Login Page - Create Account

Trade Account and Risk Management


Introduction

This page documents the user interfaces and all of the tasks, for creating and managing trade accounts and setting risk management settings for those accounts for the Sierra Chart simulated and live server-based order routing and trading environments.

2021-07-24: This page is still in the process of being updated and completed.

Commands

New Trade Account

Follow the instructions below to create a new trading account and share it to a user.

  1. Select Global Settings >> Data/Trade Service Settings.
  2. Set the Current Selected Service to Trading Evaluator [trading] or Trading Evaluator - Delayed [trading] depending upon whether you want to use the real-time or delayed trading evaluator.

    For live trading this needs to be set to SC CME Futures Order Routing

    Refer to the image below.
  3. Make sure Sierra Chart is connected to the data feed with File >> Connect to Data Feed.
  4. Press the OK button.
  5. From within Sierra Chart, select Trade >> Trade Accounts Monitor.
  6. From the Trade Accounts Monitor window, select Manage >> New Trade Account.
  7. Enter the trade account identifier, use letters and numbers only (_ and - are allowed). Press the OK button.
  8. The Trade Account Settings window will display.
  9. Select Main from the menu.
  10. On the Main tab, set the Currency Code.
  11. On the Main tab, set other settings as required. The defaults should be fine for most cases.
  12. On the Main tab in the Margin Settings section, set Use Percent of Margin Requirement to the percentage of the exchange specified margin requirement to actually use. 100 will use the exchange specified margin. 50 will use 50% of the exchange specified margin.
  13. Press the Commit button to save the new trade account to the server.
  14. If successful, you will receive a Commit is Successful prompt. Press OK for that.
  15. Select Read/Write Shared Usernames from the menu.
  16. In the Add New Read/Write Shared SC Username >> SC Username box, enter the Sierra Chart username (Account Name) that you want to share the trading account with. This will be the user who is meant to trade the account.

    If you do not know this, you need to ask the user this. They will find it under Help >> About in their Sierra Chart installation.
  17. Left click on the [Add] button below twice to invoke the add action. Refer to the image below. There is no need to perform a Commit after this, as this operation is sent to the server immediately. You will receive a prompt confirming the add is successful.
  18. Press the Close button.
  19. You can monitor the new trade account through the Trade >> Trade Accounts Monitor window.

Edit Trade Account

Follow the instructions below to edit an existing Trade Account, and change its settings including risk management settings.

  1. Select Global Settings >> Data/Trade Service Settings.
  2. Set the Current Selected Service to Trading Evaluator [trading] or Trading Evaluator - Delayed [trading] depending upon whether you want to use the real-time or delayed trading evaluator.

    For live trading this needs to be set to SC CME Futures Order Routing

    Refer to the image below.
  3. Press the OK button.
  4. Make sure Sierra Chart is connected to the data feed with File >> Connect to Data Feed.
  5. From within Sierra Chart, select Trade >> Trade Accounts Monitor.
  6. From the Trade Accounts Monitor window, select the particular account in the list that you want to edit.
  7. From the Trade Accounts Monitor window, select Manage >> Edit Trade Account.
  8. The Trade Account Settings window will display for that account. You will receive a message indicating the Update is successful. This indicates all of the existing settings have been received from the server. Until this message is displayed, you cannot edit the account.
  9. Use the menus at the top to select between the different available tabs.
  10. After making the necessary changes, press the Commit button to commit the changes to the server.
  11. If successful, you will receive a Commit is successful prompt.
  12. Press the Close button.

Duplicate Trade Account

Follow the instructions below to duplicate an existing Trade Account to create a new Trade Account based upon an existing Trade Account and then to share this new Trade Account to a user for trading.

Using this method, you can use existing Trade Accounts as templates. These template accounts, do not have to be used for trading. They can be set to have trading disabled and just used as templates.

  1. Select Global Settings >> Data/Trade Service Settings.
  2. Set the Current Selected Service to Trading Evaluator [trading] or Trading Evaluator - Delayed [trading] depending upon whether you want to use the real-time or delayed trading evaluator.

    For live trading this needs to be set to SC CME Futures Order Routing

    Refer to the image below.
  3. Press the OK button.
  4. Make sure Sierra Chart is connected to the data feed with File >> Connect to Data Feed.
  5. From within Sierra Chart, select Trade >> Trade Accounts Monitor.
  6. From the Trade Accounts Monitor window, select the line for the Trade Account you want to duplicate, in the list.
  7. From the Trade Accounts Monitor window, select Manage >> Duplicate Trade Account.
  8. Enter the new trade account identifier you want to use, use letters and numbers only (_ and - are allowed). Press the OK button.
  9. At the Include existing shared usernames prompt, click No to prevent the existing usernames from being included since most likely you will want to share the account with other usernames.
  10. The Trade Account Settings window will display.
  11. Select Main from the menu.
  12. Press the Commit button to save the new trade account to the server.
  13. If successful, you will receive a Commit is successful prompt. Press OK for that.
  14. Select Read/Write Shared Usernames from the menu.
  15. In the Add New Read/Write Shared SC Username >> SC Username box, enter the Sierra Chart username (Account Name) that you want to share the trading account with. If you do not know this, you need to ask the user this. They will find it under Help >> About in their Sierra Chart installation.
  16. Left click on the [Add] button below twice to invoke the add action. Refer to the image below. There is no need to perform a Commit after this, as this operation is sent to the server immediately. You will receive a prompt confirming the add is successful.
  17. Press the Close button.
  18. You can monitor the new trade account through the Trade >> Trade Accounts Monitor window.

Add Manual/Correcting Order Fill

To add a correcting or manual fill to a Trade Account for a particular symbol, follow the instructions below.

This does not result in submitting of an order to the exchange. It is only an internal adjustment to the Position Quantity for a particular Trade Account.

After adding a correcting/manual fill, the margin requirement is recalculated for the Trade Position and Trade Account.

  1. From within Sierra Chart, select Trade >> Trade Accounts Monitor.
  2. From the Trade Accounts Monitor window, select the line for the Trade Account you want to add a correcting order fill for in the list.
  3. From the Trade Accounts Monitor window, select Manage >> Add Correcting Order Fill.
  4. Left click twice on the [Select Symbol] button field. Select the symbol that you want to add a correcting order fill for and press OK.
  5. Enter a unique client order ID for the fill. This can be any identifier that you want to use for the field.
  6. Choose whether this is a Buy or Sell fill.
  7. Enter a Fill Price.
  8. Enter the Fill Quantity.
  9. Enter optional text in the Free Form Text field.
  10. Press the Commit button to submit the fill. The Trade Positions window will then update with the correction.

Account and Risk Management Settings

Main

This is the main tab that specifies all the settings for a trade account, except settings which are specific to individual symbols and assignments of the trade account to specific Sierra Chart usernames.

Trade Account (General Settings)

This is the unique identifier for the trade account which is used throughout all of the order and trade processing and management functionality.

It can consist of the letters A through Z, both uppercase and lowercase. And the numbers 0 through 9, and the characters '-' and '_'.

This field is read-only. The Trade Account identifier is either entered, or selected from the Trade Accounts Monitor list before the Trade Account Settings window is displayed.

Currency Code (General Settings)

This field is a standard currency for the currency of the account. It is supported to have a currency different than the currency used for the securities/contracts being traded. Current exchange rates are used to do the currency conversions.

Although it is recommended normally to use a currency which matches the predominant currency used for the securities/contracts being traded.

Firm ID (Live account only) (Identification Settings)

This field is the firm identifier, as provided by the exchange. It is submitted with the orders sent to the exchange.

Sender Sub ID (Tag50) (Live account Only) (Identification Settings)

This field is the Sender Sub ID field sent with the orders to the exchange. This needs to be set if the exchange requires it.

Sender Location ID (Live account Only) (List) (Identification Settings)

This field is the Sender Location ID of the trader. This is set with the orders sent to the exchange. Select a location from the list.

Self Match Prevention ID (Live account Only) (Identification Settings)

This field is an optional self match prevention ID sent with the orders to the exchange. It is used to prevent the orders from the same clearing firm from being matched with each other.

CTI Code (Live account Only) (List) (Identification Settings)

This field is the Customer Type Indicator (CTI) code sent with the orders to the exchange. Choose the appropriate one from the list. Consult the exchange for the meaning of the different identifiers.

Descriptive Name (Identification Settings)

This field is an optional descriptive name that you can assign to the Trade Account. It is a free-form text field. It is visible in the Trade Accounts Monitor.

Require Sufficient Margin For New Positions (Margin Settings)

This field is a Yes/No field. It controls if there must be a sufficient Net Liquidating Value in the account, to meet the required margin requirement for the current open Orders and Positions.

This must be set to Yes, for Live trading accounts. Otherwise, the order would be rejected if there is insufficient margin for a new order.

Use Percent Of Required Margin (Margin Settings)

This field specifies the percent of the exchange specified margin to use for Orders and Positions. If it is set to 100, then 100% of the exchange specified margin is required.

This is a global value that applies to all symbols. Although it can be set individually for symbols. In which case if it is set for a particular symbol, then this setting is overridden for that symbol.

To set this individually for a symbol, refer to Symbol/Product Limits.

Minimum Required Account Balance For Positions (Margin Settings)

This field is a Yes/No field. This specifies as a currency value in the currency of the account, the minimum required Net Liquidating Value, which is required to submit orders. If the account is below this value, the orders are rejected.

Maximum Allowed Account Balance For Margin Positions As Percentage (Margin Settings)

This field specifies as a percentage, the percent of the Net Liquidating Value of the account which will be used for margin for Orders and Positions.

For example, if this were to be set to 50, then only 50% of the account value would be allowed to be used for margin. The other 50% would be in reserve.

Flatten Positions When Under Margin Intraday (Margin Settings)

This is a Yes/No field. When this field is set to Yes, then when the Net Liquidating Value of the account is less than 10% of the required margin, then all of the Positions in the Trade Account will be closed/flattened. The evaluation for this condition is every 500 ms.

This functionality is disabled for Live trading regardless of this setting. It is only used for simulated trading accounts.

Flatten Positions When Under Margin At End Of Day (Margin Settings)

This is a Yes/No field. When this field is set to Yes, then when the Net Liquidating Value of the account is less than 99% of the required margin, then all of the Positions in the Trade Account will be closed/flattened. The evaluation for this condition is at the end of the trading day.

This functionality is disabled for Live trading regardless of this setting. It is only used for simulated trading accounts.

Daily Net Loss Limit In Account Currency (Daily Net Loss Limit Settings)

This specifies the daily loss limit, as a currency value in the currency of the account.

The daily loss is calculated from the sum of the closed positions profit/loss for the trading day, and the open profit/loss for the currently open positions.

This is a negative number but if it is entered as a positive number it will be interpreted as a negative number anyway.

When the Daily Loss has been reached, and Do Not Allow Increase In Positions At Daily Loss Limit is set to Yes, then until the new trading day begins, usually during the start of the evening session, it is not possible to increase or establish new positions until then.

Percent Of Cash Balance For Daily Net Loss Limit (Daily Net Loss Limit Settings)

This specifies the daily loss limit, as a percentage of the Net Liquidating Value (NLV) of the account, at the time this is set, or at the start of the trading day when that is encountered, and this has been set to a nonzero percentage. 1 = 1% and 100 = 100%.

So this is going to be recalculated each day at the start of the trading day.

The daily loss is calculated from the sum of the closed positions profit/loss for the trading day, and the open profit/loss for the currently open positions.

When the Daily Loss has been reached, and Do Not Allow Increase In Positions At Daily Loss Limit is set to Yes, then until the new trading day begins, usually during the start of the evening session, it is not possible to increase or establish new positions until then.

Do Not Allow Increase In Positions At Daily Loss Limit (Daily Net Loss Limit Settings)

Flatten Positions At Daily Loss Limit (Daily Net Loss Limit Settings)

Use Trailing Account Value To Not Allow Increase In Positions (Daily Net Loss Limit Settings)

Trading Is Disabled (Access Control Settings)

Trade Account Is Read Only (Access Control Settings)

Liquidation Mode Only (Access Control Settings)

Maximum Global Position Quantity (Global Position Limit Settings)

Trade Fee Per Contract (one side) (Commission Settings)

Use Percent Of Required Margin For Day Trading (Day Trade Margin Settings)

Close Positions At End Of Day (Day Trade Margin Settings)

Begin Time For Day Margin (Day Trade Margin Settings)

End Time For Day Margin (Day Trade Margin Settings)

Day Margin Time Zone (List) (Day Trade Margin Settings)

Is Master Firm Control Account (Use Master Firm Control Account Settings)

When this option is set to Yes, it means this particular Trade Account functions as the master clearing firm control account. There can only be one Trade Account in the system which is the master firm account. This account will have been created for you, by a Sierra Chart administrator.

The master clearing firm control account, is able to override specific settings for all of the other Trade Accounts in the system, and use its own settings, instead of the settings that particular Trade Account.

For example, there can be one Use Percent of Margin Requirement setting for a particular product, which is global to the system which is specified through the master firm control account.

Flatten Positions When Under Margin Intraday (Global Override) (Use Master Firm Control Account Settings)

Flatten Positions When Under Margin At End Of Day (Global Override) (Use Master Firm Control Account Settings)

Trade Fees (Global Override) (Use Master Firm Control Account Settings)

Trade Fees - Full Override (Global Override) (Use Master Firm Control Account Settings)

Require Sufficient Margin For New Positions (Global Override) (Use Master Firm Control Account Settings)

Use Percent Of Required Margin (Global Override) (Use Master Firm Control Account Settings)

Use Percent Of Margin - Full Override (Global Override) (Use Master Firm Control Account Settings)

Use Percent Of Required Margin For Day Trading(Global Override) (Use Master Firm Control Account Settings)

Use Percent Of Margin For Day Trading - Full Override (Global Override) (Use Master Firm Control Account Settings)

Maximum Allowed Account Balance For Margin Positions As Percentage (Global Override) (Use Master Firm Control Account Settings)

Minimum Required Account Balance (Global Override) (Use Master Firm Control Account Settings)

Margin Time Settings (Global Override) (Use Master Firm Control Account Settings)

Trading Is Disabled (Global Override) (Use Master Firm Control Account Settings)

Do Not Allow Increase In Positions At Daily Loss Limit (Global Override) (Use Master Firm Control Account Settings)

Num Days Before Last Trading Date To Disallow Orders (Global Override) (Use Master Firm Control Account Settings)

Authorized Usernames

The authorized Usernames, are the usernames of the Sierra Chart users who are authorized to edit the trade account settings, and adjust account balances.

SC Username >> Trade Account Data Usernames (List) (SC Usernames)

Remove (Button) (SC Usernames)

Add New SC Username >> SCUsername (List) (Add New SC Username)

Add (Button) (Add New SC Username)

Symbol/Product Limits

Current Symbol Limits >> Trade Account Data Symbol Limits (List) (Current Symbol Limits)

Current Symbol Limits >> Trade Position Limit (Current Symbol Limits)

Current Symbol Limits >> Order Quantity Limit (Current Symbol Limits)

Current Symbol Limits >> Use Percent Of Required Margin (Current Symbol Limits)

Current Symbol Limits >> Use Percent Of Required Margin For Day Trading (Current Symbol Limits)

Remove (Button) (Current Symbol Limits)

Add New Symbol Limits >> Trade Account Data Symbol Limits (List) (Add New Symbol Limits)

Add (Button) (Add New Symbol Limits)

Symbol Commissions

Current Symbol Commissions >> Symbol (List) (Current Symbol Commissions)

Current Symbol Limits >> Trade Fee Per Contract (one side) (Current Symbol Commissions)

Remove (Button) (Current Symbol Commissions)

Add New Symbol Commissions >> Symbol (List) (Add New Symbol Commissions)

Add (Button) (Add New Symbol Commissions)

Read/Write Shared Usernames

Read/Write SC Usernames (List) (Read/Write Shared Usernames)

Remove (Button) (Read/Write Shared Usernames)

SC Username (Add New Read/Write Shared Usernames)

Add (Button) (Add New Read/Write Shared Usernames)

Read-Only Shared Usernames

Read-Only SC Usernames (List) (Read-Only Shared Usernames)

Remove (Button) (Read-Only Shared Usernames)

SC Username (Add New Read-Only Shared Usernames)

Add (Button) (Add New Read-Only Shared Usernames)

Sharing Options

Not currently documented or implemented.

Is Trade Statistics Publically Shared (Sharing Options)

Is Read Only Following Requests Allowed (Sharing Options)

Is Trade Account Sharing Allowed (Sharing Options)

Read Only Share To All SC Usernames (Sharing Options)

Internal Values

This tab, shows the internal values of the Trade Account. Many of these are visible already on the Trade Accounts Monitor.

The purpose of this tab is to see the current state of the Trade Account for information and diagnostic purposes. These values will be updated when you press the Update button.

Current Cash Balance (Read Only) (Internal Values)

Available Funds For New Positions (Read Only) (Internal Values)

Margin Requirement (Read Only) (Internal Values)

Account Value (Read Only) (Internal Values)

Open Positions Profit Loss (Read Only) (Internal Values)

Daily Profit Loss (Read Only) (Internal Values)

Transaction Identifier For Cash Balance Adjustment (Read Only) (Internal Values)

Last Transaction Date Time UTC (Read Only) (Internal Values)

Trailing Account Value At Which To Not Allow New Positions (Read Only) (Internal Values)

Calculated Daily Net Loss Limit In Account Currency (Read Only) (Internal Values)

Daily Net Loss Limit Has Been Reached (Read Only) (Internal Values)

Last Reset Daily Net Loss Management Variables Date Time UTC (Read Only) (Internal Values)

Is Under Required Margin (Read Only) (Internal Values)

Open Positions Profit Loss Based On Settlement (Read Only) (Internal Values)

Margin Requirement Full (Read Only) (Internal Values)

Margin Requirement Full Positions Only (Read Only) (Internal Values)

Peak Margin Requirement (Read Only) (Internal Values)

Manage Trade Account

The Manage Trade Account tab is used to delete a trading account.

Deleting a Trade Account will not delete the Trade Account history. It will prevent the account from being used, and will delete current account data (not history). Any existing working Orders and Positions will continue to exist. The account can be re-created at a later time.

Delete Trade Account (Button) (Manage Trade Account)

Left click twice on the [Delete Trade Account] button field to initiate the deletion of the Trade Account.

You will receive two confirmations which must be acknowledged before the account will actually be deleted.

Alerts

Audible, visual, and email or SMS alerts can be configured for the following events for each Trade Account:

  • DailyLossLimitReached
  • AccountIsUnderMargin
  • AccountBalanceIsTooLow

Follow the instructions below to enable alerts.

  1. Select Trade >> Trade Accounts Monitor to open the Trade Accounts Monitor window. If this window is not visible, then select Window >> Reset Windows. And then reopen it if necessary.
  2. On the Trade Accounts Monitor window, make sure there is a checkmark by Balance >> Enable Alerts.
  3. On the Trade Accounts Monitor window, select Balance >> Alert Number. Choose an Alert Number from the drop down list. This is the alert number, that alerts are associated with. The purpose of this is to specify a notification email address. The email address for the alert number is configured through the Alert Sound Settings.
  4. It is not possible to specify a different alert sound for the different events listed above in this section. These are preconfigured, and are voice alerts.
  5. Make sure Sierra Chart is connected to the server by selecting File >> Connect to Data Feed.
  6. When any of the following conditions/events are met for the trading account, an alert is generated. Daily Loss Limit Reached, Account Is Under Margin, Account Balance Is Too Low. There will be an audible voice stating the type of alert, and a message will be added to Window >> Alert Manager.

Global Positions View

It is supported to view the net position quantities for each traded symbol, of all Trade Accounts collectively. So this would show per symbol, the net long or short position for each symbol.

To display this window, select Trade >> Global Trade Positions Window. If this window does not display, then select Window >> Reset Windows and reopen it if necessary.

Start of Trading Day

The start of the trading day can be configured for the order routing system. By default this is 16:59 US Eastern time. This is also considered, the end of the trading day.

At this time, is when the end of day processing occurs.

Specific Tasks

Assigning Sierra Chart Username to be Authorized User for Trade Account and Risk Management

For live order routing, specific Sierra Chart usernames can be configured to have authorized access to all Trade Accounts for a particular clearing firm.. This access occludes, the ability to manage these accounts, set risk management settings, and trade these accounts.

No other users will be allowed to access these Trade Accounts other than the trader who the account has been shared with, and they will only be able to trade the account and not change risk management settings.

To specify a set of usernames, start an Account Support Ticket and specify the name of the clearing firm and email address, and telephone number of the clearing firm contact. Specify that you want to have these usernames be the authorized users only or that you want to add a particular username. The email address needs to match the name of the clearing firm. We will follow up by email and telephone for confirmation.

Setting Order Rate Limit

An order message rate limit can be set. This includes messages for new orders, order modifications and order cancellations. This setting specifies the number of messages per 10 seconds which can be submitted per connected user, before there is a rejection of the messages which exceed the limit.

To specify this limit, start an Account Support Ticket and specify the name of the clearing firm and email address, and telephone number of the clearing firm contact. Specify the number of messages per 10 seconds, per connected user that you want to set as the limit. The email address needs to match the name of the clearing firm. We will follow up by email and telephone for confirmation.

Setting Operator ID ( FIX Tag 50 ) and Sender Location ID for Risk Manager

To specify the operator ID and sender location ID for risk managers for live CME order routing, from within Sierra Chart select Global Settings >> Global Trade Settings.

These settings only apply to the authorized risk management users. Any values set here that are set by the individual trader, are ignored.

In the Live Account Risk Manager Settings section in the Risk Manager Operator ID String Override edit box, enter the identifier that you want to use for the operator ID.

In the Live Account Risk Manager Settings section in the Risk Manager sender Location ID String Override edit box, select your location.

Reconnect to the data feed. The reconnection is necessary for the server to get the updated values.

Email Event Notifications

Email notifications are generated for the following:

  1. System Level Alerts
  2. Messages related to the synchronization of Account balances and Positions to clearing firm import files
  3. Messages for changes to critical Trade Account risk management settings

To specify the email addresses, start an Account Support Ticket and specify the name of the clearing firm and email address, and telephone number of the clearing firm contact. Specify that you are providing the email addresses, for the above event notifications for the clearing firm for Sierra Chart direct order routing.

The email address needs to match the name of the clearing firm. We will follow up by email and telephone for confirmation.

Account Balances Import File

It is supported to import an end of day account balances file containing all of the account balances for each trade account.

During the import process, this will adjust the Cash Balance field of each trade account to cause the Net Liquidating Value (NLV) of the account, to match this balance in the import file. The NLV consists of the cash balance plus the open profit/loss. Any open profit/loss which exists at the time of the import, is based upon the settlement price from the exchange. So effectively all positions are marked to the market at the end of the day.

This file needs to be uploaded after a preset time which is configured according to clearing firm requirements. This file can be re-uploaded anytime after that time, to make corrections. The order routing server, will automatically read the file again when it is modified.

File name format: AccountBalances_YYYY-MM-DD.csv.The date portion is the date that the Account balances are for. Example: AccountBalances_2021-06-07.csv

For safety reasons, a balance value of 0 is ignored. If the Trade Account has a zero balance, you need to disable trading on the Trade Account instead and manually set the Account Cash Balance to 0. Or delete the Trade Account.

Example file contents:

    
Account, Balance
123, 52000

Account Positions Import File

It is supported to import an end of day positions file containing all of the positions for each symbol and trade account. This will then be compared against the positions, in the order routing system and any differences will generate notification emails.

It is fine for there to be spaces after a comma.

You will receive an email notification when the import operation is complete. It will happen within two minutes after uploading the file.

For safety reasons Positions within the order routing system are not changed but email notifications are generated for position differences. You can then add a correcting fill manually to correct the Positions that are different.

File name format: AccountPositions_YYYY-MM-DD.csv. The date portion is the date that the Positions are for. Example: AccountBalances_2021-06-07.csv

Example file contents:

    
Account, Symbol, Exchange, Quantity
210016, ESH1, CME, -8

Uploading Import Files

This section describes the method by which the Account Balances Import and Account Positions Import files are obtained for the order routing service to synchronize its own account balances in positions to the clearing from files.

The method by which this is done, is specific for each clearing firm and will be implemented appropriately.


*Last modified Saturday, 24th July, 2021.