Sierra Chart Futures Order Routing Service With Data
- What is Included
- Setup Instructions
- Positions for Spreads/Strategies
- Intercommodity Spreads
- Web-Based Trading Panel
- Using Delayed Market Data
- Periodic Updating of Symbols Not Receiving Streaming Data
- Using Trade Symbol
- Frequently Asked Questions
- Order Rejections and Account Configuration Issues
- Summary Setup Instructions
- Understanding How Server-Side OCO and Bracket Orders Are Implemented (Opens in new page)
Notice: Sierra Chart has successfully completed the development of direct order routing to the CME and also later and we expect at the end of the year 2021 integration to EUREX will be completed. We are working with several firms to offer this new enhanced service. Therefore, before the end of the year 2021, the existing and new users, using the Sierra Chart Order Routing Service will be migrated to the new direct order routing and orders will no longer be routed through Trading Technologies. We expect this new direct routing to be start to become available in September 2021.
The Sierra Chart Futures Order Routing Service with Data is an established service from Sierra Chart to provide futures contract, futures spreads, and futures options order routing services along with market data.
This service supports a large number of clearing firms (list below) since the order routing in the background is through Trading Technologies (TT). So in other words it is broker/firm neutral.
Market data is provided by Sierra Chart's own high-quality data feeds. It is not provided by Trading Technologies (TT).
Supported exchanges are CME, CBOT, NYMEX, COMEX, ICE US, ICE Europe, EUREX, Hong Kong futures, CFE, LIFFE, Euronext.
It has the following features:
- Low latency order routing to the exchange. Under 1 millisecond. You can choose to use our CME Aurora data center order routing server which is colocated with the exchange.
- Stable and reliable connectivity.
- Simplified connectivity. There is no other subsequent login required. This eliminates another layer of connectivity issues, various and confusing entitlements from third-party providers, and username or password authentication problems. You will have stable and reliable access to your trading account.
- Long-term (at least 1 year) order fill history with accurate Position data to ensure complete, reliable, hasslefree, and consistent trade statistics reporting within Sierra Chart like the Daily Profit/Loss, the Trade Activity Log Trade Statistics and Trades Tabs, and the Trade Statistics for Charts (only applies to orders entered from Sierra Chart).
Additionally another benefit of this, is that all installed instances of Sierra Chart receive the order fill history from the server no matter what instance the trading occurred from, or whether or not the instance was connected to the trading server at the time of the order fills. Therefore, all installed instances of Sierra Chart set to use the Sierra Chart Order Routing service all stay in full synchronization with trading activity.
- Trouble-free and properly managed server-side OCO orders.
- Trouble-free and properly managed server-side bracket orders. This is a huge advantage as compared to other supported services. This is functionality that you do not have when you are using CQG, Rithmic, CTS, Transact, Gain Capital or Interactive Brokers. For example, there is no support for server-side bracket orders when using CQG with Sierra Chart.
The reason this is so important, is it makes the order handling very safe and low latency. Whereas with these other services, the bracket order management is on the client side.
- Trailing Stop orders are still always managed locally on the Sierra Chart client side.
- Reliable market data with extended market depth for CME markets (currently 1400 levels).
- Can use free delayed market data. (With Sierra Chart Advanced package only.)
- Can trade spreads and options with easy symbol Lookup (only CME markets at this time).
- Uses TT (Trading Technologies) in the background for order routing and accounts. Therefore, any broker supporting TT can be used. Relies on TT risk management and any risk management controls the clearing firm sets on your TT account.
- Triple redundancy with order routing. When one server is not available, there are two other available servers Sierra Chart will immediately connect to.
Additionally, if there is any order rejection due to the server not having a connection to TT, which is very unlikely, this will also cause a reconnection to the next available server. TT also maintains full redundancy with backup servers in addition to their primary servers.
Sierra Chart servers will automatically be directed to the TT backup server in the event that the TT primary server is not available.
- Web-based trading panel. Does not require your Sierra Chart account to be active or not. However, does require a small Services Balance for order submission.
- Cost is .10 USD per contract for order routing. No other order routing fees will be billed from your clearing firm.
- Data feed is included with Sierra Chart Service Packages which includes the Denali Exchange Data Feed and is only 10 USD/month before discount. There is a discount when paying for multiple months.
- Ability to access multiple trading accounts with different clearing firms in a single instance of Sierra Chart.
- For market data, the high quality and reliable Denali Exchange Data Feed is used. In the case of authorization for the CME exchanges at the nonprofessional fees which require a funded trading account, when your trading account is linked to your Sierra Chart account this will mean that the CME data is always authorized and can be used independently of this order routing service and also used with the Simulated Futures Trading service. There is no need to connect once a month to your trading account.
- Order routing is through a server managed by Sierra Chart with a FIX connection to Trading Technologies. Overall latency is well below 1 millisecond to the TT server when using the Sierra Chart server in the CME Aurora data center (Server 2).
- Order routing through TT FIX servers to the exchange is below 150 µs (microseconds).
- Support for multiple simultaneous connections to the trading server. There is no limit on the number of trading connections. Because each connection, however is going to be using one of the Sierra Chart Data Feeds there may be a separate real-time connection fee for additional data connections. For real-time data connection information, refer to Real-Time Exchange Data Feeds Available from Sierra Chart and select the appropriate data feed. If, however, you are using Sierra Chart from the same computer you can use the New Instance feature and use a single connection in multiple instances of Sierra Chart on the same computer.
- When the Trading connection is lost and there is a reconnection, this does not disrupt or affect the market data feed connection. Likewise, when there is a lost connection with the market data and a reconnection, this does not disrupt or affect the trading connection. Both connections are fully independent of each other. This does not exist with any other supported trading service that Sierra Chart works with and is a major advantage with this order routing service and contributes to the very best rocksolid connectivity.
- Market Data and Trading are on different socket connections. This contributes to providing the absolute lowest latency for trading. CQG Web API, CTS, Interactive Brokers use the same connection for market data and trading unless you are using the Sierra Chart Exchange Data Feed. When market data and trading are used on the same connection, this can increases the latency for trading, although not necessarily.
- Order routing and market data servers are available 24 hours a day 7 days a week. There may be one minute interruptions during times when the markets are closed but in general, there is full availability over the weekend and other times.
- The service supports an avoidance of a situation where when modifying the price of an order on the client side like from automated trail order management, where this order has a new order quantity still in transmission to Sierra Chart from the server due to bracket order management, the quantity on the server is maintained rather than getting overrided by an old quantity from the client side. This solves a condition which we have seen sometimes over the years which can result in an incorrect final order quantity for a child order.
This feature is only available with the Sierra Chart Order Routing Service. It is not supported with any other service. And this is yet another reason why if you are serious about your trading, there is no other choice but to use the Sierra Chart Order Routing Service.
- Direct cross connect to Trading Technologies FIX servers for Sierra Chart servers located within Chicago. This bypasses the Internet for order routing, in both the Aurora and Equinix data centers.
We will also be setting up on our London, Germany servers, optional order forwarding to the Aurora data center for the lowest latency server managed orders.
- Lower cost for CQG users. Although you need to use a Sierra Chart Service Package which includes the Denali Exchange Data Feed. This is only a small amount extra per month. This data feed provides full market depth data (up to 1400 levels) and is a high quality low latency data feed.
Additionally, when you consider the 15 USD/month fee from CQG for Sierra Chart to use the CQG system, 25 USD/month for historical data (limited to current contracts only and a maximum of 30 days of tick data), and 25 USD/month for their web-based trading interface (total 65 USD), the cost of this order routing service is much less than CQG and provides far more capabilities and safety.
- Lower cost than Rithmic. The Rithmic order fill fee is .25 USD per contract as compared to .10 with the Sierra Chart Order Routing Service.
This new order routing solution is meant to evolve over time to be the very best and lowest cost futures trading solution for the Sierra Chart user base. It allows us to provide a high level of support and reliability to our customer base. So that you have a consistently and trouble-free and reliable trading experience along with trade statistics reporting.
Over time this is meant to be an alternative or replacement for other supported trading gateways like Rithmic, CQG, CTS, Transact, Gain Capital, Interactive Brokers. It is the intent that it will be cost competitive with other services.
It allows Sierra Chart development to focus on one solution and making it the best solution rather than spreading our resources thinly among multiple solutions and each of those other multiple solutions being less than the best. And it also allows Sierra Chart development to focus more on the development of Sierra Chart itself rather than chasing all of these other external services and their problems every single day.
It is our plan to offer direct integration to the CME trading gateways which this service will use. This is currently being worked on.
What is Included
- Streaming Real-Time Data: Provided by one of the Real-Time Exchange Data Feeds Available from Sierra Chart.
- Historical Intraday Data: Provided by one of the Real-Time Exchange Data Feeds Available from Sierra Chart.
- Historical Daily Data: Provided through the Sierra Chart Historical Daily Data service.
- Historical BidVolume and AskVolume: Yes. Accurate.
- Live Trading Services: Yes.
- Simulated Trading: Yes.
- Order Types Supported: All except Market if Touched (non client side).
- Server Managed OCO (Order Cancels Order): Yes. Cannot be disabled. Always enabled regardless of how Global Settings >> General Trade Settings >> Use Server Side OCO Orders is set.
- Server Managed Bracket Orders: Yes. Cannot be disabled. Always enabled regardless of how Global Settings >> General Trade Settings >> Use Server Side bracket Orders is set.
- Automated Trading (applies to Live or Simulated): Yes.
- Historical Order Fills from Trading Server: Yes. At least 1 Year of order fill history with Position Quantity with each fill.
- Efficient Market Data with Processing on Background Thread: Yes.
- This service supports live trading only. For simulated trading you can enable Trade >> Trade Simulation Mode On within Sierra Chart, or use the Simulated Futures Trading Service. However, for simulated trading, in order to take advantage of the lower-priced CME exchange fees, requires that you still have a live trading account anyway.
- To be able to use this service, you need to have a live trading account with one of the following clearing firms or one of their Introducing Brokers:
- Advantage Futures
- Dorman Trading
- ED&F Man Capital Markets
- Stage 5 Trading
- Phillip Capital
- Edge Clear
- AGN Futures
- Trade Pro Futures (www.tradeprofutures.com)
- Marex Spectron
- (Any other futures clearing firm supporting Trading Technologies)
- Fill out the request form for us to request your clearing firm to add your trading account to the Sierra Chart company TT FIX connection for order routing. All fields are required.
- Once the clearing firm adds your trading account to our FIX order routing connection with TT, then we will confirm that and then we will send you an Account Support Ticket asking you to confirm that the TT account identifier is correct.
Once you confirm that, then at that time we will assign it to your Sierra Chart account and you will see is listed on your Account Control Panel.
You have the ability to remove the trading account by contacting us through an Account Support Ticket. Your clearing firm also has the ability to remove the account from our TT FIX order routing connection.
- At this point do not continue with the remaining steps until you hear from us in regards to your trading account.
- Once the above procedure is fully complete and your trading account has been assigned to your Sierra Chart account, then continue with the remaining steps.
- If you only require data from CME, CBOT, NYMEX, and/or COMEX, then activate the new Denali Exchange Data Feed for market data. This is a new data feed providing a lower cost, supporting 2 simultaneous connections and no symbol limits.
Be sure if you are using the Denali Exchange Data Feed that you are running version 1944 or higher. Update with Help >> Download Prerelease from within Sierra Chart to update to the latest version.
Otherwise, follow the Sierra Chart Exchange Data Feed Set up Instructions to activate and pay for the Sierra Chart Exchange Data Feed for market data. You will need to activate the exchanges that you require. In the case of CME data, normally you will be activating one of the CME Group exchanges.
If you need help with this step, start an Account Support Ticket and we will get this set up for you but you are still responsible for adding the necessary funds to your account and completing the market data agreement.
- Update Sierra Chart to the current version. Refer to the Fast Update instructions.
- Select Global Settings >> Data/Trade Service Settings.
- Set the Service to SC Futures Order Routing/Data or SC/TT Futures Order Routing (used in newer versions).
- Set the Primary Server (Global Settings >> Data/Trade Service Settings) to one of the following:
Server Description Server 1 Chicago Cermak Equinix data center with direct routing to TT Aurora through cross connect. External user connectivity ISP: Verizon. Server 2 CME DC3 - CME Aurora data center with direct routing to TT Aurora through cross connect in the same data center. External user connectivity ISP: Zayo. This is the absolute lowest latency server to use for Primary Server when trading CME Group markets. Server 3 Frankfurt Germany (FRA2) with routing to TT Frankfurt. Server 4 Same as Server 1. Server 5 Same as Server 2. Server 6 Same as Server 1.
Set the Backup Server (version 1896 and higher) to what you want. The backup server is used when there is a failed connection to the Primary Server.
- Press OK.
- Order fills for orders submitted through Sierra Chart, have a .10 USD per contract fee. Make sure your Services Balance has a sufficient credit to cover the cost of these fees. Go to the Make a Payment page to Make a Payment as necessary. If the balance is low, or goes negative you will get an email notification and Sierra Chart support will also contact you to add more credit.
- Connect to the data and trading servers by selecting File >> Connect to Data Feed on the menu.
- If there is any connection error, it will be displayed in the Sierra Chart Window >> Message Log and also in the connection error pop-up window.
You will not be able to connect to the service, until your trading account with the clearing firm has been assigned to the Sierra Chart TT FIX order routing connection.
Select File >> Disconnect to prevent further connection attempts if there is an error connecting. Select File >> Connect to Data Feed, to try connecting again.
- If you receive the connection error: Trade account not assigned, then this means that the trading account has not been assigned to your Sierra Chart account or you have not allowed enough time for the server to have been updated with your trading account. You need to allow up to 5 minutes, for that account assignment to update on the server.
Another possibility is that you are logging into Sierra Chart with the incorrect Sierra Chart Account Name. You may have more than one Sierra Chart account. You may have a Sierra Chart account provided through one of the supported brokers which the trading account has been assigned to. To log into Sierra Chart with a different account, refer to Login with a Different Sierra Chart Account Name.
- If your Sierra Chart Services Balance is negative and you fail to Make a Payment to your Sierra Chart Services Balance, Sierra Chart may deny access to the service but we would first contact you by reliable means in regards to this.
- To open a Historical chart, Intraday chart or Trading DOM, select File >> Find Symbol on the menu. Select a symbol in the Futures list and press the appropriate button.
- If you have existing Chartbooks with futures symbols that match another supported Data or Trading service, then to automatically translate those symbols, open the Chartbook and select Edit >> Translate Symbols to Current Service. For complete documentation, refer to Translate Symbols to Current Service.
- For Live trading be sure to disable Trade >> Trade Simulation Mode On. For trading instructions, refer to Overview of Trading.
- Continue with step number 3 on the Getting Started documentation page.
- For web based trading, go to the Web-based trading panel. You will first need to request activation of this panel on your Sierra Chart Account through an Account Support Ticket.
Positions for Spreads/Strategies
Trading exchange traded spreads and strategies with the Sierra Chart Order Routing Service is fully supported.
For instructions to open a Chart or Trading DOM for one of the symbols, refer to Symbols.
Note: Trading Technologies does not provide current Position data for exchange traded spreads/strategies. However, they do provide the position data for the outright contracts that make up the individual legs of the exchange traded spread/strategy. You will see these individual positions in Trade >> Trade Positions Window.
Sierra Chart is able to calculate the Trade Position Quantity and Average Price for exchange traded spreads and strategies you are trading based upon the order fills for the symbol being traded received both in real-time and downloaded upon connection to the trade server. To have Sierra Chart calculate the current Position from order fills, confirm that Trade >> Open Trade Window for Chart >> M/Menu >> Settings >> Use Order Fill Calculated Position, is enabled.
For complete documentation, refer to Using Order Fill Calculated Positions In Special Cases.
Effective with version 2043, for an exchange traded spread/strategy, Use Order Fill Calculated Position is always considered to be enabled so there is not a need to manually enable it.
It also must be understood, that if there any missing order fills Sierra Chart has in the Trade Activity Log, then the reported Position data will be inaccurate.
In the case of exchange traded spreads or strategies, set the Order Quantity on the Trade Window to the exact quantity you want to make a trade for of the spread or strategy.
To modify the price formatting for exchange traded spreads and strategies you will want to adjust the following settings in Chart >> Chart Settings. For complete details, refer to Chart Settings.
- Main Settings >> Price Display Format
- Main Settings >> Tick Size
- Advanced Settings 2 >> Real-Time Price Multiplier
- Advanced Settings 2 >> Historical Price Multiplier
The prices you will use for Order prices will be based upon exactly the prices you see displayed on the Chart or Trade DOM.
Web-Based Trading Panel
The Sierra Chart Order Routing Service has a web-based trading panel available. It can be used from any device, including mobile phones through a web browser. When using it on a mobile phone, you will want to choose the option for the mobile phone view on the trading panel.
The web-based trading panel supports the following features:
- Current Orders list
- Current Positions list
- Account Balances
- New Order Entry. Target and Stop orders are supported.
- Order Cancellation
- Real-time or delayed basic price data (Upcoming).
By default this web-based trading panel is enabled for all Sierra Chart accounts. To have it deactivated for your Sierra Chart account, request this through an Account Support Ticket.
Snapshot market data support is expected to be added in September 2021. The data support will be for both real-time and delayed data. You can choose to use delayed data if you are using the real-time data within Sierra Chart and market data rules prohibit you from accessing the real-time data in another application.
The web-based trading panel can be logged into at the same time while Sierra Chart is connected to the same service. You can connect to it as many times as you require from as many devices as you require. There are no restrictions.
You are able to connect to any of the available servers on the web-based trading panel by selecting the corresponding link. Refer to the image below.
You can also use the Connect and Disconnect buttons to connect and disconnect from the server as needed.
Target and Stop Orders
Currently the web-based trading panel does not support market data. That is coming soon. And the Sierra Chart order routing service based on TT also has no access to pricing data on the order routing server.
Therefore, it is not possible to use a Target and Stop order when the parent order is a Market order through the web-based trading panel. This is not allowed.
You must make the parent order a Limit order and specify a price for that Limit order in order to use a Target and Stop order.
Viewing Attached Orders
Attached Orders will display in the Open Orders table. Although they will only be viewable when server-side OCO and bracket orders are being used which is the case by default unless the parent order has filled.
If the parent order has not yet filled you will only be able to see the Attached Orders if the web-based trading panel is connected to the same server that Sierra Chart is connected to and that will be the server specified in Global Settings >> Data/Trade Service Settings >> Service Setting >> Primary Server within Sierra Chart.
The available symbols are listed in File >> Find Symbol. If a market you want to trade is not listed, contact Sierra Chart Support.
- Select File >> Connect to Data Feed if this command is not disabled, to connect to the data feed.
- Select File >> Find Symbol >> Futures.
- Select the top level of a particular futures market and then press the Get Spreads button to get a list of the available spread contracts. This is only only supported for CME symbols at this time.
- Select File >> Connect to Data Feed if this command is not disabled, to connect to the data feed.
- Select File >> Find Symbol >> Futures.
- Select a particular futures contract for a particular month and year. For a particular given market, any contract month is fine since all option symbols will be returned. Press the Get Options button to get a list of the available option contracts. This is only only supported for CME symbols at this time.
Using Delayed Market Data
Effective with Sierra Chart version 2012, for any CME, CBOT, NYMEX, COMEX symbol (outright futures, spread, option) that is not receiving real-time data, streaming delayed data will be provided instead. This happens automatically and there is nothing special to do.
This data is provided by the Delayed Exchange Data Feed.
Delayed data would be provided in the case where you are not using one of the Sierra Chart provided Exchange Data Feeds or you have not activated the exchange for which the symbol trades on, in order to receive the real-time data.
The Sierra Chart Order Routing Service has no restrictions on the number of simultaneous connections that can be made to it from a particular Sierra Chart Account. However, due to exchange rules, there are limitations on the number of simultaneous market data connections.
If you are accessing the Sierra Chart Order Routing Service from more than one system at the same time, and due to market data rules from exchanges you cannot access the real-time data on the additional systems, then to use delayed data as an alternative, disable the Global Settings >> Data/Trade Service Settings >> Allow Support for Sierra Chart Data Feeds option.
Reconnect to the data feed after changing the state of this option.
Periodic Updating of Symbols Not Receiving Streaming Data
For symbols that are not receiving streaming real-time or delayed data, based upon the data feeds and exchanges you have active on your Sierra Chart account, the charts for those symbols can still periodically update with periodic historical data updates.
Select Global Settings >> Data/Trade Service Settings.
Set the Service Setting >> Intraday Download Interval for Non Realtime Symbols in Minutes to the interval in minutes that you want the chart data to update at. This needs to be set to a nonzero number to activate this. It cannot be set less than 10 minutes.
Using Trade Symbol
When using the Trade and Current Quote Symbol setting in Chart >> Chart Settings to trade a different symbol and the particular symbol for trading uses a different Real-time Price Multiplier compared to the main symbol of the chart, the Order and Position prices will not match the main symbol of the chart. This will result in incorrect Order prices which can cause an Order to be rejected, and the Trade Position line will not display at the correct location.
There is a solution to this. You need to be running Sierra Chart version 2220 or higher for proper support for the required multiplier setting. Refer to Fast Update for instructions.
Enable the Chart >> Chart Settings >> Use as Trade Only Symbol setting for the chart or Trading DOM used for trading.
Set the corresponding multiplier for the Trade and Current Quote Symbol. Refer to Trade and Current Quote Symbol Price Multiplier.
In the case of using the QM futures contracts symbol, on a CL futures chart, it is necessary to use the following settings in Chart >> Chart Settings:
- Price Display Format: .001
- Tick Size: .025
- Trade and Current Quote Symbol Price Multiplier: .001
In the case of using the M6E futures contracts symbol, on a 6E futures chart, it is necessary to use the following settings in Chart >> Chart Settings:
- Price Display Format: .00001
- Tick Size: .0001
- Trade and Current Quote Symbol Price Multiplier: 1
Frequently Asked Questions
How Does It Work?
Sierra Chart maintains 6 high-performance secure servers which route orders over our Trading Technologies FIX connections. There are multiple servers for redundancy and strategically located for the lowest latency.
You are able to choose the Primary Server and 2 Backup servers in Global Settings >> Data/Trade Service Settings. You can choose what server you want to use.
A trading account that your clearing firm creates, then needs to be added to our FIX connection and your trading account then needs to be assigned to your Sierra Chart account. This then provides fully secure access for you to trade your account through Sierra Chart.
Is There Position Reporting and is it Accurate
Yes, there is accurate Position Quantity reporting.
We have only seen one issue of a Position reporting problem, and this was reported to TT and resolved by TT. Over the years, we have seen many issues with CQG Position reporting, even observed ourselves, as compared to only one incident with TT based order routing. Therefore, it would be reasonable to say, that the TT based order routing would deliver more stable and reliable Position reporting as compared to CQG.
In February 2021, there was an incident with duplicate fills which caused TT to report incorrect Positions.
Why Do You Charge Per Contract For Order Routing?
Sierra Chart maintains direct FIX connections to Trading Technologies where we are responsible for the per contract order routing fees. The cost for order routing is .10 USD per contract per side.
This cost is deducted from your Sierra Chart account for each transaction. You will not be billed for order routing through your clearing firm since they are not billed from TT for orders routed through our own connection to TT.
For some clearing firms/brokers, Sierra Chart has an arrangement with them for the order fill fees to be billed directly to your trading account. So in those cases, the order fill fees are not billed directly to your Sierra Chart account but instead they are billed to the clearing firm which then bills them to your trading account.
There is no cost for orders entered on your trading account by another means separate from Sierra Chart like through the TT Platform directly. Only orders which originate from Sierra Chart and are directed to the FIX connection Sierra Chart maintains with TT, are billed at .10 USD per contract.
You would only be paying for commissions and the fees exchanges charge per contract, to your clearing firm.
Can Other Programs Use the Trading Connection and Data Feed?
Yes, they can use the easy to use DTC Protocol and connect to the DTC Server in Sierra Chart.
Can I have the Billing Done Through my Brokerage Account?
Yes, if the clearing firm is willing to do this. In this case, Sierra Chart will invoice the clearing firm for the transaction fees.
Is it Secure?
Yes, it is secure for the following reasons:
Order routing is through secure firewalled servers over encrypted connections.
The FIX connections to TT are encrypted.
Sierra Chart does not store user passwords on our systems. They are one way encrypted. So there simply is not a way for someone to discover your password. Only you know it.
The Sierra Chart desktop program which connects to your trading account also can be set to not save the password and uses a secure connection to the trading server.
The web-based trading panel page is only accessible by your own account and requires a secondary login. By default it is enabled but you can request Sierra Chart Support to disable it.
At some point we will add a second layer of optional security like two factor authentication.
Each Sierra Chart order routing server is fully autonomous, operates independently, and has no external dependency. There is no dependency on any other Sierra Chart systems to be able to connect from Sierra Chart or the web-based trading panel. Your orders are routed straight through to TT with very low latency. There are no restrictions or checks performed with order routing, other than verifying that the account is authorized for the user. The orders just go straight through reliably to TT. The order routing process is Sierra Chart itself configured in a multiuser server mode.
Sierra Chart architecture, is based on best practices, and simplicity. Other than the operating system, there are no external software/library dependencies other than Open SSL for encryption which is statically linked. There is no practical risk of a situation developing due to a failure of software which we do not have control over, creating a situation which is technically challenging and time-consuming to recover from. Hardware failures are automatically handled due to multiple servers providing redundancy.
And the internal design of Sierra Chart itself is maintained as simple as possible and utilizes only the most basic functionality of the operating system and in a way which ensures reliability. For example, there are no complex "databases" being used. Persistent storage is through simple files using simple and reliable file formats.
The above information describes the Sierra Chart part of this service and the reliability of it. This information does not apply to Trading Technologies and you have to contact them in regards to the reliability of their services.
Are There Any Fees from TT to the Clearing Firm?
There are no fees billed by TT to the clearing firm with this type of arrangement. The type of accounts which are created and assigned to our FIX connection, do not have any fees to the clearing firm.
There is only the per contract fee that Sierra Chart is billed from TT, which can be arranged to be paid by the clearing firm.
Additionally, there is no TT Pro license required. The end user does not utilize any TT API. The SierraChartFIX user a TT account is assigned to, just needs to be a TT standard account. So long as this TT standard account is not being logged into through the TT Platform and only utilizes Sierra Chart, there are no monthly fees.
However, there is a TT MAP fee which does apply and is related to the FIX order routing that the clearing firm will be billed. Although if the firm is already paying 5000 USD a month in MAP fees to TT, there is no additional cost to them.
The clearing firms do not get directly involved in any FIX order routing. That is all handled on the Sierra Chart server-side. The clearing firm is only assigning your trading account to our FIX user through a Company relationship through the TT system.
Orders with Open or Pending Status, not Actually Working
There can be some rare and isolated cases, which would always be due to failure of communications on the TT infrastructure side, where the status of an order is not communicated through to one or more of our order routing servers.
This can result in an order which is displayed as Open or some other Pending order status within your local instance of Sierra Chart, but that order is not actually working.
In this particular case you just simply need to follow the standard procedure to cancel these orders and if the orders are not actually working, they will then get canceled. Refer to Canceling Orders.
If these orders are not actually working, your broker will never see them on their side. And they may refer you back to us. In this case, just simply cancel the orders as explained above.
It must also be noted, that we do not have the ability to cancel those orders for you. Only you can do that.
Unsupported Position and Account Balance Fields
The following Trade >> Account Balances Window fields are not supported with this service.
- Account Value
- Account Currency
- Open Positions Profit/Loss
- Daily Profit/Loss
Additionally, the account balance fields do not update immediately. There can be a delay anywhere from 1 minute to 30 minutes depending upon whether there has been order activity or not on the Trade Account, and the number of users currently trading. This affects the frequency of Account Balance data requests to the TT system for a particular Trade Account.
When there is order activity on the Trade Account, normally the balance fields will update within 1 to 2 minutes but this delay can be substantially longer due to how the TT account balance data works and the number of users on the system. The delay could potentially be 30 minutes.
If there is no order activity within a trading day, the balance fields will only update once a day. Sierra Chart cannot make requests more often than this due to rate limits with the TT API that TT provides.
However, most importantly, even though there is a request to TT at the times mentioned above for updated Account Balance data, does not mean the Account Balance fields will update. They may not update for some time after since there is no new Account Balance data available from TT. Sierra Chart has no control over this. Using the command Trade >> Refresh Trade Data from Service has no effect upon Account Balance fields. Furthermore, the Account Balance data may not actually match your true trading account balance. Sierra Chart has no control over this.
The Cash Balance field is obtained from the "balance" field in the TT credit utilization message. If it is not accurate, this is not anything that we can help with. Only TT and your clearing firm would have any answer in regards to this.
We have observed, that the Margin Requirement field may not reflect the actual margin requirement. This is a limitation/issue with TT. This account balance data is simply passed through as it is received from TT. TT does not provide this information in real time. It has to be periodically requested.
The following Trade >> Trade Positions Window fields are not supported with this service.
- Average Price: Use the Average Price on the Trade Window for this value instead. This value is not used from TT because their calculation method is inconsistent with how Sierra Chart calculates Position Average Price. There are several calculation methods Sierra Chart supports for this value.
- Open Profit/Loss: Use the Open Profit/Loss on the Trade Window for this instead.
- Daily Profit/Loss: Use the Daily Profit/Loss on the Trade Window for this instead.
- Daily P/L Reset DateTime
- Margin Requirement
- Service Average Price
- Entry DateTime
Order Rejections and Account Configuration Issues
If a Trading Technologies User and/or Account is not properly configured by the clearing firm it will result in order rejections.If you encounter the below order rejections as indicated in the Trade >> Trade Service Log, then your clearing firm needs to make the changes as shown in the screenshots below.
Rejection message: Text: Insufficient permissions : route does not exist for clientCompId LIVE_SIERRA_3, route : 94008 , 7.
Rejection message: Text: Trading disabled.
Rejection message: Text: Submit forbidden.
Rejection message: Text: Trading disabled due to Auto Liquidation.
Rejection message: Text: Account does not exist.
Summary Setup Instructions
The below instructions provide a summary to use the Sierra Chart Order Routing service, and also include the step to create a Sierra Chart account if you do not already have one.
These instructions assume that you will be paying for Sierra Chart, the data feed and the order routing transaction fee through your own Sierra Chart account.
- Create a Sierra Chart account if you do not already have one.
- Assuming you already have a funded brokerage account, complete the Trading Account Assignment Request Form.
- If you require market data only from the CME / CBOT / COMEX / NYMEX group of exchanges, then follow the Denali Exchange Data Feed Setup Instructions.
- If you require market data from the CME / CBOT / COMEX / NYMEX group of exchanges and/or other exchanges like the EUREX, then follow the Sierra Chart Exchange Data Feed Setup Instructions.
- Complete the remaining Setup Instructions on this page beginning with step 8.
- Full instructions for adding credit to your Sierra Chart account and paying for Sierra Chart: Renewing Access.
- The order routing transaction fees will be deducted from your Sierra Chart account as you perform live trading.
*Last modified Sunday, 19th September, 2021.