 5, then this command will enter a Sell order with a quantity 10 and cancel all orders except for the working market orders. This will result in a new Trade Position of -5. If there is a +10 Position with no working market orders, the Order quantity setting on the Trade Window is 5, then this command will enter a Sell Market order with a quantity of 15. This will result in a new Trade Position of -5.

If the Reverse command sees that there is not a current Trade Position for the Symbol and Trade account, it will indicate this in the Trade >> Trade Service Log (Trade Order Error: Unable to Flatten or Reverse because a Position does not exist). Any outstanding working orders will still be canceled in this case.

There is also correct interpretation of partially filled Market orders. For example, if you have a Trade Position of quantity +2, and there is a Sell Market order that is Open with a quantity of 4 and the Filled Quantity is 1, then the Reverse command will not issue a new market order.

If the Reverse command is disabled on the Trade Window, it will need to be enabled. Refer to Enabling/Disabling Trade Window Order Buttons.

The Trade Position quantity which is used with the Reverse command is the same Trade Position you see on the Trade Window. Refer to Position Quantity@Price.

Main/C >> Cancel All

This button will cancel all working orders for the Symbol and Trade Account the chart is set to.

If there are no working orders for the Symbol and Trade Account of the chart or Trade DOM, then this button will be disabled.

Main/C >> Order Quantity Buttons

On the Main and C tabs of the Trade Window there is a row of 5 or 6 quantity buttons respectively. Refer to the image below.

These buttons allow you to quickly change the order quantity for new orders. The quantity that will be changed to is displayed on the button itself.

The quantity that these buttons will set is configured through the Set tab. Set the order quantities in the Button 1-6 Quantity boxes.

To reset the buttons to the default quantities based upon the Default Order Quantity for the symbol, press the Default Quantities button on the Set tab. To modify the Default Order Quantity, you will need to edit the Global Symbol Settings for the symbol.

Main/C >> BE (BreakEven button)

The BE button stands for Break Even. The BE button will move the Stop Attached Order which is nearest to the current price, to the Average Fill price of the parent order. Only a single Stop order is modified and any Stop orders which are linked to it. No other Stop orders will be modified.

An offset relative to the Average Fill price of the parent order, can optionally be set on the Set tab of the Trade Window through the Set >> Move To BE Offset (Ticks) setting. This is set in ticks, where 1 equals 1 tick. If this is set to 1 and the Stop order is a Sell Stop, then the Stop order will be moved to 1 tick above the Average Fill price. If this is set to -1 and the Stop order is a Sell Stop, then the Stop order will be moved to 1 tick below the Average Fill price.

Main/C >> Use Attached Orders

For complete documentation for Use Attached Orders, refer to Use Attached Orders.

The Menu (M) button lists a menu with various Trading related commands and options. Some commands apply globally and some commands apply only to the specific chart or Trade DOM the Trade Window is associated with. In this case they are labeled (chart specific) in the documentation.

The commands which are not already listed on the top level Trade Menu are documented below.

Order Confirmations (chart specific)

Each chart or Trade DOM has its own set of order confirmation options. Therefore, on some charts or Trade DOMs, you can have order confirmations enabled and on others you can have them disabled.

All of the order confirmations can be globally disabled through Global Settings >> Chart Trade Settings >> Disable Order Confirmations - Global. Therefore, uncheck this option to ensure that the below documented order confirmations will work.

To disable a particular order confirmation for a particular chart or Trade DOM do the following:

  1. Select Trade >> Open Trade Window for Chart to open the Trade Window for the specific chart or Trade DOM you are working with, if it is not already open. For specific details, refer to Opening Trade Window for Chart or Trade DOM.
  2. Select the Main tab.
  3. Press the M button depending upon which tab is selected. Refer to the image below.
  4. Select the Confirmations submenu. Refer to the images below.
  5. Disable the Confirmations that you do not want by removing the check mark.

Order Confirmations and changing the Trade Window Configuration: Refer to Trade Window Configuration Causing Existing Trade window Settings to be Changed.

Confirmations >> Confirm New Orders (chart specific)

This command enables or disables the confirmation prompt when placing a new order from the Trade Window, the chart, Chart DOM, or Trade DOM. When checked, you will be asked to confirm an order. It is safest to keep this option enabled, to prevent inadvertent order entry.

For more information, refer to Order Confirmations.

Confirmations >> Confirm Cancel All, Flatten, Reverse (chart specific)

This command enables or disables the confirmation prompt for Cancel All, Flatten and Cancel, and Reverse and Cancel buttons on the Trade Window for the chart or Trade DOM.

For more information, refer to Order Confirmations.

Confirmations >> Confirm Order Modifications (chart specific)

This command enables or disables the confirmation prompt for Order Modifications from the Trade Window, the chart, Chart DOM, or Trade DOM.

For more information, refer to Order Confirmations.

Confirmations >> Confirm Order Cancellations (chart specific)

This command enables or disables the confirmation prompt for Order Cancellations from the Trade Window, the chart, Chart DOM, or Trade DOM.

For more information, refer to Order Confirmations.

Color Same As Chart (chart specific)

When Trade Simulation Mode is disabled and the Trade Window is attached to a chart or Trade DOM, then the background color of the Trade Window will be colored the same color as the chart background color when this option is enabled.

Close Trade Window (chart specific)

This command closes the Trade Window for the chart.

Save Configuration

This command is used to save the current configuration of the Trade Window. Refer to the Using and Changing Between Different Trade Window and Attached Orders Configurations section.

Maintain Same Quantity for OCO Group Orders (chart specific)

Target and Stop Attached Orders (submitted at the same time and with the same OCO Group number) and OCO Limit and Stop orders, are contained within the same OCO order pair or group. In the Trade >> Trade Orders and Positions, you will see the OCO ID of the orders. If 2 orders have the same ID, then they are part of the same OCO pair. When you modify the quantity of one order in an OCO pair, the other order with the same ID will be adjusted to the same quantity if this option is enabled (checked). If this option is not enabled (not checked), this will not occur. You need to also be aware that the trading service you are using may also automatically adjust the quantities to be the same when you modify a quantity of one of the orders. Even if this option is not checked.

Support Scale In (chart specific)

For complete information, refer to Scaling In section on the Attached Orders page.

Support Scale Out (chart specific)

For complete information, refer toScaling Out section on the Attached Orders page.

Use Stop-Limit Orders on ChartDOM (chart specific)

When this command is enabled, then a Stop order entry on the Chart DOM / Trade DOM will be submitted as a Stop-Limit order instead. The Limit price is automatically set and based upon Stop-Limit Order Limit Offset setting on the Set tab of the Trade Window.

Use MIT Orders on ChartDOM (chart specific)

When this command is enabled, then a Limit order entry on the Chart DOM / Trade DOM will be submitted as a Market if Touched order instead.

Use Order Fill Calculated Position (chart specific)

For complete documentation, refer to Using Independent Trade Positions.

Use Attached Orders (chart specific)

For complete documentation, refer to Use Attached Orders.

Hide Pending Attached Orders (chart specific)

When Hide Pending Attached Orders option is enabled, then attached Orders which are still pending are hidden on the chart or Trade DOM.

Main/C >> Buy Bid

This command will set the order type to Limit and set the Limit price to the current Bid price and will enter a Buy order with specified Quantity and Time in Force.

Main/C >> Buy Mkt

This command will set the order type to Market and will enter a Buy order with specified Quantity and Time in Force.

Main/C >> Buy Ask

This command will set the order type to Limit and set the Limit price to the current Ask price and will enter a Buy order with specified Quantity and Time in Force.

Main/C >> Sell Bid

This command will set the order type to Limit and set the Limit price to the current Bid price and will enter a Sell order with specified Quantity and Time in Force.

Main/C >> Sell Mkt

This command will set the order type to Market and will enter a Sell order with specified Quantity and Time in Force.

Main/C >> Sell Ask

This command will set the order type to Limit and set the Limit price to the current Ask price and will enter a Sell order with specified Quantity and Time in Force.

Main >> Order Type

In the list box that contains the order types, select the order type that you want to use for manual order entry. For documentation for all of the order types, refer to the Order Types documentation.

Main >> Price Boxes

There are 2 price boxes on the Main tab of the Trade Window. Either none, 1 or 2 price boxes are enabled, depending upon the selected order type. In a price box you can manually enter a price in the box or select one from the list. All of the current bid and ask prices from market depth data, if available, are listed. Refer to the Price Formatting section for the format for price entry. For additional information, refer to the Order Types documentation.

Main >> Order Quantity (Quantity)

The Quantity control sets the quantity for the order to be submitted. This can be shares, contracts, or the number of currency units in the case of the Forex markets.

Select a number from the drop down list or manually enter the order quantity.

This order quantity applies to orders directly entered from the Trade Window, the Chart, Chart DOM, or Trade DOM.

The quantities listed in the list box are in increments of the Default Order Quantity for the symbol or symbol pattern in Global Settings >> Symbol Settings. For further information, refer to Global Symbol Settings.

The Order Quantity can be quickly changed through the Order Quantity Buttons.

Main >> TIF (Time in Force):

The order time in force. all of the type supported by Sierra Chart are listed. These include: Day, Good till Canceled, Good till Date-Time, Immediate or Cancel, All or None, Fill or Kill. When in Trade Simulation Mode, the TIF is considered Good till Canceled no matter what the setting is.

Not all external Trading services or exchanges will support all of the available Time in Force settings. If you use an unsupported type, the order will be rejected. This reject will be logged in the Trade Activity Log and also in Trade >> Trade Service Log.

Main >> Date-Time setting

If you have specified a Time in Force of Good Till Date-Time , then this control lets you select the expiration date and time. Some services may not require a time, only a date. In those cases, the time is ignored.

Main >> Buy

Enter a Buy order using the specified order type, price, quantity, and time in force

Main >> Sell

Enter a Sell order using the specified order type, price, quantity and time in force.

Targets tab (Attached Orders)

For complete instructions for using Attached Orders, refer to the Attached Orders page.

Main/C >> Use Attached Orders

For instructions for Use Attached Orders , refer to the Attached Orders page.

Trade Window 'Set' Tab

Set >> Stop-Limit Order Limit Offset

Primary Orders

This setting applies to primary or main orders. Not to Attached Orders. This control specifies the number of Ticks or a Percentage of the current price of the symbol being traded, away from the Stop price that the Limit price for a Stop-Limit order is set to.

For example, if this is set to 4 Ticks, a Buy Stop-Limit order is entered at 100, the Tick Size is 1 for the symbol, the Limit price will then be automatically set to 104 with the order. This means that once the Stop is triggered at 100, the order will be filled at a price which is no worse than 104. For additional information, refer to the Stop-Limit Order Type.

Attached Orders

This setting applies Attached Orders only. This control specifies the number of Ticks or a Percentage of the parent order price, away from the Stop price that the Limit price for a Stop-Limit type of Attached Order is set to. For example, if this is set to 4 Ticks, a Buy Stop-Limit Attached Order has a Stop price of 100, the Tick Size is 1 for the symbol, the Limit price will then be automatically set to 104 with the order. This means that once the Stop is triggered at 100, the order will be filled at a price which is no worse than 104.

Offset Type

This specifies the offset type either as Ticks or a Percentage for the Limit offset for Primary and Attached Stop-Limit orders.

Set >> Auto-Set Prices Offset for OCO Buy and Sell Orders

The setting is used with the OCO Order Types. For the OCO order types that have the 2 OCO orders automatically set from a selected reference price, this is the number of Ticks from this reference price that the orders are set to. For example, if the selected reference price is 100, the Tick Size is 1 for the symbol being traded, and this is set to 10, then one of the OCO orders will have a price of 110 and the other will have a price of 90.

Set >> Maximum Chase for Chase Limit Orders

This setting applies to Limit Chase and Limit Touch Chase order types.

This is the maximum amount in Ticks, that a Limit Chase order will be adjusted by. For example, if a chase order has a limit price of 100 , the Tick Size is 1 for the symbol being traded, and this is set to 4, then the limit price will be adjusted by no more than 4 points.

Refer to the Limit Chase order types for more information about how this setting is used.

Set >> Button 1-6 Quantity

These text boxes are used to specify the order quantity for the 5 or 6 quantity buttons on the Main and the C (Compact) tabs of the Trade Window for the chart. Enter the order quantity that you want the specific button to have.

Opening Trade Window for Chart or Trade DOM

Refer to the images below to understand the difference between attached and not attached Trade Window.

If the Trade Window is attached to a Chart or Trade DOM, then it is already open and visible and you can interact with the controls. If you cannot fully access the controls because it is partially cut off at the bottom, then detach it by selecting Trade >> Attach Trade Window To Chart. This will detach it.

After detaching it, if it is no longer visible then select Chart >> Reset Child Windows. After this select Trade >> Open Trade Window for Chart again.

If the Trade Window is not already to attached to the Chart or Trade DOM, then go to the Chart or Trade DOM you want to open the Trade Window for and select Trade >> Open Trade Window for Chart on the menu.

If after selecting this command the trade Window still not visible, then select Chart >> Reset Child Windows. After this select Trade >> Open Trade Window for Chart again.

Each Trade Window is Completely Independent from Others

If it is not already understood, it needs to be understood that each Chart and Trade DOM has its own Trade Window and each of these Trade Windows and all of the settings contained within them, are completely independent from Trade Windows for other Charts/Trade DOMs.

Therefore, changing the settings on one of them, will have no effect on any other Trade Window unless they are linked.

To link Trade Windows, refer to Chart Linking.

Attaching Trade Window to Right Side of Chart or Trade DOM

To open the Trade Window, refer to Opening Trade Window for Chart or Trade DOM.

To attach the Trade Window to a Chart or Trade DOM, select Trade >> Attach Trade Window to Chart.

To attach the Trade Window to the right side of the Chart or Trade DOM, select Chart >> Chart Settings >> Advanced Settings. Enable the Attach Trade Window to Right Side option.

Trade Window is Missing or Does Not Appear

When opening the Trade Window and it is not attached to a Chart or Trade DOM, and it is not visible, then select Chart >> Reset Child Windows.

After this select Trade >> Open Trade Window for Chart again.

Trade Window Settings not Applying to Chart or Trading DOM

Each chart and Trade DOM window has its own associated Trade Window. So changing the settings on one Trade Window for a different chart will have no effect on another chart or Trade DOM.

Therefore, if you are changing the settings on a Trade Window and they are not applying to the particular chart or Trade DOM you are using, then you are not changing the settings on the correct Trade Window.

In this case what you need to do is go to the chart or Trade DOM and select Trade >> Open Trade Window for Chart to open the trade window for that specific chart. If you do not see it, select Chart >> Reset Child Windows and try again.

For more information, refer to Open the Trade Window.

Setting the Colors of the Trade Window Buttons

The background color of the Trade Window can be colored based upon whether Sierra Chart is in Trade Simulation Mode or not. The color of the buttons can also be colored. To adjust the color setting, select Global Settings >> Graphics Settings. The following are the relevant color settings in Colors and Widths list box:

  • Chart Trade Window Background LIVE:
  • Chart Trade Window Background SIM:
  • Chart Trade Window Buy Button Color:
  • Chart Trade Window Sell Button Color:
  • Chart Trade Window Flatten/Reverse/Cancel Button Color:
  • Chart Trade Window Quantity Buttons Color:

After changing the colors of buttons, it is necessary to close the Trade Window by selecting Menu/M >> Close Trade Window on the Trade Window, for the changes to go into effect.

Enabling/Disabling Trade Window Order Buttons

The Buy Bid, Buy Ask, Sell Bid, Sell Ask, Flatten and Reverse buttons on the Trade Window can be enabled or disabled. It is not possible to hide the buttons. Only enable or disable them. Follow these instructions:

  1. Select Global Settings >> Chart Trade Settings on the menu.
  2. In the Trade Window Controls frame, enable or disable the buttons as required.
  3. Press OK.

Using and Changing Between Different Trade Window and Attached Orders Configurations

You are able to save a Trade Window configuration which includes the current settings on the Trade Window, to a file. The configuration will also include the current Attached Orders defined on the Targets/Stops tab of the Trade Window. You can easily switch between these saved configurations. This is especially useful for rapidly switching between different Attached Orders configurations.

Also, the settings on the Trade Window are saved with the associated chart when you save your charts as a Chartbook. When you open your Chartbook, the Trade Window will be restored with the previous settings. To save the current chartbook, select File >> Save.

Saving Trade Window Configuration

To save the current trade window configuration, press the Menu (M) button on the Main or C tab of the Trade Window. Select Save Configuration on the menu. Enter a filename in the Filename box on the Save File window, and press Save.

If you wish to have a Trade Window configuration that does not contain any Attached Orders, then press the Remove button on the Attached Orders tab of the Trade Window and remove all of the Attached Orders before saving the Trade Window configuration.

Selecting/Using a Trade Window Configuration

To select a saved trade window configuration, select the one that you want to use in the list box that contains the Trade Window configuration files at the top of the Trade Window. Refer to the image below where this list box is highlighted. The Trade Window will be immediately updated with the saved configuration.

Delete Configuration File

To delete a Trade Window Configuration file, follow the below instructions:

  1. Press the Menu (M) button on the Main or C tab of the Trade Window.
  2. Select Save Configuration on the menu.
  3. In the Save File window, select the file in the list that you want to delete
  4. Press the Delete File(s) button.
  5. Press Yes to confirm.
  6. Another method to delete a Trade Window configuration file is to go to the Sierra Chart Data Files Folder on your system and delete the .twconfig file for the configuration that you want to delete. You can find the Sierra Chart Data Files Folder by selecting Global Settings >> General Settings. The Data Files Folder control displays the path to the folder.

Trade Window Configuration Screen Images

Using a Trade Window Configuration File Provided to You

Follow the steps below to use a Trade Window configuration file that has been provided to you:

  1. Select Global Settings >> General Settings on the menu. Make a note of the path to the Data Files Folder as displayed in the Data Files Folder box.
  2. Save the Trade Window Configuration file (.twconfig extension) to the Data Files Folder on your system, that you made a note of in the previous step.
  3. Go to the Trade Window for the chart or Trade DOM or Open the Trade Window if it is not already open.
  4. In the list box at the top of the Trade Window that contains all of the Trade Window configuration files, select the one you have saved. Refer to Trade Window Configuration Screen Images which show this box highlighted.

Trade Window Configuration Causing Existing Trade Window Settings to be Changed

When changing the Trade Window Configuration all of the existing settings on the Trade Window will be changed to the settings saved with the Trade Window Configuration file.

The order Confirmation settings are also saved as part of a Trade Window Configuration.

Therefore, when you selecting a Trade Window Configuration from the list box at the top of the Trade Window, the order confirmation options that were saved at that time with that configuration, will be restored. This something to keep in mind when it appears as though that changes to the order confirmations have reverted back.

In this case the solution is to set the Order Confirmation options as you require and then again follow the Saving Trade Window Configuration instructions.

Price Formatting

There are 3 ways to format prices when entering them into the Trade Window. When you are trading from the chart, Chart DOM, Trade DOM the price formatting is handled automatically. The format you use in Sierra Chart is not necessarily the format used by the software provided by your trading service. We use consistent standardized formats.

Decimal Format

This is a standard decimal number. For example, for the ES futures you can enter 1050.25, or just 1050.

Fractional Format

This is a number with a numerator/denominator fraction. The whole part of the number and numerator/denominator part of the number are separated by a space. For example, for Bonds you can enter 100 1/32, or 100 1.5/32, or just 100.

Short Fractional Format

This is a number using the short fractional notation where the denominator is specified through the Price Display Format in the Chart Settings window. For example, if the Price Display Format is set to 1/32, you can enter 100'1, or 100'1.5, or just 100.

Trading Keyboard Shortcuts

Keyboard shortcuts can be assigned to common trading commands. These allow you to invoke a trading command from a keyboard. These are configured through Global Settings >> Customize Keyboard Shortcuts. Assign the keyboard shortcut keys to any of the Trading Keyboard Shortcuts commands. For more information, refer to Customize Keyboard Shortcuts.

For these keyboard shortcuts for trading commands to be active on a chart or a Trade DOM, Trade >> Trading Keyboard Shortcuts Enabled must be checked on the menu for the particular chart or Trade DOM. This option is specific to each individual chart/Trade DOM and is not global.

Determining Order for Order Modification Keyboard Shortcuts

In the case of the keyboard shortcuts for order modifications which include the Target Order Tick Up/Down and the Stop Order Tick Up/Down commands, the particular order that gets modified is going to be the first found Target or Stop order nearest to the last trade price.

Hiding Profit/Loss on Trade Window

It is possible to hide both the Open Profit/Loss and the Daily/Net Profit/Loss on the Trade Window so that they are not displayed.

To do this, go to the chart or Trade DOM that the Trade Window is for or is attached to and select Chart >> Chart Settings >> Advanced Settings.

Set the Position Profit/Loss setting to Do Not Display.

Rejected Market Order When Using Flatten or Reverse Because of Position Limit Exceeded

When using the Flatten or Reverse command buttons / functions, the Market order which is sent in response to these functions can be rejected by the Trading server when there is a working order or orders for the Symbol and Trade Account that also exist at the time the Market order is being sent.

The reason for the possible order rejection in this scenario is that the Trade Position limit has been exceeded. This is a limit that may be set on your Trading account by your Trading service. The reason that this would occur when it logically seems like it should not is that the Trade Position that would result by executing all of the orders that are currently working including the new Market order, would cause the Trade Position limit to be exceeded.

For example, consider that your account has a Position limit of 2 contracts. Your current Trade Position is +2, and there are working Target and Stop orders each with a quantity of 2 and they are not in a server-side OCO group. Therefore, when both of those orders fill, the resulting Trade Position will be -2. If a Sell Market order is also sent with a quantity of 2, this will take the position to -4 according to the calculation by the Trading server. This is what causes the rejection.

Even though when flattening or reversing a Position the working orders are being canceled, those cancellations do not become complete at the time the Market order is sent. So it is for this reason, that the new Market order can be rejected.

When you look in the Trade >> Trade Activity Log for the line where the order is rejected, you will see the Order Action Source indicate something like: TransAct Trading order update (Order reject). Info: Position limit exceeded.. This error is not specific to any particular Trading service. It can occur with any of them.

The solution to this problem is to first cancel any working orders for the Symbol and Trade Account that you see on the Chart or Trade DOM. Wait for those orders to be successfully canceled. And then use the Flatten function.

Using Order Fill Calculated Trade Position Data for Independent Position Tracking

It is supported to calculate and display Trade Position data based upon order fills from a specified Date-Time, so that in a particular chart or Trade DOM you can have independent Trade Position tracking which is different than the Trading service provided Trade Position data for a particular Symbol and Trade Account.

Follow the instructions below to accomplish this.

  1. Update Sierra Chart to the latest release. Refer to Fast Update.
  2. Go to the particular Chart or Trade DOM that you want to use independent Trade Position data for.
  3. Follow the instructions to Open the Trade Window for Chart or Trade DOM.
  4. Select Trade >> Only Orders from Chart and make sure there is a checkmark by this option.
  5. Follow the instructions to use the Order Fill Calculated Trade Position data.
  6. Select Chart >> Chart Settings >> Advanced Settings. Set Order Fills Start Date-Time to the starting date-time where you want the Trade Position data to be calculated from. In the first box, specify the date in the format YYYY-MM-DD. In the second box specify the time in the format HH:MM:SS. This needs to be the Date-Time at or before the first fill for the Trade Position you want to track independently.

    The time needs to be based upon the Time Zone setting.

Flattening All Non-simulated Positions and Canceling All Orders in a Single Operation

Follow the instructions below Flatten all non-simulated Trade Positions and Cancel all the non-simulated orders in a single operation. This includes Trade Position and Orders for all non-simulated trading accounts that you have access to.

  1. Select Trade >> Trade Orders and Positions from the main window menu.
  2. The Orders and Positions window will display.
  3. Select the Positions tab.
  4. Make sure that Position >> Cancel Orders for Symbol When Flatten is enabled/checked if you also want to cancel the working orders for the same Symbol and Trade Account of a Position to be flattened. There will be no attempt to cancel the market orders for that Symbol and Trade Account.
  5. All of the current non-simulated Trade Positions will be displayed on the Positions tab. Select the ones that you want to flatten. Multiple Positions can be selected by holding the Control key on the keyboard and left clicking on the Position lines. A range of Positions can be selected by selecting the first one, pressing the Shift key on the keyboard and then selecting the last one.
  6. Press the Flatten button to flatten the selected Trade Positions and also cancel the related Orders, if that option was enabled. The orders will be canceled first but the market order to flatten the Trade Position will be immediately sent after.
  7. Press Yes on the confirmation prompt to confirm the operation.

*Last modified Wednesday, 28th September, 2016.