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Sierra Chart Direct Futures Order Routing Service

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Introduction

The Sierra Chart Direct Futures Order Routing Service is a high quality service from Sierra Chart to provide order routing, for outright futures and spreads, direct to the major exchanges. There is no other intermediary provider.

Orders are routed direct to the exchange with high reliability and very low latency, in under 500 microseconds.

Market data is provided by the Sierra Chart Denali Exchange Data Feed.

Supported exchanges are CME, CBOT, NYMEX, COMEX.

EUREX and FairX exchanges to be added later.

Options trading is not supported.

It has the following features:

  • Low latency order routing to the exchange. In under 500 microseconds.
  • 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, reliable and secure access to your trading account.
  • Long-term (at least 2 years) 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.

    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 and market by order data for CME and EUREX markets (currently 1400 levels).
  • Can use free delayed market data.
  • Can trade spreads with easy symbol lookup.
  • Connects directly to the exchange for routing orders. No intermediary provider.
  • Full redundancy with order routing. Redundancy with connectivity to the exchange. Redundancy with servers. Redundancy, with Internet connectivity.
  • 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.
  • 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.
  • 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 can also be used with the Simulated Futures Trading service. There is no need to connect once a month to your trading account.
  • Support for multiple simultaneous connections to the trading server. There is no limit on the number of trading connections. However, there may be a separate real-time exchange fee for additional data connections on different systems. Refer to Denali Exchange Data Feed Connections.
  • 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.
  • 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.

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.

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 2 Years of order fill history with Position Quantity with each fill.
  • Efficient Market Data with Processing on Background Thread: Yes.

Setup Instructions

  1. 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.
  2. 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 (Clearing firm)
    • Dorman Trading (Clearing firm)
    • Stage 5 Trading (broker)
    • Phillip Capital (Clearing firm)
    • Edge Clear (broker)
    • AGN Futures (broker)
    • Trade Pro Futures (www.tradeprofutures.com) (broker)
  3. Contact your broker and let them know you that you want to use the Sierra Chart direct CME order routing service. This is not the older TT (Trading Technologies) based order routing service. This new service does not involve TT in any way.
  4. Your clearing firm or broker will do the necessary set up. They will ask you for your Sierra Chart Account name which can be found under Help >> About within Sierra Chart.
  5. If you require real-time data from CME, CBOT, NYMEX, and/or COMEX exchanges, then activate the Denali Exchange Data Feed for market data.

    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 Sierra Chart account to pay for the data feed and completing the market data agreement.
  6. Update Sierra Chart to the latest version. You will need version 2318 or higher. To ensure you get this version, update to the prerelease. Refer to the Fast Update instructions.
  7. Select Global Settings >> Data/Trade Service Settings.
  8. Set the Service to SC CME Futures Order Routing
  9. Press OK.
  10. Order fills for orders submitted through Sierra Chart, have a .10 USD per contract fee with this service, to a maximum of 250 USD per month. 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 your Sierra Chart account balance goes negative, then you will not be able to connect to the Sierra Chart Order Routing service.
  11. Connect to the data and trading servers by selecting File >> Connect to Data Feed on the menu.
  12. 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 set up on this service.

    Select File >> Disconnect to prevent further connection attempts if there is an error connecting. Select File >> Connect to Data Feed, to try connecting again.
  13. If you receive the connection error: Trade account not assigned, then this means that the trading account has not been set up on this service.
  14. If your Sierra Chart Services Balance is negative and you fail to Make a Payment to your Sierra Chart Services Balance, you will not be able to connect to this service.
  15. 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.
  16. 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.
  17. For Live trading be sure to disable Trade >> Trade Simulation Mode On. For trading instructions, refer to Overview of Trading.
  18. Continue with step number 3 on the Getting Started documentation page.
  19. For web based trading, go to the Web-based trading panel.

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.

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, the spread or strategy.

Price Formatting

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.

  1. Main Settings >> Price Display Format
  2. Main Settings >> Tick Size
  3. Advanced Settings 2 >> Real-Time Price Multiplier
  4. 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).

Link to web-based trading panel.

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.

Server Selection

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.

Symbols

The available symbols are listed in File >> Find Symbol. If a market you want to trade is not listed, contact Sierra Chart Support.

Spreads/Strategies

  1. Select File >> Connect to Data Feed if this command is not disabled, to connect to the data feed.
  2. Select File >> Find Symbol >> Futures.
  3. 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.

Options

This service does not support options trading.

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.

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

Transaction Fees

There is a transaction fee for this service of .05 to .10 USD per contract for filled orders.

This cost is deducted from your Sierra Chart account for each transaction. You will not be billed for this fee through your clearing firm/broker unless that is arranged for with your trading account ahead of time.

You would only be paying for commissions and the fees the exchange charges per contract, to your clearing firm.

Can Other Programs Use the Trading Connection and Data Feed?

Yes, they can use the 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.

The preferred way this would be handled is that an additional cost for the transaction fee would be included in the commission paid to your broker. This additional cost would be remitted back to Sierra Chart.

Is it Secure?

Yes, it is secure for the following reasons:

Order routing is through secure firewalled servers over encrypted connections.

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.

Reliability

The server process which routes orders, operates independently and has full redundancy and gracefully handles failures with other related systems. There is no absolute 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 the exchange with very low latency. 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.


*Last modified Wednesday, 06th October, 2021.