Sierra Chart Teton Futures Order Routing
- What is Included
- Setup Instructions
- Positions for Spreads/Strategies
- Web-Based Trading Panel
- Using Delayed Market Data
- Using Trade Symbol
- Frequently Asked Questions
- Position and Trade Account Monitor Window Fields
- Rejected Order (Last Trading Date Not Known)
The Teton Futures Order Routing service has a zero cost per transaction for Sierra Chart users.
The Teton Futures Order Routing service is a high-quality order routing service with advanced risk management 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, FairX.
EUREX exchange to be added later.
Options trading are not currently supported.
This service is offered at no cost to both clearing firms and to users. It has no transaction fee per contract traded. To our knowledge this is an industry first. This Teton Order Routing service still provides very high quality order routing.
It has the following features:
- Low latency order routing to the exchange. In under 500 microseconds. In the case of CME Group order routing, Sierra Chart servers are located in Aurora Illinois colocated with the CME order matching computers. In the case of EUREX order routing (upcoming), Sierra Chart servers are located in Frankfurt Germany colocated with EUREX order matching computers.
- 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 (order cancels order) orders. Server-side OCO orders are always enabled with this service regardless of the Use Server Side OCO Orders setting.
- Trouble-free and properly managed server-side bracket orders. This is a huge advantage as compared to many of the other supported Trading services. With many of the other supported Trading services, either server-side bracket orders are not supported or there are various issues with using them.
Properly managed server-side bracket orders are so important since it makes the order handling very safe and low latency. With some of the other supported Trading services, the bracket order management is on the client side with a much higher delay from when the parent order fills, to when the Target and Stop orders are transmitted. This can be for example 300 ms and higher, rather than below 1 millisecond when managed on the server as they are with this service.
Server managed bracket orders, also mean that when the market is moving fast, there is a greatly reduced possibility that the stop order will be rejected. If the Stop order were rejected, it would leave the position unprotected.
Server-side Bracket orders are always enabled with this service regardless of the Use Server Side Bracket Orders setting.
- Another advantage of server-side managed OCO and Bracket orders is that if your installation of Sierra Chart loses Internet connectivity or is closed, these orders continue to be managed on the server regardless of this and will protect the Position that they are intended for.
- If you are using CQG, OCO and Bracket orders are not managed properly with that service. And Bracket orders are not server-side. This is all substandard. CQG users need to move to the Teton Order Routing service for properly managed OCO and Bracket orders.
- Trailing Stop orders are still always managed locally on the Sierra Chart client side.
- Monitor your position in queue for Limit orders, for orders of quantity 3 and greater. Requires Service Package 12 and market by order data.
- When flattening your position there is not a possibility of an order rejection due to a Position limit violation.
- 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 (Total of four A and B connections). Redundancy with servers.
- Triple redundant Internet connectivity to the order routing server. Internet service providers (ISPs) are: Zayo, Verizon, Cogent.
- 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 the Teton Order Routing Service is zero by comparison and provides far more capabilities and safety. Teton is superior in every way to CQG and is the only choice.
- Support for auto liquidation when the daily loss limit has been reached. (Coming in December).
- Upcoming functionality: User controllable daily loss limit in addition to what can be set by the broker. User controllable profit management.
- Iceberg Orders are supported through the Maximum Show Quantity setting on the A tab of the Trade Window.
- Intelligent risk management ensures that orders in an OCO group consume only the margin of one order with the greatest quantity. And when flattening or closing a position, there are no order rejections that can occur unlike other order routing systems.
- All Trade >> Trade Account Monitor fields are supported and are continuously updated in real time. Accurate account balance field which immediately updates when trades are closed. Continuously updating Net Liquidating Value (Account Value) field. Among all of the Trading services supported by Sierra Chart, only Teton has support for all of the Trade Account Monitor fields and updates those fields the fastest.
- Information about Teton Order Routing Service versus CQG.
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.
The name Teton comes from the Grand Teton mountains in Wyoming.
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). CME Market Limit orders are supported.
- Iceberg Orders Supported: Yes. Iceberg Orders are supported through the Maximum Show Quantity setting on the A tab of the Trade Window.
- 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.
- 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 (Clearing firm)
- Dorman Trading (Clearing firm)
- Stage 5 Trading (broker)
- Phillip Capital (Clearing firm)
- Edge Clear (broker)
- ED&F Man (Clearing firm. Expected upcoming support.)
- Ironbeam (Clearing firm. Expected upcoming support.)
- Trade Pro Futures (broker)
- AGN Futures (broker)
- Canon Trading (broker)
- AMP Futures (Clearing firm. Expected upcoming support.)
- NirvanaTS (associated clearing firm ED&F Man)
- 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.
- 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.
They do not need any other details regarding your Sierra Chart account. Do not give them your password.
- 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.
- Update Sierra Chart to the latest version. To be sure you are running the latest version, refer to the Fast Update instructions.
- Select Global Settings >> Data/Trade Service Settings.
- Set the Current Selected Service to SC CME Futures Order Routing / Teton CME Order Routing (new name) and select the A button to the right of the selection to accept that entry.
- Set the Clearing Firm to the appropriate firm or broker that is being used.
- Press OK.
- Order fills for orders submitted through Sierra Chart, have a .00 USD per contract fee with this service. Therefore, this service has no cost beyond the cost of Sierra Chart.
- 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 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.
- If you receive the connection error: Trade account not assigned, then this means that the trading account of yours has not been set up on this service.
- If your Sierra Chart Services Balance is negative and you fail to Make a Payment to your Sierra Chart Services Balance, you may not be able to connect to this service.
- 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.
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.
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.
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
Currently this service has no transaction fee per contract. It is offered for free.
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.
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.
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.
Position and Trade Account Monitor Window Fields
The Average Price on the Position Window and Daily Profit/Loss on the Trade Account Monitor, are based upon a first in first out order fill matching logic when using the Teton Order Routing Service.
The Daily Profit/Loss also includes the commission for each order fill. Therefore, when a trade is closed, the profit/loss of that trade is added to the Daily Profit/Loss minus the round turn commission. The commissions are set by the clearing firm and often are just an estimate. They are usually not customized for each individual trader, although the Teton order routing system does support commissions at the account level.
In the case of a micro contract, clearing firms typically will set a per contract commission anywhere from .60 to 1.00 USD. For other contracts they will typically set the per contract commission at 2.50 USD.
It is also possible the clearing firm has set no commissions. In which case there is no consideration of commissions in the Daily Profit/Loss value. You will need to ask your broker or clearing from about this.
Rejected Order (Last Trading Date Not Known)
The first trader that trades a particular symbol, will get a Info: Trade Order Error - LastTradingDateForSymbol is not known. Need to resubmit order. rejection. After this, the security definition data is fetched, and the last trading date is then known and then you can submit the order. In this case resubmit the order.
The reason is to maintain system efficiency and not have to request and hold data for so many different symbols. This helps to maintain ultralow latency order routing.
The last trading must be known before the order can be submitted in order to support rejecting orders that are submitted after the last trading date.
*Last modified Friday, 14th January, 2022.