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1. 1 39750 38760 Figure 20 1 The Batch Order Entry Window 201 Columns available in the Batch order Window see fig 20 2 Action Buy Sell Short etc Symbol Security symbol to be traded Price The price to be bought or sold Shares Amount of shares to be traded Type Order type MKT LMT Stop etc TIF Time in Force for the order being sent Fill Type of account to be used Route Route for order to be executed Stop Price Price of the stop Reserve Amt Shows the amount in reserve Bid Current bid of the security Ask Current ask of security Last The last trade of the security Missing Column is highlighted if fields are needed to be completed for the order to take place Action Bu EBA e00 MET Dey Pat ARCA Sell PRST J500 Pat ARCA exl Sell TMT Day Pat v Mamn ARCA Sell 50 MKT ef Day Pat ey Margin RCA Bu 500 Day Patr Sell GP 5 MET Dap TPar begs Figure 20 2 Batch Order Columns 20 2 Different Order Execution Conditions within Basket Trading Drop down windows are available in the following selected columns see fig 20 3 These options allow you to customize orders individually within a basket Sell Short Buy Ask BRUT 7 Figure 2
2. Margin anca MKT Margin Pan m rceB anca MKT Magn m Montage Selection Order Type Default Dup Warming NDirect if avail Change if Lmt Type On Price Change 1 64 Fraction Increments 0 000 EUN o Decimal Increments v Limit Range Warning a hal 5 fi 0000 Trail Stop Increments 2 000000 e x Cancel Defaults Volume Control Last Trade This All Last Trade Placed Round to Nearest Increment All Same Symbol Repetitive Last Curr Symbol Bid Offer Buttons Follow Market Maker Bid dsk Prices __ Cancel Select Setting Global Figure 8 7 An example of the Level Ill Setup box 99 A brief description of the options available follows Size Setup several actions regarding share sizes may be controlled through the Level Il Setup interface These size options will be reflected in your Volume field in the Order Entry portion of the Level Il screen The options see fig 8 8 are listed below Size Setup Adjust Shares Less Pending Open Size Default to Position Size Show Pending Order in Montage Adjust Shares to Pending Size Reset Default Shares after Execution Reset Default Shares on Symbol Change Figure 8 8 Size Setup Box Options for Size Setup Adjust Shares Less Pending Open Size This will display the default share size less the pendi
3. 146 at 6 8 8 4R2 DPW ALTER HE 29H at 2 BH H 4R2 DFU9 ALTER HE 184 DFW Request timed out 2H 8 63 99 1925 2H ms s DAHFP2HH 653 99 225 2HH Em Figure 15 2 15 3 How to Create a Ping Tracert Two commands that are very useful when dealing with the Internet are PING and TRACERT Make sure that you are connected to your ISP prior to running these commands If while using the PING command you receive a message Request has Timed Out or Destination host is unreachable Please contact your ISP If while using Ping command you receive a message Bad command or file name the command was typed in wrong If while using the TRACERT command you receive a message Destination host is unreachable or see the screen where a Request has Timed out please contact your ISP You must run these commands from a DOS prompt To get to a DOS prompt click on START PROGRAMS sometimes ACCESSORIES then click on MS DOS Prompt The syntax for using these commands are COMMAND TCP IP address Example PING 63 99 225 200 TRACERT 63 99 225 200 There are going to be Internet problems If an Internet Service Provider has problems with a line connection you may incur a pop in the line and therefore lose connection with our servers 99 of all problems with our service are due to ISP problems You will not lose connection with our servers due to
4. Price Pending Executed AvaPrice Last Time Status Canceled Stpinfo 0215 4045 INTC BUY Day Limit 20 00 FOO 0 15 31 45 ER 1 E ance 500 ISLD a 3941 SMH EUY Dap Lirit 30 00 FOO xI CAT Cance 15 mi 215 3823 PFE BUY Day Lirit 20 00 FOU 154845 ERi Cance 500 NYSE 19 00 16 38 08 Filed 100 00 Ezz22 Filled Overnight 188 00 188 00 1411 53 Filled Overnight MET 32 8683 12 45 00 Filled Overnight MET 196 519 15 29 01 Filled 0214 7664 CSCO Overnight 20 00 0213 1002 GOOG Overnight 100 00 0213 1001 GOOG 0210 2207 SMH 0207 2633 GOOG Figure 9 13 Second style of Portfolio Window Notice that the top portion of the window in Figure 9 1 shows pending positions The second style in Figure 9 13 does not show a separate pending orders section To see pending orders the Orders tab at the top of the Portfolio window has to be selected and the pending orders will be shown there To Toggle between the two styles Activate the Portfolio Window Select Setup Select Toggle Portfolio Window Style 131 Right click features When you right click on the pending area of the portfolio window a menu will open Within that menu a list of option will be available Cancel Replace Refer to section 9 14 Cancel Pending Order Select and right click on the pending order you wish to cancel and select Cancel Pending Order This will cancel the selected pending order Cancel All Buys Will ca
5. Calls Radi Exp Date Volatility NN E SIDETIEPE Theoreticals Iw Price Static Interest Rate 5 28 Figure 13 5 169 Option Analysis Page Puts B x Symbol Exp Month Al r Theoretical Qu 20030920 v Price Static Interest Rate 30 5 28 Calls Radix Exp Date Volatility rinm Strike Bid Implied Vol Theoretical Delta Time GAVUW 23 00 400 45 59 0 00 0 000 Jul 24 2003 9 30 am 40 06 0 000 Jul 24 0000 10 17 am 36 80 0 002 Jul 24 2003 9 43 34 15 0 011 Jul 24 0000 10 28 am m 07 0 042 I 24 0000 10 36 am QAVUBE 120 00 10 90 025 576 27 72012 A 20 Jul 24 0000 10 35 297 24 08 0 32 Jul 24 0000 10 35 am 13 1 19 46 0 70 f Jul 24 0000 10 35 am 514 12 18 1 27 Jul 24 0000 10 35 am 558 0 00 2 02 Jul 24 0000 10 31 am 434 0 00 2 89 Jul 24 0000 10 34 am 150 0 00 3 84 Jul 24 0000 10 27 am 3n 0 00 4 81 i Jul 24 0000 10 26 am 1 0 00 5 80 Jul 24 2003 9 36 am Figure 13 6 170 13 5 Volatility Estimation Based on Historical Prices You have used the volatility estimation section to determine the volatility the market charges for a particular option However in thinly traded markets or markets with low volumes market volatility can sometimes be way off There is another way to determine if these values are at least in the ballpark this is as follows Click on the New Window in the Menu
6. Click on the Chart Window to activate it Right click your mouse while holding it over the active window Highlight and click on Format The Chart Format box appears see fig 5 7 You may now select what you would like to appear on the chart The Preview window allows you to preview the changes Selecting the Display Indicators Only option is useful if you want the Main window to be replaced with an indicator For example if you wanted to view the Stochastic and Bollinger bands in the main chart window Note You have to have an indicator already added to the chart for this option to work 5 9 1 Longer Historical Period You may go back 10 years for historical data on some Daily charts this can be done in the following way Change the Load Days from Server field in the Chart Format box you have changed the number of days the application has to be aborted and reconnected to make changes active Note Changing this to a high value can affect your resources and download speeds use with caution 44 x Titles ther Display Title Bar Display Indicators Only Fill Region Under Chart Display Last 255 Bars Load Data from Server 1000 Bars Display Status Info egends Display Major Date Legend Display Minor Date Legend W Display Price Legend Preview Display Price In 2 Dec nd Lines and Scale Display Scale W Display Grid Lines 2003 F
7. HS Sans Set hlerts L Options l M Watch O Nuote level ll Top Ten Cond uate Connection Tool Bar for trading application when the Detailed Quote window is activated Importing Symbols You can import symbols from Portfolio pages into the Detailed Quote window from accounts you have logged directly into previously To do this make the Detailed Quote window active select symbol from the menu bar click on Import Symbols from Portfolio page then select the Portfolio Window you want to import from 24 Condensed Quote Setup Fonts and Colors Select T able Property Quote Table Defaults Positive Price Changes Symbal Exch Negative Price Changes Symbol Exch Labels Grid Color o Focus Rectangle Clozed Qut Trades New High New Low 0 000000 00 lastUp Cd Last Down 0 0 Bold Font Italic Font Appl ta All Condensed Quote Windows Use Classic Version Color and Font Setup window Apply to All Detailed Quote Windows 4 3 Condensed Quote Window s Select Foreground Color Red 255 Green 0 zl Blue U zl Mew i Current Select Background Color Hed Green Blue Mew Current OF Cancel When making a color change to the Detailed Quote window if checked it will change the colors for all other Detailed Quote windows This change will affect all Detailed Quote windows whether they are opened or closed The Condensed Quote
8. Right click your mouse while holding it over the active window Highlight and click on Scaling The Chart Scaling box will appear You may choose to view the Tick Charts in a Bid Ask See fig 5 11 or Time and Sales See fig 5 12 format Note If you view Tick Charts in any overlay format you will notice more client side resources being used 48 TT Chart DELL Tick Dell Compute E x 003 05 16 31 2300 16 01 31 31 2250 31 2700 31 2150 31 2100 31 2050 31 2000 31 1950 31 1850 31 1800 31 1750 31 1700 31 1650 31 1600 Figure 5 10 An example of a Tick Chart Chart DELL T 1 Ask Dell Con 10 X 2001 10 22 24 50900 17 37 19 24 5700 24 5600 24 5500 24 5400 24 5300 24 5200 24 9100 24 4900 24 4800 24 4700 24 4600 24 4500 24 4400 24 4300 00 00 00 00 00 00 00 00 00 00 16 37 16 49 16 57 17 03 17 29 D S S S S S LI Figure 5 11 An example of a Tick Chart in the Bid Ask format 49 H Chart DELL T amp Sales Dell Comp 10 x 2003 05 16 31 2300 16 01 31 31 7750 31 2200 31 2150 31 2100 31 2050 31 2000 31 1950 31 1850 31 1800 31 1750 31 1700 31 1650 31 1600 135 1938 1959 1558 1985 1600 1600 1800 1600 000 Figure 5 12 An example of a Tick Chart in the Time and Sales format Options Charting Only Maximus Protrader gives the trader the ability to chart option chains
9. Alert Options X Sorting Keep Alert Page Sorted on Symbol Alert Options Alert Pop Up Set Focus to Triggered Alert Change Window Focus to Alert Window Custom Alert Sound Set Focus to Triggered Value Last gt 0 00 Column Fill Offsets Last lt 0 00 Alert Hail Setup i Enter POPS Mal Server Hail Server TEES limuser yahoo com Cancel in the POPS server number in the appropriate box Type in the email address Select Test tab a test email will be sent if correct information is filled in Now select OK and go to the Alert window FEET ETE E IN PST PEN EN TIN SEN LN ET RN ETT ERN ET v Z E Z For email alerts make sure the Alert Status and Email columns are turned to YES Place email address in the Email To field Inthe example above when INTC makes a new high an email will be sent to the address me nowhere com 12 6 Features within the Alerts Window Quick Symbol Entry 161 When the Alerts window is activated and the space bar is pressed the oymbol Entry Box will open This allows a user to quickly enter a new symbol into the next available entry line If a symbol is entered to the Symbol Entry box and the symbol is already entered into the Alerts window it will take you to the symbol instead of entering it in the next available field This helps prevent mul
10. Summary windows in the portfolio window Copies all the trades in the current window viewed allowing the trader to paste the information into an Excel document for analysis Activate the Portfolio Window Right click on the bottom portion of the portfolio window and click Copy Table to Clip Board Open a spreadsheet document and right click then select paste The Export feature allows a user to create a spreadsheet composed of all order details within the Portfolio Window The information will be divided up into each section in the Portfolio Window Open Positions Closed Positions etc When the Portfolio Window is activated select File on the Main Menu Bar Select Print Select Export Tables This file is now located in the user s C Drive Program Files IQuote 32 folder It will be an Excel File titled with the Date and a Time Stamp Right click and select Open 130 9 16 Features within the Portfolio Window Toggle Portfolio Window Style This feature will allow the user to change the style back and forth between two different styles within the Portfolio Window The first style is shown in Figure 9 1 above The second style is shown in Figure 9 13 below ial xi Portfolio Window 100118 Position Tracker Pending Orders Orders Order Details Buying Power Frafit Loss Account Statistics Order Summary Position Minder Open Positions Closed Positions OrderNo Symbol Action
11. Will display the order type The last time the order was an open order in other words when it was filled cancelled rejected etc Displays the status of the order Shows the type of account that was used to place the order 208 Bid Snapshot Shows a snapshot of the Bid when the order was placed Ask Snapshot Shows a snapshot of the Ask when the order was placed Last Snapshot Shows a snapshot of the Last Trade when the order was placed Movable Columns All of the columns can now be moved left and right allowing the trader to set the detailed columns where they want Simply click and hold the mouse button and drag left right Batch Options The Batch Options allows different ways for batch orders to be Auto Completed To Open the Batch Options Right click on the grey portion of the Batch Monitor Window Select Batch Options Select Complete As Is or Complete MKT Click OK The choices available are Complete As Is Complete MKT or Complete Price See fig 20 9 Complete As Is f a batch is cancelled and the Auto Complete tab is selected the batch will be re sent As Is The unfilled part of the batch will be sent out again as it was originally Complete MKT f a batch is cancelled and the Auto Complete tab is selected the batch will be re sent as a MKT order The batch will be sent out again to refill the remaining unfilled orders but all orders will become market orders Complete Price I
12. 30 5 Market Watch Watch 5 Change Last Price bps Change Change Setup Symbols Basic Colors gt Extended Colors Column Reset Defaults Table Mame Available Columns bps Change Change Add gt gt lt lt Remove L ancel Market Watch Setup E x Symbol INDU E EN TRAN Dow Index Dow Utilities IND 100 Cancel Figure 4 4 Market Watch Setup Box 4 6 Top Ten Window This feature is a Pre set OEM which has been selected to enable you to view the real time status of the New York Stock Exchange NASDAQ Stock Market and the American Stock Exchange Top Ten most active percentage gainers and losers See fig 4 5 31 4g Top Ten Nasdaq Most Active Symbol Exch Company Name Last Change Chng Previous Volume Figure 4 5 An example of the Top Ten Window The Exchange Most Up Most Down and Most Active can be selected in the drop down menu located in the top right corner of the Top Ten Window 4 7 Fundamental Quote Window The Fundamental Quote Window shown in fig 4 6 enables you to view statistical fundamental and technical data for most any symbol that is entered The Fundamental Quote Window also known as Quick Quote can be accessed as follows Click on the Q Quote button in the blue hot keys menu Enter a symbol A Click Ok It is possible to open additional Q Quote Windows this can be done
13. ES Maximus Protrader Level 2 USER MANUAL Version 7 0 November 2008 IU Installation 1 1 Installation from the Web 1 2 Logging On 2 0 CABE S S 2 1 Maximus Protrader Display and Menu Bars 2 2 The Icon Bar 2 3 Right Mouse Click Support 2 4 Reset Defaults 2 5 Save as Default 2 Turning Columns On amp Off 2 8 Sizing Columns 2 9 Movable Columns 3 Lauouts amp Pages 3 1 Opening an Existing Layout 3 2 Creating a New Layout 3 3 Saving a Layout 3 4 Import Export Layout 3 5 Free Floating Windows 0 uote Windows 41 Selecting Quote Windows 4 2 Detailed Quote Window 4 3 Condensed Quote Window 4 4 Movable Columns 4 5 Market Watch Window 4 6 Top Ten Window 4 7 Fundamental Quote Window 4 8 Import Symbols to Quote Pages 4 9 Replace Current Quote Page 4 10 Sort Field Page 4 11 Font Selection 4 12 Viewing Charts from the Detailed Quote Page 5 1 5 2 5 3 5 4 5 5 5 6 5 7 5 8 5 9 5 10 5 11 5 12 5 13 5 14 5 15 5 16 5 17 5 18 5 19 5 20 5 22 6 1 6 2 6 3 6 4 6 5 6 6 6 7 6 8 7 1 7 2 JU Charting amp Symbol Selection Opening a New Chart Replacing a Chart Symbol The Icon Bar Right Mouse Click Menu Adding an Indicator Setting up Chart Colors and Fonts Adding Chart Overlays Making Dual Axis Charts Chart Formatting Chart Type Chart Scaling Tick Charts Chart Trend Modes Chart Hot Keys Saving Chart as Default Chart Smoothing Chart
14. 2 Stop Limit Order to Buy 1000 shares with a stop price of 20 07 and a limit price of 20 07 3 Stock prints at 20 07 4 Stop limit order is elected Limit order for 1000 shares at 20 07 is activated on NYSE Arca Order Type Stop Mkt Stop Market Availability Only during the core sessions A stop market order to buy becomes a market order when a transaction in the security occurs at or above the stop price a stop market order to sell becomes a market order when a transaction in the security occurs at or below the stop price The transaction must occur between at or between the bid and offer for the order to be triggered Stop Order Example 1 Current NBBO 19 85 20 05 2 Stop Order to Buy 1000 shares with a stop price of 20 07 3 Stock prints at 20 08 4 Stop order is elected Market order for 1000 shares is activated on NYSE Arca Order Type Trailing Stop Trailing Stop Availability Only during the core sessions Will set your stop order the specified amount above or below the last print The stop will adjust based on prints that occur between the NBBO Order becomes a market order when stop is triggered see MKT order Order Type Disc Lmt Discretionary Limit Availability All sessions core and after hours e Order is displayed at your specified price not your discretionary price e When a bid or offer appears at or above your share quantity minimum your order will be matched in ARCA or routed to Nasdaq Market Pa
15. A relative performance chart shows the relationship between two stocks by dividing the price of the first security by the price of the second security Often similar type stocks such as the same class stock for Ex a class A and Class B share stays relatively in the same relationship to each other Use this feature to track when these relationships deviate Another feature is to use this to compare a stock or portfolio to an index to determine a relative comparison Relative Strength Index Wilder recommends using a 14 day RSI The RSI is a price following indicator that ranges between 0 and 100 Look for a divergence where the security makes a new high and the RSI fails to confirm this The divergence signals a reversal in trend The RSI usually tops above 70 and bottoms below 30 The RSI often form head and shoulder patterns that are not visible on a chart RSI sometimes show more clearly than the chart support and resistance levels Spread Chart A chart in which two related contracts stocks bonds options are traded to exploit the relative differences in price change between the two Stochastics Slow A slow stochastic is the slower version of the Stochastic indicator and it is displayed as two lines K and D This Slow Stochastic gives slower signals that may cut out the extra noise of a very volatile stock The following are common interpretations for using this indicator When either K or D falls below a certain level like 20 or rises above
16. Condensed Quote Window Labels An unlimited number of labels can be created inside the Condensed Quote Windows e g Telecom otocks Favorites etc These labels can assist you to keep track of different groups of stocks within one quote window 26 ri Condensed Quote Window TESTZ flied SEARCH STOCKS TECH STOCKS GOOG i SIRI 5 763 YHOO DELL 38 7212 LISTED FAVORITES AMAT JDSU EFTS MOT J DIA To create a label inside the Condensed Quote Window click on the Symbol Box type in the desired header and press enter Any text added in the symbol box that is not a valid stock option or futures symbol will automatically be added as a label To bring up a Level Il window Chart Time and Sales or other feature for any symbol right mouse click on the desired symbol choose View from the menu options and choose pick the feature of your choice Symbal Lookup M Hm M eu Insert d Delete Append k COMmpress Setup Quick Quote Import Export k Time and Sales Merge Sort Running Sort Any column within the Condensed Quote Window can be enabled with a live Running Sort by choosing Running Sort from the Setup Preferences menu Once you click on Running Sort double click on the column header you want to have automatically sorted A blue arrow will appear in the column enabled with the running sort 27 Condensed Window TEST 2 CI SR
17. NYSE 47 3100 53x 4 AT 8270 FE45300 Ford Motor Company SE 12 87 DO 13000 12 8900 24504800 Linear Technology MINIU 44 0200 0 44 0010 2875379 VERITAS Software Corporat f 36 4500 1700 36 4500 a 2731592 Legg Mason Inc NYSE 83 9700 100 83 9900 y 233200 Group Inc 50 0200 6300 50 0500 6213300 Apple Computer Ine MN bt 22 5800 1300 22 5800 3494374 Matarials Inc MNM 25 5500 16300 25 5900 22722054 JOS Uniphase Corparstion 34900 34000 34300 18205180 SPDRSIB Hased the Standard amp 106 1400 25000 106 1500 105 16830 18923900 Diamon de amp Based an the Dow In AMEX 99 2010 96 7000 10000 96 7010 9 6600 4551100 VERITAS Software Corporat 29 4600 36 4500 1700 38 4500 37 0000 27315902 Bank of America Corporati NYSE 76 7700 76 7000 f6 7900 74 8000 3935700 Boeing Company NYSE 29 1200 39 1200 100 39 1300 38 1000 2014800 Yahoo Inc MRK 41 8300 41 8900 eun 41 6900 40 5500 AES Corporation MY SE 9 9800 8 9500 2500 9 0200 6300 1252700 13 4600 15 4500 700 19 4700 19 0000 A176000 59 8300 59 5400 EI 55 9400 58 0000 14600 45 6900 300 45 6900 45 2700 TEMS S00 Allegheny Technologies MY SE 7 3200 000 7 3400 r 7000 102700 LM Legg Inc NYSE 83 9700 100 3 JE BS 9900 83 5600 23200 PRST Presstek Inc MMM 8 1400 5 B z Dn 7 ELIO 20817 COMS 3C om Corporation 7 2500 2700 i 6 1800
18. OTCBB BRUT Listed OTC NYSE AMEX Listed Only ISI MLX Listed Only ATTN OTC Only SOES Supermontage OTC Only 24 9 ITS ADP and MLO Options 1 1 1 2 0 Installation Installation from the Web To install using the Internet take the following steps Enter the download address in your internet browser A File Download window appears Select Save Save As window will appear specify a location for the file to be saved in most cases you should save to your root drive which is drive C Installation Follow the installation prompt using all the Default selections Reboot your computer once you have finished the installation Once the download is complete a Maximus Protrader icon will now be located on your desktop Logging On This can be done in one of two ways 1 Double click on the Maximus Protrader icon on your desktop 2 Click on the Start button Choose Programs Choose Maximus Protrader When the login screen appears you will be prompted for a User Name Password Domain and an Account Number User Name Iryank TM d Password Domain DEMO Account No 10001 Direct Connect gt gt Abort Select Connect and the application will log you on to the network 2 0 Ihe Basics 2 1 Maximus Protrader Display and Menu Bars Application Caption Bar The Application Caption Bar is located at the very top left hand side of the screen The version of Maximu
19. Reset Defaults You can revert to the Default Settings by doing the following Setup Symbol Windaos Colors and Fonts Reset Defaults Figure 2 9 Reset Default option Reset Defaults is available for some of the windows It will reset the column sizes colors fonts and remove data 13 2 5 Save as Default You can save the current settings in a window as Default Settings by doing the following Right click on an active window Select Save as Default This will save the current settings for the window and apply these newly saved Default Settings to this window if closed and reopened Note All windows will have different names for Save as Default Examples Save as Level Il Default See fig 2 10 Save as Detail Quote Default Save as Chart Default etc l FRF FRANCE GROWTH FD INC NYSE IFRE 5 92 0 01 1400 Wol pen 5 92 Hi 5 92 Low 5 92 Bid 5920 Symbol Lookup Setup Hat kers Enable Order Confirmation Setup Trade Defaults Setup Display Preferences Save as Option Page Link Save as Order Entry Default Save as Level II Default Chart Quick Quake TimeSales News II Linked bo Group L Save as Default is available for some of the windows It will save the column sizes colors fonts and some data Figure 2 10 14 2 6 Colors and Fonts Step by Step For an example on how to setup colors and fonts select New Window Condensed Quote Window and Cr
20. Starting Date End Time C Wow 10 38 hh Recent Data 10 Entries Back Cancel Figure 10 2 Historic Time and Sales Setup Box To retrieve historic data Open a Time and Sales Window When a symbol is entered and time and sales data is scrolling down click on Pause this will stop the data feed momentarily window will add a resume button and look like Figure 10 3 Right click on the window and select Setup Start End Times Figure 10 2 will open The starting date should be the current date Note the only day historic data can be pulled is the current day Enter the end time for the data being pulled The end time is the last trade that occurred at that time and it will pull the specified number of entries back starting at that point Enter a number into the entries back field This will pull the specified number of trades for the number entered Click OK Time and Sales window will pop back up and it will scroll the most recent data once it stops Click Get Data number of entries back will end at the stated end time Toresume current data feed for the selected symbol Click on the Resume Tab 141 Time Sales DELL Dell Inc NNM _ B x pe Resume Time Price Size Exchange Region Type MMID Figure 10 3 Note If the number entered into the Entries Back field is greater than 1 000 it will only pull that number once For example if you ent
21. The Ticker Window can filter stocks based upon their price movement You can select the range of prices that you would like to filter Also you can select the amount of Net Change for the high low For example If a trader would like to only see stocks that have hit a new high priced between 25 and 50 they can set that price range in the Preferences Window To set the Price Range Select the ticker window and right mouse click on it and select Preferences Then Select the Show High Low check box See fig 11 4 The High and Low fields will become active and will allow you to input the desired price range Select OK If the trader would like to filter based upon the amount of High Low Net Change they can set that value in the Net Change fields To set the Net Change Amount Select the ticker window and right mouse click on it and select Preferences Then Select the Show High Low check box Check the box by Net Change The Net Change fields will become active allowing the User to input the desired change value Select OK Both filters may be used together to filter for both Price and Net Change Amount 148 Ticker N SE Last Net NYSE Tape Reader The NYSE Tape Reader displays basic information regarding the stock as well as the last three prints To launch and configure the NYSE Tape Reader launch it the same way as you would a regular Ticker Window however when you are at the Create New Ticker Window inter
22. The initial position whether it was a Long or a Short The type of position and whether it was a day trade or overnight position The price of the execution Amount of shares for the entire position that was entered The amount of shares that have not been executed within a given order that is still pending to be executed The number of shares that have been executed for this particular order The average price of the execution The time of the order or execution 112 Status The status of the order or execution Cancelled Filled Rejected Cancelled The amount of shares that were cancelled Stp Info The price of the Stop Limit Route This is the route you sent the order to Commission This is an estimate of the commission you paid on the trade You can set this amount by making the portfolio window active by clicking anywhere on it then click Setup in the main menu now select Setup Port Win Options Enter the desired amount in the field to the right of Commission per Share Options within the Portfolio Window for Orders Double Clicking Double clicking on the columns within the Orders window will sort the information 9 6 Portfolio Page Columns Explained for Order Details To view Order Details information click on the Order Details button in the Portfolio Window as shown in fig 9 4 Portfolio Window 302 BRUM Stel cin Tree Pie tee Pede Fueoaed Sous Rowe Fre Tele Us cant Cancel P Cauc
23. window or you will receive an error indication requiring you to do so Column SetUp Error X Must have at least one visible column 114 A Separate Order Details Window can be Opened Activate Portfolio Window and select New Window from the Main Menu Bar select Portfolio Analysis and then select Order Details Orders Details 307 OrderNo___ Symbol Action Type Shares Pendinc Executed ExePric Last Time Status Canceled Figure 9 5 an example of a separate Order Details window From this Detached Order Details Window a right click on the window will list the following options Setup Colors Setup Columns Turn On Off Fill Filter Turn On Off Cancel Filter and Copy Table to Clipboard Setup Colors See section 2 5 Setup Columns From the Setup Columns box one can select the columns to make visible from the available column list or delete columns 115 Turn On Off Fill Filter This function filters out details of an order to display only fills The only types of orders that will be displayed are ones with the Status of Filled or Part Filled When turned on Fill Filter On will be displayed in the title bar Orders Dekails 201 FILL FILTER ON Turn On Off Cancel Filter This function filters out details of an order to display only Canceled orders The only types of orders that will be displayed are ones with the Status of Canceled When turned on Cancel Filter On will be dis
24. 0 10 29 19 CAL Ragu DEW 0 T SLD Day Limit 39 00 100 100 0 10 73 52 Bacened DEVINE Buy Day Limit J379 1000 0 0 18 64 25 Filled 0 DEVINE D BUY Day Limit 3381 1000 D 15 08 47 Filled 0 OIDEVINE D ARCA BUY Day Limit 524 38 1000 0 09 48 50 Filled IDEVIME D BARCA BUY Limit 24 49 1000 09 44 15 Filled 0 DEW D DEVINE D ARCA BUY Day lmi 24 53 1000 0 0 09 40 08 Filled 0 DENKE 0 DEVINIE SLD Buy Osy Limit 24 58 1000 0 0 Tsar Filed 0 IDEVINE D Buy Day Limit 2459 1000 D 09 39 44 Filled 0 D IDEVINK D BLO BUY Day Limi 360 J605 0 D 14 12 08 Filled 0 DEN IDEM D ELD BuY lay Limit 3350 1009 0 0 14 08 56 Filled 0 DEW 0 DEVINE T SLD BUY Day Limit 3353 1407548 Filled 0 DENKE 0 Buy Dery Limit 3358 216 0 0 14 07 42 Filled 0 DEVINE h Day Limit 3358 ABA D 14 07 26 Filled 0 D IDEvINK BD BLO BUY Day Limit 3 81 21127 0 D 14 05 28 Filled 0 DEN IDEM b ELD lay Limit 9361 21239 0 0 14 05 18 Filled 0 DENKE X 0 Day Limit 9292 100 10 00 57 Filled 0 DENKE OIRYANK Ti Buy Davy Limit 2B 21 zn g 0 11 67 28 Filled 0 DRYANK EI HUY Day Limit 47 1a 100 0 11 15 25 Filled 0 D IRYAMK T ELO BuU Day Limit B D 18 36 21 Filled CLAYTON 198 I IE R 20030715 200971715 20000715 200030715 20000715 20030
25. 500 shares at 50 04 against the Book Routes 500 shares at 50 04 to the away market then matches the balance of 1500 shares at 50 03 with the NYSE Arca Book Order Type MKT Market Availability Only during the core sessions e Market orders are matched with the NYSE Arca Book if there is an order s at the inside e If NYSE Arca is not at the inside the order is routed using NYSE Arca s SmartBook sweep logic e Any residual volume will not be routed to the next price level until all quotes at the current best bid offer are exhausted Market Order Examples Book Bids Book Offers Away Market Bids Away Market Offers 50 05 1000 50 10 300 50 04 500 50 09 700 50 04 500 50 12 2000 50 03 100 50 10 500 50 03 1500 50 15 1000 50 00 1000 50 15 3000 Market Order Buy 500 shares Result NYSE Arca routes order to the away market with the best of 50 09 Market Order Sell 2000 shares Result NYSE Arca matches 1000 shares at 50 05 and 500 shares at 50 04 with the NYSE Arca Book and routes 500 shares to the away market with the next best price of 50 04 Order Type Stop Lmt Stop Limit 255 Availability only during the core sessions A stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price Stop Limit Order Example 1 Current NBBO 19 85 20 05
26. 6 An example of the Horizontal Ticker Window 20 News amp Alerts 12 1 The News Window The News Window shown in fig 12 1 enables you to view real time news headlines and full length stories There is an additional cost for accessing the news feature To access the News Window do the following Click on the News button in the blue Hot Keys Menu The News window will appear Enter your desired Symbol All headlines for the desired symbol will appear To read a full length story simply double click on the corresponding desired headline alol xl Resume All Headlines Keyword List Baie dng 2005 02 16 DJBOO4b00 DJ Winpak Ltd 40 Year Financial Table WPE T 2005702716 SHM 04 00 DJ MARKET TALE Getting Taste For Biotech Firm Senomyx 2005 02 16 DLP DJBOO49S00 DJ VP Sells 10 000 Of DELTA amp PINE LAND gt BLP 20057 02716 BCH DIBOO4800 DJ CIBC Mellon To Pay Than Settle SEC Charges 2005702716 DIBOO4700 DJ Rameco Gershenson Announces Purchase Two Florida Shop 20057 02716 SHLO DJBOO4600 PRESS RELEASE Shiloh Industries Schedules Conference Call to 20057 02716 1087 DJIBOO4500 DJ Interbank Foreign Exchange Hates At 14 50 EST 7 1950 GHT 2005202716 HPT DJB004400 PRESS RELEASE Hamco Gershenzon Announces Purchase of Ten 2005 02 16 CYB 4300 DJ VP Sells 20 000 CYBERONICS INC CTBRE Amended 20057 02716 HSI DJIBOO4200 PRESS RELE
27. 83 5000 83 0000 82 5000 82 0000 87 5000 87 0000 86 5000 85 0000 85 5000 85 0000 84 5000 84 0000 83 5000 83 0000 53 Options within the Chart Modes Save Trend Lines Remove Drawing Objects Keep Draw Mode Once you draw a trend line on a chart for a particular symbol it will memorize the trend line If you draw a trend line for MSFT and switch the chart focus to DELL and then back to MSFT it will show the original trend line you created for MSFT For an easy way to remove all drawing objects in the chart window a user can right click on the chart and select Remove Drawing Objects This will remove all drawing objects including trend lines Gann Mode Fib ARC Mode etc Format Edit Pen Edit Brush Mew Parallel Remove Object Mode Help Keep Draw Mode allows a user to stay in the chart mode they selected For example if a user were to put the chart in Keep Draw Mode and select Trend Mode that user could draw multiple trend lines on one chart Every time that user clicks on that chart it would start a new trend line Same goes for other chart modes Replace Chart Indicators Overlays Colors Format Type Scaling Daily Tick 1 Minute 2 Minute 10 Minute 15 Minute 30 Minute 60 Minute Longer Period Shorter Period Pointer Mode Cursor Mode Trend Mode Fib Retrace Mode Fib Time Lines Fib Arc Made Gann Mode Keep Draw Mode An
28. Auction Core Trading Session 9 30 a m to 4 00 p m ET e 3 58 p m to 4 00 p m ET Closing Auction Freeze e 4 00 p m ET Auction Run and Closing Price Disseminated All Orders entered for the core session will be canceled Extended Hours 4 00 pm to 8 00 p m ET 8 00 p m ET Limit Orders entered after 4 00 p m ET are canceled ARCA Routing Table Stop m Limit m Stop LMT Book Dsc LMT Peg MKT Best STT D X x x ec x wx x 254 Order Type LMT Limit Order Availability All sessions core and after hours e Marketable limit orders are matched with the NYSE Arca Book or are routed to other trading venues when such venues have superior prices than those available on NYSE Arca e Order is price improved if available e Non marketable limit orders are posted to the NYSE Arca Book based on price time priority e best bid and offer in the Book will be displayed on Nasdaq Level II MMID ARCA Limit Order Examples Book Bids Book Offers Away Market Bids Away Market Offers 50 05 1000 50 10 300 50 04 500 50 09 700 50 04 500 50 12 2000 50 03 100 50 10 500 50 03 1500 50 15 1000 50 00 1000 50 15 3000 Limit Order Buy 1000 shares at 50 09 Result NYSE Arca routes 700 shares to the away market at 50 09 The balance of 300 shares is posted to the NYSE Arca Book at 50 09 Limit Order Sell 3500 shares at 50 03 Result NYSE Arca matches 1000 shares at 50 05 and
29. Bar allows you to see the following choices Colors amp Fonts Allows you to color code different trade conditions to easily distinguish them in the Level Il window Please refer to Section 2 5 for more detailed information on setting up color amp fonts Reset Defaults This function restores the Level Il window to the original default settings i e colors fonts and sizes Please refer to Section 2 4 for more detailed information on resetting defaults Figure 7 4 Level Il Display Column Headers 81 Figure 7 5 below is located at the bottom right portion of the Level 11 Order Entry Box The buttons include Cancel Reset and Populate The CXl tab is for canceling actions actions available to cancel are located in the Level Il Trade Defaults Box The following options can be associated with the Cxl button Cancel last Cancel All and Cancel All Last Symbol See section 8 9 Trade Defaults R The tab resets the Level II screen to the saved Trade Defaults P The tab populates the open position for the symbol selected within the Level Il The open position also displayed in the Title bar fig 7 4 is then reflected in the volume field in the Order Entry Box This allows for quick and easy entry of an open position cw Figure 7 5 Cancel Replace The cancel replace feature may be used to cancel an active order or replace an active order with an order of a different size and or price T
30. Buy 5 5ell 5 Short M Mis freen All Exec Hed Exec Can Hey 3 SP20 5 Bi 2004 02 04 6 0 L8 Auto Com 13 144 E 3 B 42 Original 13 19 29 6 2 Aulo omplele Cancel Urmmnd Batch Data H Issues 20 17515 5h Executed 16580 952 Remaining 0 f 05 AeyCancel 5x gg Puce 921 61 Cancel Hatch Original 13 13 23 6 2 Bl SU T DEN Ud UIT a a 1 GE 20040204 26068 BUT 2402104 26a BUY 20040204 2610 20040204 2611 BUY 20040204 2612 BUT 20040204 2613 BUY 20040204 2614 BUT ADM 1204 2615 BLU 20040204 2616 BUT ena 1204 2b1 BUY 20040204 2618 BUT 26159 BUY Figure 20 8 Batch Monitor showing details of the selected Batch Batch Monitor Details Symbol OrderNo Action Shares Pending Executed Canceled Price AvePrice Type Last Time Status Acct Type Shows the symbol of a particular order within the batch The order number for a particular order within the batch The action for each order within the batch The total amount of share for an order within the batch The amount of shares pending in a specific order within the batch The amount of share executed for an order within the batch The amount of shares cancelled within an order Shows the price at which the order was entered The average price of the order or is left blank if the order is filled at the price at which it was entered
31. Create New Enter aname e g Dquote2 Click Ok 22 Detailed Quote Windows can be customized to display up to 30 different columns of information on a particular symbol by making the quote window active and clicking on View in the Menu Bar or by right clicking within the Detailed Quote window and selecting Column Setup Available Columns Full Name News Tick Last L Size Exchange Bid Ask Change Open High Low Previous 52 Week Hi Low VWAP Bid Size Ask Size Current Volume Open Int Bid Ask Spread Total Ol Contract Size Shares Out e Price Change Time Last Reg Trade Bid x Ask HiLo Range Chart Right Chart Bottom Note VWAP is calculated by adding up the dollars traded for every transaction price multiplied by shares traded and then dividing by the total shares traded for the day The Detailed Quote window is fully customizable and can be linked to the Level Il Window and Charting Options within the Detailed Quote window Double Clicking Symbol Counter Comma for Volume Column List Sort Running Sort Double clicking on a symbol from the Detailed Quote Window will open up a Level Il Order Entry Keeps a current count of the number of symbols in the detailed quote window The counter updates when a symbol is added or removed It is located on the title bar at the top of the Window This Option provides a comma to be displayed in the volume field for easier reading It can be turned on off by going to
32. Creating a New Time and Sales Window You can create a new Time and Sales window shown in fig 10 1 in the following way Click on New Window in the Menu Bar Click on Time and Sales A Symbol Input box appears Enter the Symbol Click Ok A blank Time and Sales window will open Enter the name of the security instrument in the blank field The Time and Sales will now collect data as it occurs from this point forward Time Sales DELL Dell Inc NNM _ B x DELL GetData Pause Time Price Size Exchange Region Type MMID Figure 10 1 Equities Time and Sales 138 10 2 Explanation of the Time and Sales Fields Field Name Description Explanation Time Indicates the time the security instrument traded or a Market Maker changed Bid Offer information Price Indicates the trade price or Bid Offer price Size Indicates the size or number of shares Note NASD Market Maker Bid Offer is usually posted in hundreds Exchange Indicates the exchange from which the security instrument traded Region Indicates the region from which the Bid Offer or Trade took place Type Indicates regular trades and can further indicate special conditions that occurred For example out of sequence cancel fast market conditions etc MMID Indicates the ID of the firm that posted a Bid Offer With the Time and Sales window active the following choices from the Menu Bar are available to you Setup Clicking on Se
33. GST E TT RN Tick asc so NC U 293 SymbolLookup 21 1 0418 D 0 183 Y 0 32 gu D 012 208 D E i Ex ne Th EN T QULI Insert FFE B MOT JOSU Setup Columns 2B LEES Import Export Fonts and Colors 32x U GE Merge Sort Links 29 D CSCI m n Preferences Autosize Reset Defaults w Grid Lines Set as Default Ignore Sort Labels Aura ot 29 95 w Show Column Labels Options within the Condensed Quote window include I na Ix Co na Delete Append Compress iam Symbol Lookup Selecting this right click option causes a symbol lookup window to appear Simply type in the name of the symbol you want to see or use the lookup feature View When you select View a tree appears You can select alerts chart level Il news option analysis portfolio page quick quote and time amp sales Selecting one of these options results in the appropriate window being opened Insert Delete Append This allows you to insert delete or append rows and or panes in the condensed quote window Compress This feature will allow you to remove labels or empty cells from the Current pane or all panes Setup This feature allows you to setup columns fonts and colors and window linking You can also setup window preferences and window defaults Import Export This features allows you to import symbols from a portfolio or detailed quote wind
34. Individual statistics from your Portfolio Window can be displayed as well Below is a list of available symbols that will show your account statistics Available symbols that may be used to access Account Statistics BPBUYSTOCKS BPBUYOPTIONS BPSELLOPTIONS BPSELLCOVOPT PLPREVCLOSE INTRACLOSE PLPREVOPEN PLINTRAOPEN PLTOTALCLOSE PLTOTALOPEN BPSHORTSTOCKS PLTODAY MMTOTALPL MMCLOSED MMOPEN Shows the amount of Buying Power available for the purchase of stocks Shows the amount of Buying Power available for the purchase of options Shows the amount of Buying Power to sell naked options Shows the amount of Buying Power to sell covered options Shows previous days close profit loss Shows the Intraday Closed profit loss Shows profit loss based on previous days open Shows profit loss on current day Shows the total profit loss at the close Shows the total profit loss at the open Shows buying power available to short stocks Shows the total profit loss for the day Shows the value of total profit loss Marked to the Market Shows the value of closed positions Marked to the Market Shows the value of open positions Marked to the Market Statement Examples for Statistics IQuote Last PLPREVCLOSE Cell C6 in Figure 2 below contains this statement It allows the spreadsheet to pull and paste the previous days close profit loss DDE will continuously update this information on a real time basis also IQuote L
35. Note Once a Skin Style is selected from the drop down menu an example of the Skin will be shown Features within the Level II Display 7 5 Pre Post Market Level Il Display The level Il display for NYSE symbols before and after market hours will show only active participants and their quotes If a quote is closed it will be in gray scale and located at the bottom of the Level Il screen Only active quotes will be highlighted and at the top of the screen Right Click Options 88 When right clicking on the NASDAQ Level Il Window the following options are available Symbol Lookup Setup Hot Keys Enable Order Confirmation Box Setup Trade Defaults Setup Display Preferences Save As Option Page Link Save As Order Entry Default Save As Level ll Default Chart Quick Quote Time Sales News Nasd Il Change Account Linked to Group From this option a user can select another symbol to display or look up a new symbol Shows the Setup Hot Key box Se section 8 9 Enables the order confirmation box This pop up box is an order confirmation for the order about to be placed Shows the Level II Setup box See section 8 9 Shows the Level II Display Preferences See section 7 4 This will save the current display settings for the Options Level II window and applies the newly saved Default Settings to each Option Level Il window opened thereafter This will save the current display settings for the
36. Order Entry window and applies the newly saved Default Settings to each Order Entry window opened thereafter This will save the current display settings for the Level 11 window and applies the newly saved Default Settings to each Level ll window opened thereafter See section 7 2 Changes the chart symbol to the selected symbol in the Level II A Quick Quote window will display the symbol selected A Time and Sales Window will be displayed for the symbol See section 10 A News window will display news for the selected symbol See section 12 Resets the NASDAQ Level II Defaults This allows the user to switch to another account without having to log off and log back in Opens the Link Setup Window see section 6 2 89 7 6 Features within the Level Il Window Scrolling In the order entry section of the Level II Window the Price Volume and otop Price fields can be adjusted up or down using the Scroll button on the mouse It will scroll up and down according to the settings in the Level Il Setup Trade Defaults increment size of shares increment size of contracts fractional increments and decimal increments Note The cursor has to be placed within the field before scrolling can work 90 O Order Entry the Level Il Screen Maximus Protrader has been designed to enhance the execution process by providing the user with an easy to understand and efficient order entry interface that allows the trader to focu
37. Prices Type in the MMID you would like to follow in the Blank Field Click OK Click the Reset button on the Level Ill Order Entry Section the prices should then adjust to the selected market maker Select Setting There are two settings for Trade Defaults Global and Local When saving the selected default settings either Global or Local will be selected in the bottom right corner f the Trade Defaults Window An example display of this Setting can be seen in Fig 8 7 105 Global Local When saved with Global settings the trade defaults saved will be for all Level II windows open When saved as Local the trade defaults will only be saved for that particular Level 11 window 8 7 Symbol Defaults Symbol Defaults can set Default Number of Shares Share Increment Default Reserve Show Amount Default Disc Amount Price Increment Route and Order Type for a particular symbol For definitions of these fields see above in section 8 9 Trade Defaults symbol with defaults that is entered into a Level II will overwrite the Trade Defaults set for the Level Il See fig 8 18 Symbol Defaults Default Shares 1000 Share Increment 00 Default Reserve T Show Amt Default Disc Amr 200 Price Increment 9 MU Route INCA vw Order Type Acct Marin gt Wol Type Pat gt Mnemonic Resticted p Un Tradeable Delete ic EL mE T m im m FAS Figure 8 18 Sym
38. Setup on the Main Menu Bar when the Detailed Quote Window is Active and selecting Volume w Comma When there is a check mark commas should be displayed The columns can be added removed or moved To add remove go to the View tab in the Main Menu Bar when the Detailed Quote Window is active By checking or unchecking the available columns will add remove the columns in the Window By double clicking on a column header it will then sort the data in the table by that column It will first sort ascending then by double clicking again it will then sort descending The condensed quote window can be sorted statically or in real time by enabling the Running Sort option This can be done by clicking on Setup in the Main Menu bar then checking Running sort 23 Last Regular Trade Order Imbalance The Last regular Trade column is a combination of the LAST and CLOSE columns The column will show the last trade for the selected symbol during market hours and then will only show the last regular trade for the day during pre and post market hours acting as a close column The difference is that Last Regular Trade will start showing regular trades again when the market opens the Close column will not The Close column will stay at the previous day s closing price To create Activate the Detailed quote Window and select VIEW from the Main Menu Bar Select Last Reg Trade It is a situation in which buy orders for a particular security g
39. The ADP MLO should only be used as back up routes in the case of any technical issues with either the ITS or IBO routes Options Trades The Order Expiration TIF options are Day GTC IOC and FOK LMT An order to buy or sell a security at or better than a specified price MKT An order to be executed at the best available market price 267
40. US option exchanges including the Chicago Board Options Exchange American Stock Exchange Pacific Exchange Philadelphia Exchange or the International Securities Exchange The Option Level Il window has three parts the montage option section and the order entry section Most of the features and settings within the window are similar to the NASDAQ Level II window in Chapter 7 For display trade settings and explanation of fields see Chapter 7 An example of the Level Il box for Options is shown in Fig 13 4 RIMM JUL4 67 50 1 1 x RUPGUS 3 10 2 10 210 00 10 Vol 3 528 Open Hi 3 50 Low 1 80 Close 1 00 Bid Ask 3 20 Bn aval Ask Size Ask Size Volume Last Trades RIMM 68 17 68 21 13 21 93278 68 18 0 Price volume stop Price Voll ype Order Options 10 k Pan Bid Otfer Haute Expiration Account ppe Hesereemount Short SAGE Day Margin F m EPEENKZEUCNEZS 173 Figure 13 4 Level Il Options Window To open up the Level Ill Options Window Click on the Options Blue Tab type in the symbol The Options Analysis Window will open Double click on an option the Level II Options window will open Refer to section 8 7 for order entry Features within the Level Il Options Window Right clicking in the gray area of the Level II will open a window that will consist of options
41. Window shown in fig 4 2 allows you to view the status of your personally selected symbols 25 To open a Condensed Quote Window do the following Click on the Cond Quote button in the Blue Hot Keys menu Additional Condensed Quote Windows can be opened by Click on New Window in the Menu Bar Click on Condensed Quote Window Click on Create New Symbol Last Bid Netthange Range Map Rsnae BidMap Trek ack B GOOG 35 293 55 4 3 3 29340 MOT aT NE DE E 2 5i GE NTAP 0 33 20 43 0 16 J8z 73 um Bb EN 32 D 2444 T ERE 26 28 0 32 ka D 26 29 DELL 33 71 0 11 Bx D 39 72 AMAT Tal 20 E 7 83 CSCO 15 40 qaz 19 41 SIRI 0 05 39 20 D 39 51 JOSU a 0 018 g D 1 49 Figure 4 2 An example of the Condensed Quote Window The Condensed Quote Windows can be customized to display up to 16 different columns of information on a particular symbol using the following three methods 1 Make the quote window active and clicking on Setup in the Menu Bar and choosing Column from the menu 2 Right clicking on the menu header within the Condensed Quote window Right clicking on the main body of the Condensed Quote Window and choosing Setup and then Column from the menu choices You may append delete and insert rows or panes within Condensed Quote Windows by right clicking and choosing from the available options
42. a certain level like 80 a buy and sell signal occur Buy when 96K rises above D line below 20 25 and sell when K drops below D above 75 80 Look for a divergence where prices are making new highs and lows while stochastics fail to make new highs and lows Stochastics Fast A fast stochastic is the faster version of the Stochastic indicator and it is displayed as two lines K and D This Fast Stochastic gives faster signals on slower moving stocks which have a normally have a tighter range The following are common interpretations for using this indicator When either K or D falls below a certain level like 20 or rises above a certain level like 80 a buy and sell signal occur Buy when 96K rises above D line below 20 25 and sell when K drops below D above 75 80 Look for a divergence where prices are making new highs and lows while stochastics fail to make new highs and lows 187 Time Series Forecast The time series forecast is based on linear regression analysis Rather than plotting a straight linear regression trend line the time series plots the last point of a multiple linear regression trend line Time series forecast can be used in the same way as moving averages Time series has the advantage of showing a change in trend quicker than a moving average It is especially useful in markets that are in sharp trends when the moving average lags way behind Tirone Levels This is a series of horizontal lines that identify support resist
43. account highlighted will allocate according to those settings 251 24 0 Routes amp Order TUDES Overview The trading platform provides direct access to all US equity and option exchanges through every available market route There are currently 9 different equity routes and 3 option routes available through the platform The routing choices are as follows ll Microsoft Corporation MSFT 28 2501 0 26 pen 28 52 Hi 28 5 Bid 28 25 0 Nasdaq Market Center listed otcbb NYSE ARC Adie Bloomberg ECN ote listed E piratian gum E NYSE Floor listed only AMEX Floor listed NYSE AMEX Floor listed only ALUtatracdedesk ote listed otcbb Direct Edge ECW ote listed otcbb Option Route all option exchanges 4 Option Smart Route all option exchanges a BOFA Algorithmic Houte atc listed 252 Route ARCA Listed OTC OTCBB NYSE ARCA formally known as ArcaEx agd History In January 1997 the U S Securities and Exchange Commission SEC implemented new Order Handling Rules that revolutionized trading in NASDAQ securities The new rules created the opportunity for Electronic Communications Networks ECNSs to interact directly with the NASDAQ National Market System The Archipelago ECN was formed in December 1996 in response to these rules In 2007 ArcaEx was purchased by the New York Stock Exchange About NYSE A
44. and routing in the following way Right mouse click in the upper gray portion of your Level 1 Order Entry window Click on Setup Trade Defaults The Level Il Setup box shown in fig 22 2 will appear Adjust your default settings accordingly Level II Setup l X Size Setup Route and Order Type Adjust Shares Less Pending Open Size Exchange Haute Type Account VolT ype Default to Position Size Jw AMEX LMT Part Show Pending Order in Montage Shares to Pending Size NASDAQ ARCA E Disc Margin E Part ad Reset Default Shares after Execution v NYSE NYSE LMT Part b jf Reset Default Shares on Symbol Change id ADP LMT Margin Part jf ARCA Disc Lm Margin Part 20000 Maximum Number of Shares Montage Selection Order Type Default Dup warning Inerement Size of Shares NDirect if avail V No Change if Lmt Type On Default Show Shares Price Change Option Contract Size SF Discretionar TREND fi 264 Fraction Increments 0 000 y 1 Default Number of Contracts Default o Decimal Increments Limit Range Waring 100 asimum Number of Contracts 4 1 0000 Trail Stap es 1 Increment Size af Contracts cal aue Cancel Defaults volume Control Last Trade This Lvl ll All Last Trade Placed Round to Nearest Increment All Same Symbol wait
45. from the Detailed Quote Window pane and select Add Quote Window Click on OK The Ticker Window will now fill the desired information see fig 11 3 x OF Enter New Ticker Window Mame L ancel Select Style Traditional C NYSE Horizontal 144 Figure 11 1 Create New Ticker Interface Ticker Setup X Symbol Setup Selected Symbols C Open Positions Input Symbol Detailed Quote Window dil dieqty diicomm dindavg gpa ditrans DQUOTE qpa gslicomp Add Quote Window Delete Delete All Figure 11 2 The Ticker Setup Window Ticker MANUALI Figure 11 3 An example of the Traditional Ticker Window 35 65 17 94 194 60 1 94 17 94 17 94 1 94 145 11 2 Customizing the Ticker You may customize your Ticker options in the following way Right mouse click on the ticker window Click on Preferences The Ticker Options box will appear see fig 11 4 From this interface you may include exclude data as well as filter that data Ticker Options X Display Preferences Enter to Exclude Exclude lt ISL ARC INCA MKXT Isl and Arca Redi BTHD Insti I Show Trades Show HHM ECH Show High Low High Le Filters W Level 11 Size Changes Do Not Show Trades Under Shares Net Change p Highlight BI
46. immediate executions of limit orders up to 1 099 shares at the published NYSE quote NYSE Direct will be available on the first quote of the day when the bid and or offer is greater than 100 shares It is not available during a trading halt or a non firm quote Note Specialist can turn off the Ndirect system in fast moving market and the order will become a regular LMT order 264 Route EDGE Listed OTC Direct Edge ECN About Knight Capital Group owns and operates the Direct Edge ECN EDGE is currently one of the largest ECNs for OTC securities Size EDGE currently handles approximately 5 10 of Nasdaq OTC orders EDGE is still not as liquid for listed securities and is responsible for only a few percent of daily orders on the NYSE Order Representation EDGE s top orders are represented in the NASDAQ National Best Bid Offer display as EDGX on the Level II screen Minimum Price Increment 0 01 Session Hours EDGE currently accept and executes orders from 8 00 AM to 5 00 PM ET Core Trading Session 9 30 a m to 4 00 p m ET EDGE Routing Table Order Type LMT Limit Availability All sessions core and after hours OTC and Listed Order is posted to the EDGE book at the specified price Order Type MKT Market Availability Only core session OTC and Listed For immediate aggressive executions EDGE Market orders are not displayed in the EDGE book The order only executes atthe inside price w
47. in detail in Section 2 2 2 This section of the manual will assume that you are familiar with the basic operations of the Icon Bar 108 9 3 Portfolio Page Columns Explained for Open Positions To view Open Positions information click on the Open Positions button in the Portfolio Window as shown in fig 9 1 E AT Window 100118 erede pue ES I7 1 043 130 06 Adobe Syste 25000 t 64 86 1 621 500 00 Cisco Syster 100 10 92 1 792 00 Google Inc 31300 194 56 6 089 728 00 204 001 55 Microsoft Cc 500 i 25 98 12 990 00 0 00 2005 02 15 International 500 34 40 47 200 00 1500 1500 Of 0 2005 02 15 Merck amp Co 500 29 30 14 650 00 10 00 2005 02 15 Exxon Mobil 500 3 56 89 28 445 00 5 00 2005 02 15 Pfizer Inc M 500 t 25 24 12 620 00 0 00 2005 02 15 Amgen Inc 500 53 81 31 805 00 325 25 0 2005 02 15 Figure 9 1 An example of the Portfolio Page displaying Open Positions Column Name Description Explanation Symbol The Symbol for the stock you purchased Acc Type The Account Type section declares 5 separate account type situations Cash Margin Short OV Overnight Position and DY Day Position Full Name The Full Name of the underlying stock held in the account Shares The number of shares purchased a positive number if long or negative number if you are selling short Entry Price The price that which you entered the position For example 101 5 or 101 or 118 23 32 etc Current
48. in the following way Click on New Window in the Menu Bar Click on Quick Quote A Symbol Input box appears Enter your desired Symbol Click on Ok A new Q Quote window will open In order to see more of the fundamental data place the cursor on the lower right outline of the window when the double arrow appears click hold and drag the window outwards Right click on the window to change your color preferences setup display items or link the window 32 Open High L Prey SY Growth Bid Ask Last Fav Date 94 Est An Div 2 ExDiv Dt 25 13 Div Amt i Trl Div 25 13 re Div Yra Div cr 50000 23479 00 rd Rey 573 00 12 Ma EPS 0000 Earniehr 0 32 Cur Yr EPS 2005 05 04 Int Er Per 0 050 Intrm EPS Net Yr EFS Yri EFS Yr2 EPS Ws EPS Yri EGQIPS Yr EQIPS Yrs EQPS Vrd EPs Ask Size Attr Bid Size H9400 g Next 65491 Price Pr Type Ol 0 000 SP Rank rd EPS Pr Units 52 High 29 01 ri Net 52 Low 19 64 Yr Net Desc STARS Tra Met Con Exp Dt 0000 Cal Sym Rt Size Shares Out 3173 Yr4 Net Fut Svm Rt Symbol Cont Size 0 Yri Rev 34209 00 Strike Pr 0 000 Exc field 1 288 Tre Rev 30141 00 Prto Beta 2 353 Yra Rev FE Figure 4 6 An example of the Fundamental Quote Window 4 8 Import Symbols to Quote Pages You can import symbols to your Detailed or Condensed Quote pages from your portfolio pages in the following way Click on Symbol in the Menu Bar C
49. in the two parallel color coded boxes of streaming quotes 91 Maximus Protrader will automatically load your desired price this can be done by simply selecting checking the Bid Offer check box located at the bottom right corner of the Level 11 box You can set the quantity volume of shares desired and the type of trade Limit Stop etc in the boxes to the right of price The options available for type of trade will change according to the Route you choose The order Route Expiration and Account Type will automatically default to the settings you have configured in your Trade Defaults see section 8 7 on Trade Defaults You can now buy at the Bid price by clicking on the blue Bid button or sell at the Offer price by clicking on the red Offer button To short a stock click on Short check box under Order Options located at the far right bottom corner of the Level Il box This automatically converts the red Offer button to a red Short button You may also click on the Red Short Button next to the Cxl button This procedure is particularly helpful in that it ensures that the trader does not enter multiple sell orders creating an undesired short position 8 1 Electronic Communication Networks ECNs amp Order Types The Electronic Communication Networks are separate pools of liquidity that traders buy and sell stock through The Island is an example of an Its symbol on a Level Il screen is CINN Traders post limit orders through Is
50. inside offer the following steps would need to be taken Right click on the gray portion of the Level Il select Setup Hot Keys Select the Hot Key to assign the action to in this case F1 Select the box Tier Size and put 3 in the box next to Select the box Buy Ask ECN in the Swipe Section Click the Save Key and then click Active Keys The Active Keys box should verify the settings for the F1 Hot Key This user could now Press F1 and a Swipe order would be sent to all ECN s within 3 Tier levels on the offer for 1000 shares Note If Tier Size is 3 and 15 participants are within those 3 Tiers when an order for 1000 shares is sent there is a possibility that a fill for 1000 shares could happen 15 times totaling 15000 shares Cancel Replace This feature allows the user to cancel replace an order and bump the price up or down by a specified increment Lancel Heplace Bump Price Up Bump Price Down m 222 21 3 If you want to cancel replace an order and increase your price select a key to use and double click the Bump Price Up to move it to the selected commands column Now click the Bump Price Up command and choose the value you want to bump your price up from the drop down menu in the bottom right portion of the hot key window Now save the value and save the key Super Swipe Execution This functionality enables the User to send multiple orders at the same price level however
51. keep track of the order during the execution phase and report back the trade details Conversely if you want to sell 1000 shares of MSFT Island will peg your order to the current bid Peg Best Peg Best Orders will be sent to Island at the current Bid or Offer depending on which side of the Market you are on The order will peg itself to the current price based upon whether you are buying or selling 93 Example You want to buy 1000 shares of MSFT If you want to peg your order to the best bid you will enter a Peg Best order to track the bid Island ECN will keep track of the order during the execution phase and report back the trade details Conversely if you want to sell 1000 shares of MSFT Island will peg your order to the current Offer Peg Mid This pegs the order to the midpoint between the bid and offer with a limit at the primary offer It rounds buy orders down to the nearest penny and sell orders up to the nearest penny The client can set an explicit limit by supplying a limit price with the order If the offer moves higher than the limit then the order stays priced at the limit Peg Primary This pegs the order to the same side of the primary quote for OTC stocks and the best exchange bid ask values for Listed stocks with a limit of the opposite side of the market Peg Last This pegging is only available for Listed securities and pegs the order to the last sale of the stock with the limit being the primary offer
52. of executed shares of buys or sells per symbol also provides the company name of the symbol and the trader s user name that traded the shares If trading a symbol all day and you have buy sell and short executions then you ll have three lines of data for that symbol a total number of executed buy shares total executed sell share and a total executed shorted shares To view Aggregate information click on the Order Summary button in the Portfolio Window as shown in fig 9 7 Window 100118 nee 20201 Cancel 1 Cancel 1 Cancel Orders Order Details Buying Power Frofit Loss Account Statistics Position Minder Position Tracker m Open Positions Closed Positions Order Summary Full Name User 7 000 25000 31300 100 501000 00000 Sn 500 500 500 500 E 3592 59 2663 201 0776 19 0000 34 3740 39 2569 25 3800 94 4500 29 2000 56 8800 63 8151 Semiconductor HOL DEM0118 Adobe Systeme Inco DEMUTT8 Google Inc HNM DEMUTTS Cisco Systems Inc DEMUTTS Semiconductor HOL DEMCUTTS Nasdag 100 Trust 5 DEMOT18 Microsoft Corporatior DE M0118 International Busines DEMCUTTS8 Merck amp Co Inc W DEMUTT8 Exxon Mobil Corpora DEMCUTTS 100119 100119 100119 100119 100119 100119 100119 100119 100119 100119 100119 12 45 00 10 08 19 16 22 22 16 56 08 10 95 15 10 55 46 15 18 37 15 18 94 t5 a05 15 13 30 151955 Amgen Inc HMM DEM0O 118 PfizerInc NWSE DEMO118
53. order details for each order This makes currently active positions and pending orders available for the user to see all at once Note The table is sortable by double clicking on any of the column headers and for easier reading a row can be highlighted just by clicking on a specific order Open positions that have been closed and pending orders that have been filled completely or cancelled will disappear from window Only open positions and pending orders are available for viewing To Open Click on New Window at the top of the trading application and select Account Monitor Open Positions Tab There are 10 different columns in the Open Positions section of the window Symbol Account Type Full Name Shares Entry Price Current Price Value Gain Day Change and Account See Fig 9 15 Account Monitor Open Pending PL Summary Orders Setup 6 1695 6 03 loj x AccType FullName DayChng Account Krispy Kreme Doughnuts NYSE 200000 Amgen Inc FOO Pfizer Inc NYSE 500 Exxon Mobil Corporation NYSE 500 Merck amp Co Inc WYSE 500 International Business Machine NYSE 500 Microsoft Corporation MM M 500 Cisco Systems Inc NAB 100 Google Inc HMM 31300 Adobe Systems Incorporated NNM 25000 Countywide Financial Corp NYSE 23000 ADI FEBS 640 00 PUT 100 10 MSFT FEBS 25 00 CALL 100 j Microsoft Corporation MM M Marg v Semiconductor HOLding Company De AMEs
54. overload of those servers Please remember the PING and TRACERT commands to see line problems as they occur 180 181 10 0 Technical Analusis 16 1 Introduction for Technical Analysis The term technical analysis is a complicated sounding name for a very basic approach to investing Simply put technical analysis is the study of prices with charts being the primary tool The roots of modern day technical analysis stem from the Dow Theory developed around 1900 by Charles Dow Stemming from the Dow Theory these roots include such principles as the trending nature of prices price discounting all known information confirmation and divergence volume mirroring changes in price and support resistance The future can be found in the past Technical analysis is the process of analyzing historical prices in an effort to determine probable future prices This is done by comparing current price action with comparable historical price action to predict a reasonable outcome A technician might define this process as the fact that history repeats itself while others would say that we should learn from the past Technical analysis is based almost entirely on the analysis of price and volume Charts The foundation of technical analysis is the chart Line charts A line chart is the simplest type of chart the single line represents the security s closing price on each day Dates are displayed along the bottom of the chart and prices are displaye
55. pages For example if you had a detailed quote page with your list of stocks in them named DQUOTE you can now click on DQUOTE aqpa in the list box This selects that particular page as your chart symbol series page To view these charts click on Chart Next and Chart Previous 5 18 Basket Charts A Basket will chart a group of several securities combined as one to help decision making when simultaneously buying and selling A Basket Chart is very much like a stock index and can be very useful when seeing how a certain set of stocks perform against another set of stocks Baskets charts often help in index arbitrage program trading and hedging Charting a basket can be achieved by doing the following 60 A First Highlight a Chart by left mouse clicking any where on the chart Then in the upper left hand corner Click on Tools on the Menu Bar Next Click on Create New Basket your Basket in the Create New Basket box that appears You can use this name in the future to recall the basket Click Ok An Edit Basket box will appear see fig 5 15 Enter a list of stocks into the Baskets Stocks selection constant can be added or subtracted by entering a value in add subtract Constant Click OK x asket Header i Start Date of Basket 17171997 l Basket Desrption TECHi L ancel asket Stocks Add Subtract Constant fo 0000 Lookup Symbol Import Symbols Remove Symbol
56. pane is now visible in your Level II window You may select the exchange that you want to send your trade to by simply double clicking the exchange and enabling the checkbox next to the Pref MMID Field Additionally in the Title Bar of the Level Il window you will find the exchange that the underlying security trades on the name of the underlying the expiration month and the strike price 96 1 MSFT FEBS 25 00 CALL 100 0 75 0 20 21 05 19 Vol 2424 Upen 0 85 Hi 0 35 Low 0 75 Close 0 95 Bid 0 75 Ask 0 80 Bol Avol 151 EE MSFT 25 73 25 73 123 25506204 2573 0 pne Volume p Price Vollype Order Options r A Pat l r suns Route Expiration Account ppe Heserve mount Short ADP Day Man o PreiMMID gt gt cx M P Figure 8 5 An example of the Level II window with the consolidated and summarized pane visible 97 8 5 8 6 Duplicate Orders Warning A message window appears when the system sees you may be entering a duplicate order See fig 8 6 This feature may be turned off To turn off this feature Activate the Level Il Window by left mouse clicking the Level Il Then right mouse click on the top grey portion of the Level Il where the Level information is located Highlight Setup Trade Defaults and select it with a left mouse click Onthe right
57. r Ee 5583008 MMM 3M Company 76 7300 1000 28 700 78 0600 1 1251100 GF General Electric Cam 26 6600 1400 29 6000 28 1000 17564500 DDE Example Note Trading application must be running in order for the DDE to update 200 0 Batch Orders 20 1 Batch Order Entry The Batch Order feature provides you with the ability to send multiple orders to the market with just one click Different batch orders can be created and stored each containing multiple securities on different exchanges Batch orders can be submitted on Maximus Protrader in the following way n the upper left Click on the New Window and Select Batch Order Entry The Batch Order Entry window will open see fig 20 1 Click on the lower right corner of the screen and drag it out to see all the information You may add different stock symbols and conditions to the Batch Order Entry screen based on your criteria for execution Please remember that at the time of this publication ISLD does not acknowledge market orders on this platform Batch inBl x UNTITLED Set Col Data Change Send Batch Cover Batch Best Save Save As set t Shares gt 500 Cancel Last Batch Cover Batch MKT E 500 Hew ct Appl Scale arale Create Scaled Batch Batch Monitor Load Portfolio NENNEN SS nnn 49 Cost 851573 40 Ask tl 4 P Send Single Order epee 21853 SE M LE R
58. requesting in the syntax In the example above three values BID ASK LAST are being requested so three cells would need to be highlighted In this case cells B3 D3 are highlighted for the MSFT formula and cells B6 D6 are highlighted for the DELL formula 2 Enter the Syntax formula request See examples below while the multiple cells are highlighted MSFT formula is entered into cell B3 and DELL is in sell B6 3 Once the Syntax has been keyed in Press Ctrl Shift Enter The DDE data will appear in the adjoining cells that you highlighted Examples Iquote QQ MSFT BID ASK LAST Iquote QQ DELL OPEN HIGH LOW Note Sometimes Excel will not let you modify a formula array once it is entered and you may have to re enter the DDE request 197 19 8 INTC DELL GE MSFT E Lh E oe xn INTG M INTEC 131 INTC 715 3031 INTC 359 Oooh 959 959 4 3291 DELL 41 2952 DELL 4 1265 INTC 4 1250 INTC 14 1226 INTC 223 INTC 714 1215 INTC 711 5035 DELL 082 DELL DELL 3 DELL DELL 055 DELL c3 DELL 3796 GE H 3537 MSFT 19 9 Creating a DDE Link for Data Tables Another DDE feature available is a snapshot requests for its multiple data tables Currently the Excel pages generated are only snapshots of the respective page and MUST be manually refreshed via Excel Future versions of Maximus Protrader will update these pages automatically on a real time basis without any user int
59. select open I D E F 5 H J L hM 1 Symbol Price Shares TIF Fill Type Account Route Stop Price Reserve Amt 5 Buy DELL 1000 Day Part MET Margin ARCA b Buy dall 1000 Day Part LIMIT Margin SLD T dell 1000 Day AON Margin BRUT H Buy 1000 Day AON Margin ARCA 9 10 Submit Bid Submit Ask Buy To Cover Y The Batch Order Template You would enter in orders individually just like you do in the Batch Order Entry screen within the trading application You can copy and pastes a list of symbols into the symbol column from another excel file and adjust the order parameters for each 210 In the columns Action TIF Fill Type Margin Account and Route there are drop down menus to choose from The Action column for example has a drop down list shown in the picture above allowing you to select from a list of actions This allows for quick data entry of the orders to be saved Loading the template to the trading application the batch is made press Ctrl E this will open an export window You will have to browse through the folders again C Drive gt Program Files gt IQuote32 folder Note Once you set the Export window to browse to the IQuote32 folder it will default to that folder every time unless changed the Batch whatever you want and click ok fthe trading application is running and the Batch Order Entry window is open it will have to be closed
60. show data in individual fields thus customizing a complete spreadsheet Each field can be customized to show specified information by assigning selected data to a particular cell Example formulas and available fields are listed below The following fields are currently available Name The name of security or commodity in a trading session Last The most recent trade of a security LastSize The number of shares bonds or contracts traded in the most recent trade RegClose Updates continuously the last regular trade during market hours and will show the intraday close after market hours Bid The highest price any buyer is willing to pay for a given security at a given time also called bid price Quoted bid is a maximum price that a market maker will pay for a security BidsSize The number of shares that are being offered for purchase at the bid price Ask The lowest price that any investor or dealer has declared that he she will sell a given security or commodity for For over the counter stocks the Ask is the best quoted price at which a Market Maker is willing to sell a stock Also called asked price asking price or offering price AskSize The number of shares that are being offered for sale at the ask price Open The first price of a given security or commodity ina trading session High The highest price that was paid for a security during a certain time period 192 19 3 Low Prev Vol IqTime The lowes
61. side of the Setup Window see fig 8 7 under Route and Order Type select the box that reads Dup Warning then click on OK Possible Duplicate Order Are vou sure you want to place this Order Figure 8 6 Example of Duplicate Orders warning Trade Defaults You may set your default trade size and routing in the following way Right mouse click in the upper gray portion of your Level 1 Order Entry window Click on Setup Trade Defaults The Level Il Setup box shown in fig 8 7 will appear Adjust your default settings accordingly 98 Level II Setup II Level II Setup 9 Size SAA Adjust Shares Less Pending Open Size Default to Position Size Show Pending Order in Montage Adjust Shares to Pending Size Reset Default Shares after Execution jf Reset Default Shares on Symbol Change Equity Share Size 10000 Default Number of Shares 20000 Maximum Number af Shares 100 Increment Size of Shares Default Show Shares oon Exo hoo Option Contract bze E 0 Default Number of Contracts 100 Maximum Humber of Contracts fi Increment Size af Contracts Order ption Defaults I Reserve Shot fy No Smart Short PrefMMID Bid Offer No Trade Against Pre Post Dau Route and Order T ppe Exchange Route Type Account Margin 7 NasD g gt MKT gt Magn Part w NvsE
62. the entire price tier will be executed upon effectively Super owiping the tier In other words If only one Tier is selected and a Super Swipe Buy order is sent to all the ECN s on the Ask an order will be sent to all ECN s for their Ask size that is displayed The User may direct the orders to be sent to all ECN s SNET or they may designate the orders go to both Additionally the User may designate how many pricing tiers that the Orders will trade through See fig 21 11 5uper Swipe Executian Super Swipe Sell Bid ECM Super Swipe Sell Bid SMET Execulian Tiers Super Swipe Buy Ask ELM Tier Size Super Swipe Buy Ask SHET Figure 21 11 Super Swipe Execution and Tier Levels to Execute sections Tier Size This is the total number of Tiers price levels within the montage that the Super Swipe order would be sent in attempting to execute the order Note Quotes displayed within the montage on the Level 11 that have three decimal places are considered Tier Level Sell Bid ECN A Super Swipe order would send a sell order to each ECN on the Bid for their displayed Bid Size Additionally if a Tier size is greater than 1 the same order will be sent to all other ECN s within the Tier range selected Buy Ask ECN A Super Swipe order would send a buy order to each ECN on the Ask for their displayed Ask Size Additionally if a Tier size is greater than 1 the same order will be sent to all other ECN s within the Tier range select
63. the indicator section and select remove drawing objects but this will remove all trend lines in the whole chart window as well 5 6 Setting up Chart Colors and Fonts Setting up chart Colors and Fonts can be done in the following way Click on the Chart Window to activate it Right click your mouse while holding it over the active window Highlight and click on Colors The Chart Color Setup box appears See fig 5 4 Highlight and click on the Chart Property that you would like to modify Click on a color and view the result in the Preview window You may also select and modify Font Styles Font Sizes and Pen Styles Once you are satisfied with your modifications Click Ok Chart Color Setup Color Chart Color Setup hart Property Legends n i oe E Grid Scale CandleStick Down CandleStick Up ont Selection Will Bold gt Italic Aria 16 E 2003 05 16 Preview 4 28 9000 28 8000 enStyle 3 28 7000 28 6000 28 5000 28 4000 10 00 13 00 10 00 13 00 Pen Width 0 05 16 Cancel Figure 5 4 The Chart Color Setup Box 40 41 5 7 Adding Chart Overlays The Chart Overlay option allows you to overlay charts on top of each other or stack them below each other for easy comparison See fig 5 5 This can be done in the following Way Click on the Chart Window to activate it Right click your mouse while holding it over the active wi
64. the trading day Each eligible Liquidity Quote stock has two quotes First the NYSE Best Quote provides inside interest that is the NYSE best bid and offer Second the NYLQ provides increased market transparency exposing liquidity beyond the best bid and offer Functionality A firm quote dynamically updated in real time Has no minimum size and reflects the natural liquidity in a stock Institutional XPressSM IXP eligible Each eligible stock will have two firm quotes one best bid offer representing book crowd specialist and one Liquidity Quote representing book crowd specialist showing where greater size exists in the market 243 Note The NYSE Liquidity Quote is reflected into the Level II Montage and is labeled with Nylq seen in Figure 22 19 TM Long 400 General Electric Company MYSE Bl x id 3122 0 06 100 Vol 8 184 100 Open 31 05 Hi 31 22 Low 30 90 Close 31 15 Bid 31 21 U Ask 31 22 Bol 100 AVo 4200 PHS 31 21 2200 CAES Nylq 31 16 43900 Hylq 31 25 38600 Stop Erice WolT ype Price Volume Order Options fioo H 211000 zi ieat Z Bid Offer Foute E spiration Account ype Reserved mount mi n Rm Default Day PrefMMMID BU 31 22 Figure 22 19 Nylq Quote 244 22 6 Nylq Color Setup The Color of the Nylq Quote in the Montage can be changed by Activate the Level 11 window Select Setup Colors an
65. trade short term cycles Overbought Oversold Overbought Oversold Indicator indicates how far above or below a stock is above a moving average Parabolic SAR The Parabolic Time Price System is used to set trailing price stops usually referred to as the SAR stop and reversal Positive Volume Index The Positive Volume Index focuses on days where the volume increases from the previous day For long term signals use a 255 day moving average Price Oscillator The Price Oscillator displays the difference between two moving averages and generates buy signals when a short term moving average rises above a longer term moving average Price Volume Trend In which a running sum is maintained when a portion of the days volume is added if the market closes positive and a portion of the days volume is subtracted if the market closes lower How much prices rose or fall from the previous day determines the amount of volume added The interpretation of PVT is similar to that of OBV Rate of Change The Price Rate of Change indicator displays the difference between the current price and the price x time periods ago Use a 12 25 period for intermediate term trading The higher the ROC the more overbought the market is and the lower the ROC the more oversold it is It is a good idea to wait for a market turn before entering a short trade as markets can stay in overbought and oversold conditions for long periods of time Relative Performance 186
66. with all of the analytics that go along with our stocks and commodities package Chart QAVJUs amp Tick 000 2 22 00 CALL 100 File Mew Window Setup cv Tools Symbol Data Window Help 98 36 09 38 09 40 09 42 09 43 0950 088 10958 50 Note Trend Lines are now available for Tick Charts Right click on the Chart and select Trend Mode A user can then draw a trend line or multiple trend lines If Keep Draw Mode is selected then multiple trend lines can be drawn one after another Once a trend line is drawn it cannot be moved into another section of the chart window To remove a trend line right click on the line and select remove object A user can also right click in the chart window and select remove drawing objects but this will remove all trend lines in the whole chart window as well 5 13 Chart Trend Modes In Trend Mode you can select other drawing tools such as Trend Mode Fib Fans Gann Mode Channel Mode and Andrews All of these modes are used in the same way An example using the Trend Mode follows Click on the Chart Window to activate it Right click your mouse while holding it over the active window Highlight and click on Trend Mode Click on the chart where you want your trend line to originate and move the cursor left and right while holding in the left mouse button Release the left mouse button where you want th
67. you are flat and try to sell a position instead of sell short you will get a system error The error will be logged in to the Message Log Message Log 10 ini x Message S O Stop Orders Must be placed between 3 35am and 3 5 5pm EST serv Cancel Requested on Completed Order 270030516 2761 server Figure 17 1 Message Log 17 1 How to View the Message Log To view the Message Log In the upper left hand corner Left mouse click on New Window Then Select Message Log 191 19 1 19 2 I9 0 DUE Link Dynamic Data Exchange DDE Link Dynamic Data Exchange DDE is a new enhancement for Maximus Protrader and its users DDE allows information to be shared or communicated between programs For example when you change a form in your database program ora data item in a spreadsheet program they can be set up to also change these forms or items anywhere they occur in other programs you may use DDE is interprocess communication IPC that uses shared memory as a common exchange area and provides applications with a protocol or set of commands and message formats DDE uses a client server model in which the application requesting data is considered the client and the application providing data is considered the server Thousands of applications use DDE including Microsoft s Excel Word Lotus 1 2 3 AmiPro Quattro Pro and Visual Basic Creating a DDE Link using a Single Field An excel worksheet can be formulated to
68. 0 3 The Different Order Execution Conditions within Basket Trading 202 20 3 Global Price The Price column has a right click Global Price feature that can automatically load prices for the batch The following are Global Price options Bid Price Will set all prices to the current bid for each symbol within the batch Ask Price Will set all prices to the current ask for each symbol within the batch Last Price Will set all prices to the last trade for each symbol within the batch Cut Spread Will set the prices to what price is in the middle of the spread for each symbol individually The formula is Bid Ask divided by 2 Market Offset If action is a buy it will set the price to the Ask minus the amount entered into the Price Offset Box in the Batch Order Preferences Window shown in Figure 19 5 If the action is a sell it will set the price to the Bid plus the amount entered Note This feature will not work for Market orders To select this Global Price feature Activate the Batch Order Window Right Click on the Price column and select the Global Price Option Quick Tab Buttons for Batch Order Entry Quick tabs available in the Batch Order Window are short cuts to other options within batch orders or used for one touch execution Send Batch Sends out the current batch Cancel Last Batch Cancels the most recent batch sent Cover Batch Best Changes the Action of all orders to cover the current action for each
69. 0 shares Result Order is matched with the NYSE Arca Tracking Order at 50 09 Note that Tracking Orders are not displayed in the NYSE Arca Book and are listed here for explanatory reasons only Order Type Peg Best Pegged Best Orders Availability Only during the core sessions Listed Securities Only Pegged Orders are Limit Orders that move up or down depending on the change in the current NBBO Bid or Offer These are called Tracking Orders Peg best orders positions your order to the same side of the primary market NBBO buy orders set at bid price sell orders set at offer price 257 Pegged Best Example National Best Bid is on NYSE Arca at 50 05 Best Offer is 50 09 Book Bids Book Offers Away Market Bids Away Market Offers Tracking 1000 50 05 1000 50 10 300 50 04 500 50 09 700 50 04 500 50 12 2000 50 03 100 50 10 500 50 03 1500 50 15 1000 50 00 1000 50 15 3000 Pegged Best order to Buy 500 shares Result Order is posted at 50 05 If the Bid price of the NBBO moves up to 50 06 then your order will be automatically adjust up to 50 06 Note that Tracking Orders are not displayed in the NYSE Arca Book and are listed here for explanatory reasons only Order Type Reserve Orders User defines the displayed quantity while the balance of the reserve remains hidden Displayed quantity is automatically replenished from the reserve Market Participants are preferenced for the quoted size when h
70. 052 ALIM EUY Dap Limit 50 00 S00 500 16 42 52 Confirmed DEMOx DEMUT18 100118 P amp L Summary The P amp L tab within the Account Monitor window allows you two customize your view by selecting from 21 different column headers Two unique column headers are Allows user to expand and contract the view of different accounts Pullback Long Position Shows how far the bid has pulled back from the high Short Position Shows how far the ask has moved off the low 134 Account Monitor 100117 KKD 200000 1 218 000 15 898 Krispy Kreme Doughnuts NYSE 0 6 32 00 6 19 00118 ADBE 25000 1 622 750 141 094 Adobe Systems Incorporated 0 63 47 64 53 64 83 00118 AMGN 31 845 63 Amgen Inc NNM 500 63 25 63 53 63 94 00115 CFC 1 046 610 20 726 Countrywide Financial Corp NYSE 0 35 75 35 35 36 84 001158 CSCO 1 732 108 Cisco Systems Inc NNM 0 17 97 17 91 17 92 00118 GOOG 5 110 633 183 031 Google Inc NNM 0 192 99 195 35 135 48 50 00118 IBM 47 155 International Business Machine NYSE 500 93 57 94 04 94 84 00118 MAK 14 675 Merck amp Co Inc NYSE 500 29 41 28 60 29 35 00118 MSFT 12 965 Microsoft Corporation NNM 500 25 01 25 93 25 95 00118 PFE 12 610 Pfizer Inc NYSE 500 25 48 25 16 25 19 00118 Q000 0 Nasdaq 100 Trust Series NNM 700000 37 87 38 12 38 12 00118 SMH 0 Semiconductor HOLding Company De AMEX 501000 33 92 34 05 34 10 00118 56 920 70 Exxon Mobil Corporat
71. 199000 Figure 9 15 Open Positions in the Monitor Window 63 86151 25 24 56 80 23 28 34 43 25 99 19 00 201 0776 59 2663 35 3753 1 50 1 00 29 90 31 3075 63 69 25 22 56 92 29 35 34 33 25 95 17 32 135 23 64 51 36 09 0 03 0 95 25 95 34 10 1 218 000 00 15 893 97 46 00 31 845 00 52 55 52 55 12 610 00 10 00 10 00 20 460 00 20 00 20 00 14 675 00 35 00 35 00 47 155 00 50 00 50 00 12 365 00 25 00 25 00 1 32 00 108 00 5 00 110 699 00 153 030 02 F0 11 522 790 13 141 092 59 35 0 1 046 610 00 20 726 30 3 560 25 00 1 475 00 25 00 55 00 5 00 5 00 2 033 00 397 00 5 00 0 00 1 70 0 06 00 95 899 50 436 507 19 35 820 06 133 100117 100118 100118 100118 100118 100118 100118 100118 100118 100118 100118 100115 100115 100119 10133 Pending Positions The Pending Positions tab will show all current pending positions and order details status for each order Columns available are Order Number Symbol Action Type Price Shares Pending Executed Average Price Last Time Status Route Preference Trail Stop User and Account See Fig 9 16 Figure 9 16 Account Monitor Pending Section Account Monitor iB x Open Pending Paw Orders Setup PESCE CRT TEN MERCI NR T wr i n 5 4049 NTC BUY 55 Lirnit 2 00 is 42 10 DEMO DEMO 18 105 18 0215 4050 IBM BUY Dap Limit 91 00 500 500 16 42 18 Confirmed DEM 118 100118 0215 4
72. 46 11 47 11 48 11 49 11 50 11 51 11 52 11 53 Figure 5 16 TECH1 Basket Chart Example Note The TECH1 basket can also be added to the Detailed Quote Window It will be entered the same way TECH1 The Detailed Quote Window can be linked to the chart window for quick entry see Chapter 6 62 Editing a Basket The Edit Existing Basket option allows you to edit a previously created basket this can be done in the following way Click on Tools on the Menu Bar Click on Edit Existing Basket An Edit Basket box appears Click on the Basket that you would like to edit from the list your desired changes to your basket Click Ok 63 5 19 Symbol Input Box You have the ability to look up a Symbol from every page this can be done in the following way Click on Symbol on the Menu Bar Click on Lookup Symbol A Symbol Input box appears see fig 5 17 Symbol Data Winds Lookup Symbol w Linked chart Symbol Input Enter Symbol Symbol Lookup Choose Exchange U5 Default Cancel US1 US Stocks and Commodities T Figure 5 17 An example of the Symbol Input box To Look up a Symbol Click on the Symbol Lookup button in Fig 5 17 The Symbol Lookup box appears see fig 5 18 Enter the Symbol you are looking for Make sure that you have the correct Exchange chosen The default exchange is set to US stocks and commodities Click on Find Now You wil
73. 5 is entered the price will be the Inside Ask Price minus 005 See fig 21 9 Shave Execution Buy Bid Sell Ask Shave Bid Shave Ask Figure 21 9 Shave Executions Shave Bid Price The price entered for the order will be the inside Bid plus the amount entered into the blank field 220 Buy At Bid The price entered for the order will be the current inside Bid for the symbol being traded Shave Ask Price The price entered for the order will be the inside Ask less the amount entered into the blank field Sell At Ask The price entered for the order will be the current inside Ask for the symbol being traded Swipe Execution This functionality enables the User to send multiple orders at once These orders will have the same volume specified in your Volume field in the Order Entry box and can be sent to ECN s SNET or both at the same time Additionally the User may designate how many pricing Tiers that the Orders will trade through See fig 21 10 5wipe Executian Swipe Sell Bid ECH Swipe Sell Bid SHET Swipe Ask ELM Executian Tiers Swipe Buy Ask SHET Tier Size Figure 21 10 Swipe Execution and Tiers Levels to execute sections Tier Size This is the total number of Tiers price levels within the montage that the Swipe order would be sent in attempting to execute the order Note Quotes displayed within the montage on the Level 11 that have three decimal places are considered Tier Level Sell
74. 715 2001371715 20090715 20090715 20050714 20030714 2001377141 200507141 200007141 2DO3 7 141 2000307141 291711 20000711 200097711 20000711 200001711 10030711 200090711 2030711 20050710 20030710 The DDE command will populate the spreadsheet beginning at Row 2 which will be the heading row which will have text column headers Symbol Shares Entry Price Current Price etc Row 3 and up will contain the data with one value per cell ltems currently available are as follows EQPAGE Current Equity PENDING Pending Orders CLOSED Closed Positions ORDERS Open Orders DETAILS Open Order Details AGGREGATE Aggregate Position table OPTSTRIKE Strike Prices within the Option Analysis Window ACCMONOPEN Open positions in Account Monitor ACCMONPEND Pending orders in Account Monitor ACCMONPL P amp L in Account Monitor For information about what fields are in each type of spreadsheet please see the Portfolio Page in Maximus Protrader for examples of each type of spreadsheet 19 10 DDE Example Inside the trading application is an attached DDE example It contains multiple columns of data that update real time Field examples Symbol Name Last Size Bid Ask Change Open High Low Previous Close Current Volume and Time The symbols can be changed and extra rows can be added In order to open the DDE Example Click Start on your tool bar Select Programs oelect your trading application Select
75. 9400 18 25 4008 26 0000 24 0000 d 2 22 0000 20 0000 ipa E 16 0000 14 0000 12 0000 10 0000 ly 2003 57 5 14 Chart Hot Keys From this interface you may setup Hot Keys that will allow the User to change Chart Types Display Periods Price Scaling Indicator Weights Chart Periods and Navigation in the Chart Window Hot Keys can be setup to allow the user to change the following Chart Types Bar Line and Japanese Candlestick Display Periods manually control the displayed range of time create a longer or shorter range of time Price Scaling type of scaling based on price or net change Indicator Weights adjust the percentage of the chart that is taken up by the indicators Chart Periods Tick 1 min 15 min and daily Navigation navigate amongst Charts Level II windows and portfolio windows Creating Chart Hot Keys Activate the Chart by left mouse clicking on the chart Then right mouse click on the Chart Window and select Setup Hot Keys this will bring up the Hot Key Setup See fig 5 13 From the Hot Key section In the Hot Key portion of the window select the key that you would like to assign the action to Next select the checkbox that is next to that action you want to enable Click Save and then OK When the Chart Window is active the Chart Hot Keys will apply to that window 58 Hot Key Setup For Charts X Hot
76. ASE Ventana Issued New US Patent Covering 2005702716 DLP 4100 DJ VP Sells 17 000 Of DELTA amp PINE L4ND CO gt DLP Figure 12 1 The News Window Options within the News Window Multiple Symbols Using a comma between symbols when looking up news will pull articles with either symbol mentioned in the article Using a plus sign between symbols will only pull in articles with both symbols mentioned 150 Keep News Sorted Some news stories come through later than others If you keep the news window un sorted you will see some news stories out of order Keep News Sorted keeps the news sorted by first the date then the time It is sorted by the time Maximus Protrader receives it not when it is released This is particularly useful for looking up individual symbols To activate the Keep News Sorted activate the news window select Setup in the Main Menu and check Keep News Sorted Color Setup There are three different color types Basic Extended and Color Setup If you right click on the News window you will have Basic and Extended colors available Once you check one of those and then click Apply on the News window to update the color selection The third color option is Color Setup There are two ways to open this Setup window click on the crayon icon at the top of the application when the news window is activated or you can select Setup and then Colors and Fonts Once opened you can adjust the c
77. Account ype Heseree mount Short isLD Day Margin Pref4MID shot MICII L Figure 7 6 Right click in the gray area above the quote montage and select Setup Display Preferences Notice the Level I Preference Setup Below The window is divided into 6 groups Select Level II Preferences Enter MM s to Include Enter MM s to Exclude Montage Click Focus ECN MM Preferences Level 1 Quotes Level Il Order Entry Preferences NOOR WD 83 Level II Preference Setup Select Level Preferences Time and Sales v Option Root Quote w Levell Quote Symbol Input Equity with Option jw Display Montage Display Heat Index Display Col Headers jf Use Alt Book Names Comma in val fw Order En Data e Level 11 Order Entry Preferences Preview Price Volume Exclude ECNMM s Enter MMM s to Include Include ECN MM s ECM MM Preferences EzcludeISLD Exclude AACA Exzclude BRUT Exclude INCA Exzclude PRIME Exsclude MM s Show 2 Dec ECN Show 2 Dec W Size in 100 s i Region Size in 100 s v Order Size in 100 s vw Books Only Pre Mkt Iw Books Only Past Mkt Enter to Exclude Skin Style 1 Trail Amot Type 7 aj Order Options zo zw 21 r pidsOtte Haute Expiration Account Type Heserve Amount ar Short Defaut Day M
78. B B B B B B B B B 3n 25 2400 100118 15 13 47 Figure 9 7 An example of Order Summary information Column Name Description Explanation Symbol Stock symbol traded Action Whether the stock was a buy sell or sell short Shares The amount of volume traded overnight and intraday positions combined Avg Price The average price of stock traded overnight and intraday positions combined Full Name The full name of the symbol traded User The name of the user that made the trade Account This is the account number being displayed in the Portfolio Window 121 Pref Allows you to see who the trader referenced the order with By selecting Setup from the menu bar then Setup Port Win Options you can choose to combine different preferences 122 9 10 Position Minder The Position Minder reconciles your trades and allows you to view your positions as they were entered and closed It will show your open positions as well as intraday closed positions To view Position Minder information click on the Position Minder button in the Portfolio Window as shown in fig 9 8 Ee iol Camee AWT OrdeNo Sume Type ice heres Pending Evccuted Status Rote Prot isi User Cancel P Cauca P Cancel P Cauca P Cancel P Open Positions Closed Positions Orders Order Details Buying Power Frotit Loss Account Statistics Order Summary Position Minder Position Tracker Ordero Symbol Ac
79. Bid ECH Swipe Sell Bid SNET Swipe Buy Ask ELM Swipe Buy Ask SMET 5uper Swipe Exsecutian Super Swipe Sell Bid ECM Super Swipe Sell Bid SHET Super Swipe Buy Ask Super Swipe Buy Ask SHET T rade Lommander Direct ELM TE SNET ECH TE SOES TEC SNET TE Direct Buy Execution TE Sell Execution TE Short Execution TC Option ECH Executian Tiers Tier Size LIF Cancel Add gt gt Hem All Figure 21 13 Save Remove and Active Key Tabs Select Setting There are four settings for Hot Keys Global Listed OTC and Options When saving the selected default settings any of the four can be selected in the top right corner f the Hot Keys Setup Window Global Listed OTC Options When saved as Options the Hot Keys will only apply to Options When saved with Global settings the Hot Keys saved will be applied for all Level Il windows When saved as Listed the Hot Keys will apply to Listed symbols only When saved as OTC the Hot Keys will only apply to OTC securities 226 X 21 7 Creating a Hot Key To begin you will need to configure your Level Il Order Entry Window to display the desired Route Volume Order Type Trailing Stop if any Volume Type Expiration Account Type and Order Options In other words type the order details in the Order Entry Box as you would to send out the order When you designate and configure your Short Cut Key your order wil
80. Bid ECN A Swipe order would send a sell order for a specified number of shares the amount within the Volume field in your Order Entry section to all ECN s at the inside bid Additionally if a Tier size is greater than 1 the same order will be sent to all other ECN s within the Tier range selected Sell Bid SNET A Swipe order would send a sell order for a specified number of shares the amount within the Volume field in your Order Entry section to all Selectnet participants at the inside bid Additionally if a Tier size is greater than 1 the same order will be sent to all other Selectnet participants within the Tier range selected 221 Buy Ask ECN A Swipe order would send a buy order for a specified number of shares the amount within the Volume field in your Order Entry section to all ECN s at the inside offer Additionally if a Tier size is greater than 1 the same order will be sent to all other ECN s within the Tier range selected Buy Ask SNET A Swipe order would send a buy order for a specified number of shares the amount within the Volume field in your Order Entry section to all Selectnet participants at the inside offer Additionally if a Tier size is greater than 1 the same order will be sent to all other Selectnet participants within the Tier range selected Example If a user wanted to send a 1000 share buy order to every ECN on the offer and also wants the order to be sent to other ECN s within 3 Tier levels of the
81. C MAYS 20 00 PUT 100 0 0600 3 0000 0 00500 321100 0 0000 00000 0 0000 00000 0050 EMC EMC Corporation NYSE g 49 JY 94700 7100 94801 ONE 95800 96500 aam Communications NNM 0800 88000 500 6800 1X0 0790 80600 8610 80000 8020 8 Argen Inc JMNM E ma AX 61 0100 1000 0200 100 02500 505500 61 1300 501200 45D 9 DELL Del Computer Comporatean 31 1800 31 1900 10000 3 180 3 09700 3 45 31 2540 30450 10 ERICY Escsson ADR NNO m 34D 90 0490 3230 9480 91700 8990 M MSFT Microsot Corporation NNN 262300 100 262200 15200 262300 1000 0 4 259000 26 5000 25800 257400 121900 Nasdag100 hdex Tracking Stock AMEX 283900 1000 28 900 104700 25900 280400 284800 27993 13 INTC Intel Corporation 195200 19500 00 1950 3X 06500 193500 125400 191700 13 8700 11 KELYB Senes Ine Class B Ca NNM 2220 10 23 1200 1 230 1 0440 230900 232900 230900 22750 15 SUN Sun Microsystems Inc NNM 1860 300 3860 16500 380 21X0 21170 3590 38900 36000 37490 16 LM Legg Mason Inc NYSE 57 x 1820 57 E300 1800 10000 070 57 2000 57 0300 57230 55 03D 17 FLEX Flextronics international MNM 4 150 20 9 1500 EID 9170 gn 090 990 3170 37700 18 Siebel Systems hc 00 2500 340 2010 95500 9400 3400 19 4 19 5 Buying Power Profit amp Loss Fields
82. Charting Tools 17 0 Message Log How to View the Message Log IU ODE LINK Dynamic Data Exchange DDE Link Creating a DDE Link using a Single Field Statement Examples for Trades Buying Power Profit amp Loss Fields Statement Examples for Statistics Creating a DDE Link using Multiple Fields Statement Examples for Multiple Fields Creating a DDE Link for Data Tables Statement Examples for Data Tables DDE Example 20 0 Batch Orders Batch Order Entry Different Order Execution Conditions within Basket Trading Quick Tab Buttons for Batch Order Entry Movable Columns Batch Order Preferences Saving and Retrieving your Batches Batch Monitor Batch Order Template Hot Keys Short Cut Keys Hot Key Set Up Box Super Swipe Execution Trade Commander KEUS 21 5 Save Remove and Active Key Tabs 21 6 Select Setting 21 7 Creating a Hot Key 22 0 NYSE Open BOOK amp NYSE Liquidity Quote 22 1 NYSE Open Book 22 2 Setup Trade Defaults 22 3 Setup Display Preferences 22 4 Features within NYSE Open Book 22 5 NYSE Liquidity Quote 22 6 Nylq Color Setup 23 0 Allocations 23 1 Allocations 23 2 To Open the Allocations Window 23 3 Allocation Windows 23 4 Setup Defaults 23 5 Features within the Allocations Window 24 0 Routes amp Order Types 24 1 Route 24 2 Route 24 3 Route 24 4 Route 24 5 Route 24 6 Route 24 7 Route ARCA Listed OTC OTCBB ISLD Listed OTC
83. D T gt ASK Highlig OF Cancel 0 000000 Figure 11 4 The Ticker Options box To follow is a brief description of the options available in the Ticker Options box Display Preferences To display trades and their volumes in the Ticker Window select Show Trades under the Display Preferences section To display Bids and Offers and their movements select Show Bid Ask under the Display Preferences section To display Market Maker and data in the Ticker window select the Show MM ECN under the Display Preferences section To display the Highs and Lows for a stock select Show High Low under the Display Preferences section Please note that if you select this feature you will not be able to view Trades Bid Ask or MM ECNSs It is suggested that you create a separate Ticker Window for High Lows To Highlight Trades between the Bid and the Ask check the Highlight Bid T Ask box 146 147 Exclusion of Market Makers Filters High Low Filtering To exclude a Market Maker from the Ticker Window when you selected Show MM ECN under the Display Preferences select Exclude MM s by clicking on the checkbox Enter the MM or ECN s MPID to designate which ones you would like to exclude from the Ticker Window To filter Trade sizes out of the Ticker Window select Level 11 Size Changes by clicking on the checkbox Then specify the maximize share size that you want to exclude from the Ticker Window
84. Entry details and navigational functionality See fig 21 7 218 Properties M ext Level I Window Previous Level I Window Activate Portfolio Window Price Up Price Down Volume Up Volume Down Clear Lirit Price Load Position in Volume Fret Reset Defaults Activate Pending Window Activate Orders Window Activate Chart Set Focus To Volume Set Focus To Price Figure 21 7 The Order Properties choices Next Level Il Window Previous Level Il Window Clear Limit Price Activate Portfolio Window active Activate Pending Orders active Set Focus To Volume Price Up Price Down Set Price to Bid Set Price to Ask Activate Orders activated Set Focus to Price This feature will activate the next Level Il Window that is open This feature will activate the previous Level II Window that was activated Clears the Limit price in the Price box Activates the Portfolio Window if not already Activates the Pending Window if not already Makes the Volume box active in the Order Entry portion of Level Il Moves the Price up one increment at a time It will move it up according to your price increment default settings in the Trade Defaults Set Up window unless you select another value from the drop down menu Moves the Price down one increment at a time It will move it down according to your price increment default settings in the Trade Defaults oet Up window unless you select another value from the
85. Express Select Tools Select Options the options window will open 1 Preferences Mail Setup vai Format Spelling Security Other E mail Accounts Set up e mail accounts and directories Send Receive E mail Accounts Set send and receive settings Far e mail messages and documents v Send immediately when connected Send Receive Data Files h Change settings For the Files Outlook uses to store e mail messages and documents Data Files y Control how Outlook connects bo your dial up accounts Dial up Warn before switching an existing dial up connection C Always use an existing dial up connection Automatically dial during a background Send Receive v Hang up when Finished with manual Send Receive Cancel Apply Select the Mail Setup Tab Select Email Accounts Email Accounts window will open 157 158 E mail Accounts You can change the e mail accounts and directories that Outlook uses E mail C Add a new e mail account View or change existing e mail accounts Directory Add new directory or address book View or change existing directories or address books lt Back Close Select View or change existing email accounts then Next Another Email Accounts window will open E mail Accounts 2 x E mail Accounts You can select an account and change its settings or remove ik i Outlook
86. Figure 9 17 Trade Summary Window 9 19 P amp L Summary P amp L Summary will show profit and loss details for each position you have For each symbol you currently have a position in or have traded that day this window shows the symbol shares dollar value P amp L full name intraday shares previous close bid ask change cost average price unrealized P amp L change mark to market pullback traded shares for the day estimated commission theoretical close and theoretical mark to market To Open Click on New Window at the top of the application and select P amp L Summary S PRL Summary 20 480 445 440 396 61 000 1 934 920 339 010 Alcoa Inc 170 000 3 569 500 1 887 500 Apple Com 5 000 98 200 357 410 Applied Bic 125 000 5 166 250 155 750 Abbott Lab 50 000 1 038 500 b8 782 Andis Corp 1 058 1 365 31 831 Agere Syst 25 966 33 496 774 322 AGERE Sr 50 000 1 617 500 BBE 500 Argosy Gar 100 000 1 614 000 986 000 Alexion Ph 0 0 173 857 Applied Me 16A 1 R18 amp ranen Inc 2 c3 c3 c3 c c3 c3 c rugs Sh 4 575 703 AbsSh 337 525 Profit 21 103 330 Value 83 148 457 AbsValue 255 438 758 Long 174 794 112 Short 91 644 655 0 08 Figure 9 18 P amp L Summary Window 137 0 Time amp Sales Time amp Sales allows you to view Price Changes Market Maker Bid Offer changes and trade information on a trade by trade basis as it occurred during the trading day 10 1
87. For users with Multiple Account Access Trade Summary P amp L Summary 10 0 Time amp Sales Creating a New Time and Sales Window 10 2 Explanation of the Time and Sales Fields 10 3 Historic Time and Sales 10 4 Setup Show Conditions LU licker Window amp NYSE ape Reader 11 1 Creating a New Ticker 11 2 Customizing the Ticker 11 3 NYSE Tape Reader 11 4 Horizontal Ticker Window 2 0 News amp Alerts 12 1 The News Window 12 2 The Alert Window 12 3 Creating a New Alert Window 12 4 Explanation of the Alerts Fields 12 5 Alert Options 12 6 Features within the Alerts Window 12 7 Color Setup 13 0 Options Analusis 13 1 Creating a New Options Analysis Page 13 2 The Options Analysis Page Explained 13 3 Volatility Estimation 13 4 What If Analysis 13 5 Volatility Estimation Based on Historical Prices 13 6 Greeks Explained 13 7 Level Il Options Trading 13 8 Option Setup for the Option Analysis Window HU Printing 14 1 Printing to a File 14 2 Printing to Printer 19 0 Connectivity Ping amp Trace 15 1 Ping 15 2 Tracert 15 3 How to Create a Ping Tracert 16 1 16 2 16 3 16 4 17 1 19 1 19 2 19 3 19 4 19 5 19 6 19 7 19 8 19 9 19 10 20 1 20 2 20 3 20 4 20 5 20 6 20 7 20 8 21 1 21 2 21 3 21 4 IB 0 Technical Analusis Introduction for Technical Analysis An Explanation of the Indicators Brief Summary of the Technical Indicators
88. Menu see fig 21 12 You may Select and Deselect any of these options Additionally you may designate the order in which ECNs appear in the rotation by selecting the Edit ECN buttons Trade Commander Direct ECN TE SMET ECH TE SOES TE SMET MM TE Direct MM TC Buy Execution TE Sell Execution Short Execution TC Option ECM Figure 21 12 Trade Commander and Execution Style sections Please bear in mind that the Hot Keys will use the Trade Default settings that have been selected If you have not configured your Trade Default settings yet please do so Save Remove and Active Key Tabs After Hot Keys are entered you may Save Key Remove Key or see a list of Active Keys available see fig 21 13 Save Key Once a key has been assigned configuration the Save Key needs to be clicked in order for the settings for that key to be executable Remove Key If a Hot Key needs to be deleted select the key in the Hot Key Box portion and then select Remove Key The boxes checked for the key deleted will now be blank This can be double checked by selecting the next tab Active Keys Active Keys This will show a list of keys that have been activated It will also show the commands chosen for each individual key From here you can review your list and see what keys are not available 225 21 6 Hot Keys Y kep Applications Global Selected Commands FI Available Commands 5wlpe Executian Swipe Sell
89. Names The names in the book can toggle between Openbk and NYBK This can be done by right clicking in the upper gray area and selecting change book names See Fig 22 15 240 Symbol Lookup Setup Hot Keys Enable Order Confirmation Box Setup Trade Defaults Setup Display Preferences Change Book Mames Save as OpenBook Default Chart Quick Quote TimeSales News Masd TI Change Account Linked to Group Figure 22 15 Changing Book Names Link to Group Link to Group will allow the Open Book window to link to any other linked group If a symbol is entered into the Open Book it will then change the focus of the linked group to that symbol being entered To link the Open Book right click on the gray area and select Link to Group shown in figure 22 16 The window in figure 22 17 will allow a user to select which group to link the Open Book to Check the link Window Box and select the group to link See Chapter 6 for more information on linking windows 241 Open Book International Business Machine NYSE E x Symbol Lookup Setup Hot Keys Openbk 9227 17 Openbk 922 19 Enable Order Confirmation Bax Setup Trade Defaults Setup Display Preferences Change Book Mames Save as OpenBook Default Chart Quick Quote TimeSales Mews Masd II Change Account h Linked to Group Figure 22 16 Linking to a Group Link Setup x Select to Link Curent Group Wind
90. ORT 38 3 z 51 939 31 100118 SHORT Shrt Ov 30 7722 38 2522 52 001 90 3 1 16 5 H 100118 SHORT Shrt O 3877 38 2 52118 27 100118 0111 1578 SMH 0111 1345 SMH 0110 2858 0000 01 10 x Figure 9 2 An example of the Portfolio Page Columns for Closed Positions 110 Column Name Order No Symbol Action Account Shares Open Price Shares Out Close Price Profit Mark 2 Mkt Account Description Explanation This is the date and the order id number Example 0731 5151 of the closed position The stock symbol of the closed position The initial position whether it was a Long or a Short The type of position and whether it was a day trade or an overnight position Amount of shares for the entire position that was entered The opening price of that position This may be a blended opening position if there was more than one entry price The amount of shares that were closed out of an initial opening position of that stock The closing price of that position This may be a blended closing position if there was more than one entry price The Profit of that position that has been closed out whether it has been partially closed or fully closed If the position has been carried overnight then this value is the profit of the closed position relative to the closing price as of yesterday s close This feature is unique to Maximus Protrader Sum of Mark 2 Mkt column will
91. Oct 2003 00 00 00 10 651 848 30 Oct 2003 00 00 00 14 399 582 29 Oct 2003 00 00 00 19 748 436 28 Oct 2003 00 00 00 23 223 39 f Oct 2003 00 00 00 13 050 736 24 Oct 2003 00 00 00 14 892 966 23 Oct 2003 00 00 00 11 416 128 22 Oct 2003 00 00 00 12 589 791 dhA h ano Pe a Historical Window for DELL Daily Chart 71 The next example will show the 30 minute Historical information for DELL If you notice it will show a timestamp of every 30 minutes representing each bar in the chart Note Keep in mind the high low volume and other columns are the historical data for each 30 minute bar not the day x 14 Nov 2003 15 00 00 1 665 561 14 Nov 2003 14 30 00 1 f27 451 14 Nov 2003 14 00 00 1 214 544 14 Nov 2003 13 30 00 507 551 14 Nov 2003 13 00 00 35 701 35 64 35 65 518 331 14 Nov 2003 12 30 00 634 145 14 Nov 2003 12 00 00 554 300 14 Nov 2003 11 30 00 1 015 364 14 Nov 2003 11 00 00 1 343 117 14 Nov 2003 10 30 00 1 671 827 14 Nov 2003 10 00 00 2 953 930 14 Nov 2003 09 30 00 5 150 078 13 Nov 2003 15 30 00 11 321 900 13 Nov 2003 15 00 00 9 091 097 13 Nov 2003 14 30 00 2 135 399 13 Nov 2003 14 00 00 982 790 13 Nov 2003 13 30 00 55 133 a k anim 4A Sr Historical Window for 30 Minute DELL Chart To Open an Historical Window Set the chart to what kind of historical information you would like to research daily 1 minute 30 minute etc Right click on t
92. Pre Market is trading activity based on pre market open prices to help gauge pre market trends leading into the trading day as a predictor of opening prices Post Market is also trading activity that is extended trading prices during the after hours market Historically limited information sources have been available to gauge market sentiment during extended trading leading into or after regular market hours trading Resources have been pretty much limited to observation of trading activity in individual stocks or futures contracts Now with the Show Pre and Post Mkt Trades feature it s possible to get a big pre market or after hour s market picture based on actual trading data Note Pre Post Market feature uses the Last Trade to chart trades not a Bid or Ask Indicators Weight The Weight Indicator refers to the size of space the indicator takes from the Chart Window If at 100 it will take up half of the Chart window if the only one indicator is selected with the chart At 50 it will take up 25 of the window Tick Charts Tick charts can be accessed in the following way Click on the Chart Window to activate it Right click your mouse while holding it over the active window Highlight and click on Tick You can now view the tick chart in a trades format See fig 5 10 To view the Tick charts in a more in depth fashion you will need to do the following Click on the Chart Window to activate it
93. Price This price will automatically be retrieved when you make a trade and will fluctuate with the price of the stock If you are long a position the current price will reflect the current Bid If you are in a short position the current price will reflect the inside Ask If pre market it is based off yesterday s close If post market the last price in the regular session is used For options the current price is the average of the bid offer during market hours After market hours the current price is the last regular hours trade Value The value of the stock i e Shares x Current Price The Value assumes that prices are quoted in if they are quoted in cents you must divide your number of shares by a 100 or look at the price multiplier feature which follows Gain The price gain or loss since you purchased the stock i e Shares x Entry Price Shares x Current Price 109 Day Change The gain or loss for the day Day Change This is the change in a percentage since the starting position for the day This also takes into consideration the value of the security at this point in time of Portfolio This is the percentage of your portfolio this position represents Previous Close This is the previous day s closing price for the position Theo Close This is a theoretical closing price for a security Your broker dealer and or clearing firm may load a theoretical closing price for a security This is sometimes done for se
94. RD book The order only executes at the inside price working its way through the inside Orders are sent out at each price increment Example Enter a buy offer for 3000 XYZ filled at an average price of 72 order filled at 71 72 73 266 Route OTC LISTED OTCBB About ATD was founded in 1988 and currently accounts for over 396 of NASDAQ and Listed volumes ATD uses fully automated price prediction systems to smart route orders to various ECNs market markets and specialists based on order criteria price and destination Share Size Limits unlimited shares Minimum Price Increment 0 01 or OTC and Listed Availability Only during core session ATD Routing Table Hmi Market _ StopiMT StopMKT DAY x x Xx e 0 X DAY _ mkk f X Route ITS IBO IBOS ADP and MLO Options Only The five option routes on the platform ITS IBO ADP and MLO provided direct access to all 6 US option exchanges The ITS route is processed directly by the clearing firm Penson Financial where the IBO IBOS ADP and MLO routes are processed outside of Penson For routing standard option trades it is recommended that the ITS route is used as the primary default route for routing options because of their direct Penson Connection which ensure speed and stability The IBO route is also recommend for non index order options The IBOS route is the only route that supports option spread orders
95. Root Symbol Lvl Quote Theoretical Calculations C Use Implied Volatility Use Theoretical Volatility Figure 13 5 Option Setup Calculate Greeks The Greeks calculations can be turned on off by checking unchecking the box In order for the Greeks to work The Calculate Greeks Box has to be checked in the Options Setup See Chapter 13 6 Note If you do not use the Greeks they should be turned off Greek calculations consume a lot of system resources especially if Exp Month All is checked Show Calls and Puts in same Window This feature will display both Puts and Calls in the Option Analysis window for the selected symbol Link Call and Put Scrolling This feature will link the Puts and Calls together when scrolling up or down If a user scrolls up down on the Puts the Calls will scroll up down as well Remove Highlight Bar on Table When clicking on an option the option will become highlighted If this box is unchecked a user may click any where on the window and a option will not be highlighted Show Root Symbol Lvl 1 Quote At the bottom of the Option Analysis window a Level 1 row can be displayed for the current symbol entered An example is in figure 13 6 Bid 24 r4 Ask 24 75 Change 0 35 Last 24 75 Vol 45051600 Open 24 73 Close 24 40 Figure 13 6 Level 1 Quote Theoretical Calculations Use Implied Volatility 175 A theoretical value designed to represent the volatility of the security und
96. SDAQ purchased the BRUT ECN in 2005 and the INET ECN in 2006 In March 2007 the NASDAQ merged the INET ECN BRUT ECN and Supermontage into a single platform for all securities called the NASDAQ Market Center The route ISLD on the platform routes orders to the NASDAQ Market Center book Orders sent to the NASDAQ Market Center book will execute against any matching order from another NASDAQ Market Center book participant Market orders MKT not immediately matched on the NASDAQ Market Center book are routed to other pools of liquidity ECNs Market Makers etc for immediate execution The Level 2 quote for NASDAQ Market Center is displayed as both NSDQ and Island for NASDAQ and OTCBB stocks and Island for Listed Stocks About Size NASDAQ Market Center handles over half of all Nasdaq OTC orders NASDAQ Market Center is still not as liquid for listed securities and is responsible for only a small percentage of daily orders on the NYSE Minimum Price Increment 0 01 for all securities with a closing price of 1 00 and above 0 001 for securities with a closing price below 1 00 Session Hours NASDAQ Market Center currently accepts and executes orders from 7 00 AM to 8 00 PM ET Core Trading Session 9 30 a m to 4 00 p m ET 260 Market Center Book Routing Table LMT Book LMT INV Peg MKT Peg Best Order Type LMT Limit Availability All sessions core and after hours Order is posted to the NASDAQ Market Center book
97. Symbol Series Basket Charts Symbol Input Box Spread Chart Historical Prices DU Linking Quotes amp Charts Linking Charts Linking Level Il Linking News Linking Detailed Quote Windows Linking the Condensed Quote Window Linking the Portfolio Window Linking the Option Analysis Window Dragging and Dropping IU Level Creating a New Level Il Window Saving Level Il as Default 7 3 T 4 7 5 7 6 8 1 8 2 8 3 8 4 8 5 8 6 8 7 9 1 9 2 9 3 9 4 9 5 9 6 9 7 9 8 9 9 9 10 9 11 9 12 9 13 9 14 9 15 9 16 9 17 9 18 9 19 10 1 NASDAQ Level Il Fields Explained Level Il Display Preferences Right Click Options Features within the Level II Window GU Entering an Order Electronic Communication Networks ECNs amp Order Types Order Types Explained Extended Hours Trading Entering Option Orders Duplicate Orders Warning Trade Defaults Symbol Defaults GU Account Management Portfolio Page Portfolio Analysis Window Portfolio Page Basics Portfolio Page Columns Explained for Open Positions Portfolio Page Columns Explained for Closed Positions Portfolio Page Columns Explained for Orders Portfolio Page Columns Explained for Order Details Buying Power Profit Loss Order Summary Position Minder Position Tracker Exercise Options Setup Portfolio Window Options Cancel Replace Copy Table to Clipboard amp Print Export Tables Features within the Portfolio Window Account Monitor
98. The client set an explicit limit by supplying a limit price with the order If the offer moves higher than the limit then the order stays priced at the limit 5 Discretionary Orders Disc LMT The order is displayed at specified price not a discretionary price When a bid or an offer appears at or above the share quantity minimum the order will be matched in ARCA or routed to a NASDAQ Market Participant at their quoted price using SmartBook logic 6 Market On Open All Market Open orders placed before the opening bell 9 30am EST will be executed based on the opening price at or around 10 00am assuming there is sufficient Market Volume for the order 7 Market On Close All Market Close orders will be executed at or around 45 minutes after the closing bell 4 00pm EST assuming there is sufficient Market Volume for the order 8 Limit Invisible Lmt Inv Invisible orders are not displayed on the Island book they are not disseminated on the Island data feeds and they are not included in the Island quote 9 Limit Book The order only shows on the ISLD book to other subscribers If the order is priced at the inside the order will not show on the NBBO 10 Reserve Orders 94 User defines the displayed quantity while the balance of the reserve remains hidden Displayed quantity is automatically replenished from the reserve Market Participants are preferenced for the quoted size when hitting the bid or taking the offer Order
99. Type Execution Haute Order Expiration Account Type Heserve MMID Preference Option Short Option Lmt Price I Figure 21 4 The Fields to Save from Current Order Entry Box choices Number of Shares Reserve Shares Trail Stop Amount Bid Offer Option Execution Route ARCA etc etc MMID Preference Order Expiration Short Option Fill Type Order Type Saves the amount of shares shown in the volume field Saves the amount of shares shown in the reserve field This will set the trail stop to whatever amount is filled in the Trail Stop field on the Order Entry Window In the Order Options section on the Order Entry window the Bid Offer Option is available if a Limit Order is selected Once the Bid Offer Option is selected the Limit price now becomes the inside Bid Offer The inside Bid and Offer will be displayed in the Buy and Sell Keys Saves the route of execution selected ISLD INCA In the Order Options section on the Order Entry window The PrefMMID option is available Make sure this option in your Order Entry window is checked and a Market Maker is typed in the blank field The MMID Preference box in fig 21 4 will save this information when checked and saved The time at which the order will expire GTC Day Now The short option enables the ability to short with the Sell key on the Order Entry Box This is associated with the VolType box in the Order Entry window You
100. UDE ONLY a specific Market Maker or ECN enter the symbol For example to exclude Island enter Island The montage will not show the Island quotes and will show all other available quotes If only Island and Brut need to be excluded then enter both Island and Brut All other quotes will be Included If the Use Alt Book Names feature is checked the full name rather than the three letter abbreviation needs to be entered i e Island etc ENC MM Preferences Another way to EXLCUDE specific quotes from the montage and configure other features of quotes Exclude ISLD Excludes ISLD book quote not NNM quote Exclude ARCA Excludes ARCA book quote not NNM quote Exclude BRUT Excludes BRUT book quote not NNM quote Exclude Prime Excludes NASDAQ Prime feed Exclude MM s Remove the Market Maker quotes MM s Show 2 Dec Truncates the hundredths and rounds up tenth when 005 ECN Show 2 Dec Truncates the hundredths on the book rounds up tenth when 005 ECN Size in 100 s The book is rounded down to next 100 and divided by 100 Notice picture below where Island is identified The quote on the left is a result of checking ECN Size in 100 s Region Size in 100 s The Region Size is rounded down to next 100 and divided by 100 Notice picture below where Island is identified My Order Size in 100 s Your order size if reflected in the montage is rounded down to next 100 and divided by 100 Notice picture below where Island is identi
101. a P Cancel P Cauca P ancol P Open Positions Closed Positions Orders Urder Details Buying Power Frafit Lass Account Statistics Order Summary Position Minder Position Tracker OrderNc Symbo Action Type Price Shares Pendin Executed ExePrice LastTimdStetus Cancelec Route Batch Figure 9 4 an example of the Portfolio Page Columns for Order Details 113 Column Name Order No Symbol Action Type Price Shares Pending Executed ExePrice Last Time Status Cancelled Description Explanation This is the date and the order id number Example 0731 5151 of the closed position The stock symbol of the closed position The initial position whether it was a Long or a Short The type of position and whether it was a day trade or overnight position The price that is entered for execution Amount of shares of the entire position that entered The amount of shares that have not been executed within a given order that are still pending to be executed The number of shares that have been executed for this particular order The price of the execution Displays the date and time of the order or execution When sorting within the Order Detail Window the orders will sort by date then time The status of the order or execution Cancelled Filled Rejected The amount of shares that were cancelled Note You must have at least one column visible within the Order Details
102. a given stop price has been reached or passed It is a combination of a stop order and a limit order 3 Trailing Stop Orders A Trailing Stop Order is a Stop Market Order that will adjust in Stop price level due to favorable conditions You will be responsible for entering the trail amount The best way to explain this is using an example You are Long 500 DELL at 20 50 You would like to place a Sell Stop Order to limit your losses You would like that Sell Stop Order to be placed at 50 below the current market price Conversely if you would like to take advantage of a decrease in the price of DELL and have established a short position and would like to limit your losses you would place a buy trailing stop The order will be placed and executed when the market triggers the stop Trailing Limit Stop Orders Warning When placing a Stop Order incorrectly a message window will pop up and require confirmation of the order See fig 8 4 S x Buy 100 ERTS Stop Lmt 63 76 CAUTION Trigger Price Below Market Proceed with Order Figure 8 4 Example of Stop Order Warning 4 Peg Orders Peg Mkt This pegs the order to the opposite side of the primary market and the order price moves as the market moves The order is priced to buy on the offer and sell on the bid Example You want to buy 1000 shares of MSFT If you want to peg your order to the best offer you will enter a Peg Market order to track the Offer Island ECN will
103. age Link Save as Order Entry Default Save as Level Default Chart Quick Quote TimeSales News TI Change Account b Linked to Group Stop Price WolT ype volume Order Options ipo f l air Bid Oifer Price Route Expiration Account Reservedmount Short 510 Day Margin a Pref MID Short eed Me Figure 7 2 80 7 3 NASDAQ Level Il Fields Explained The title bar will display open positions the name of the symbol selected and the exchange where the symbol is traded In fig 7 3 below the open position is Long 1 500 shares the symbol is Dell Computer Corporation and the exchange where Dell is traded NNM The exchanges will change with the symbol selected Some exchanges are NNM AMEX NYSE etc 11 Long 1500 Dell Computer Corporation B x Figure 7 3 Level Il Title Bar Column Headers Listed Below MMID his field indicates the Market Maker or Market Participant of the firm that posted a Bid Ask Bid This field indicates the price the Market Maker is willing to pay for the security Ask This field indicates the price the Market Maker is willing to sell the security for Size This field indicates the size or number of lots 1 lot 100 shares Note NASDAQ Market Maker Bid Ask is usually posted in hundreds Price Size Actual transactions reporting both price traded and number of shares Clicking on Setup in the Menu
104. am is limited to the real time versions The server will send a list of available expiration months that can be selected from the expiration drop down box Movable Columns The Option Analysis Page has columns that are movable Simply left mouse click and hold on the column you would like to move Then Drag the column to the location where you want the column moved to and release the left mouse button Columns There are over 20 columns within the Option Analysis Window that can be added or deleted In order to add or delete a column the Option Analysis window has to be active Select View from the Main Menu Bar and check uncheck the available columns Some columns available are Strike Last Bid Size Greeks etc Save As Default Users may now customize their Options Analysis Window further by specifying the colors of the Exchanges and other properties As well Users may choose to display their window with a color gradient Users now have the ability to save their Options Analysis Window default so that subsequent Option Windows will be created in the format they set up This will enable the User to create and save new layouts very quickly To save a default for your Options Window First use your Color Setup and Setup Preferences to customize your Options Window Then right mouse click on the gray area of your Options Window which will bring up your Selection Menu From the menu select Save as Option Default Subsequent O
105. an improved view of the market using our charting package Charts will dynamically smooth out erroneous data received from the marketplace Users now have the ability to save their Chart Window default so that subsequent Chart Windows will be generated in the format they have created This enables the User to create and save new layouts To Setup Chart Smoothing 59 n top left hand corner of the application Select File and then Exit The save layout See fig 5 14 box will appear and in the Restart Options field check the box Restart With Chart Smoothing then click Yes When you reopen Maximus Protrader Chart Smoothing will be enabled Save Layout X Save Current Layout Yes No Cancel Restart Options Remove Blue Buttons at the top when Restarting Restart With Free Floating Windows Restart With Main Window Maximized Figure 5 14 Save Layout Box with Restart With Chart Smoothing selected 5 17 Chart Symbol Series A Chart Symbol Series is a series of charts that can easily be viewed by the Chart Next and Chart Previous features as described in the Icon Bar section Section 2 2 You can access Chart Symbol Series in the following way Click on the Chart Window to activate it Click on Data in the Menu Bar Click on Chart Symbol Series The Data Group Selection box will appear with a list of names you might recognize these names from names given to your Portfolio pages Detailed Quote pages and Scan
106. ance levels TRIX Trix is an advance decline stock market indicator A reading of less than 1 0 indicates bullish demand while greater than 1 0 is bearish The index is often smoothed with a simple moving average Volume Amount of security traded multiplied by 1000 Volume Adjusted Volume Adjusted checks for unusual high volume figures and remove them All stocks with a volume 4 higher than the 50 day moving average of the Volume will be removed Volume Oscillator The Volume Oscillator displays the difference between two moving averages of a securities volume Volume Rate of Change The Volume ROC shows the speed at which volume is changing Williams Overbought and oversold indicator that is used to determine market entry and exit points Readings in the Range of 80 100 indicate overbought conditions while readings in the range of 0 20 indicate oversold conditions Look for R to reach a trough or peak and to turn a couple of days before the price turns Zig Zag The Zig Zag filters out changes in an underlying plot that are less than a specific amount For example a 5 Zig Zag will only change direction after a 5 move up or down from the previous turn Gann Angles A Technique using geometric angles in conjunction with time and price believed that the ideal balance between time and price exists when prices rise or fall at a 45 degree angle relative to the time axis This is also called a 1 x 1 angle Fibonacci Mathemat
107. and re opened to show the batch that was just uploaded Click on the drop down menu in the top right corner of the Batch Order Entry window and the named batch should be shown in the selection 211 KEUS 21 1 Hot Keys Short Cut Keys Hot Keys are selected keys on the keyboard that may be used to enter a number of different actions buy sell the route of execution etc into the Order Entry section of the trading platform This allows order entry details to be entered very quickly just by the touch of a Hot Key instead of entering the information into different sections individually The purpose it provides speed and accuracy of order entry If you consistently Buy Sell and average of 1000 shares in an individual order and use INCA to route your order you could setup two Hot Keys The first Hot Key F1 for example could be set up to display Buy 1000 shares using INCA If the Level Il screen is active and F1 is pressed the order entry box would default automatically to Buy 1000 shares with INCA A second Hot Key Control Shift A for example could be set up to Sell 1000 shares on BRUT Keep in mind that the symbol shown in the Level Ill screen is the symbol in which the Hot Key action will take place If DELL is shown in the Level ll screen DELL is the security that would be traded 212 21 2 Hot Key Set Up Box To bring up the Hot Key interface see fig 21 1 do the following Right click on
108. anging Allocations There are other ways to change the allocations besides just changing the percentages in the oetup Defaults In the box below one can change the numbers or types manually The specific amount of shares particular price or commission type can be changed Notice if a particular price is typed in the New Average Price will change Account Name VUE m Coms Comms Ryan Normal Mormal 3 Ken 250 av Normal Mormal 2 Devin 250 av Normal Mormal 4 Chris 250 avg Normal Mormal Account Name NES Type Comms Ryan Marmal Marmal d Ken 250 avg Mormal Mormal Devin 250 avg Normal Mormal 4 Chris 250 avg horma 0 00000 Account Shares m coms v Comms Chris Mormal Mormal 2 Devin 250 avg Mormal Normal 3 ken 250 awg Mormal Normal 4 chris 4 250 avi Mormal Normal Ryan 1 Devin 27 Ken 3 Chris 4 Unallocated Only The Unallocated Only box will show only accounts that are not allocated This makes it a lot easier to see what accounts haven t been allocated completely To activate check the box and click Refresh v Unallocated Only Allocate All Defaults The Allocate All Defaults tab will allocate all the orders for an individual account to the default settings made in the Setup Default If the Setup Default is set for 50 to go to Account 1 and 50 to go to Account 2 and the Allocate All Default button is clicked all the trades within that
109. appear see fig 5 1 Set your desired Period of Time Price Scaling and Change Customize Click Ok Chart Scaling enod Scaling Indicators C Daily Linear Weight C Weekly Log Monthly C X Change Guaterly Intraday 1 Change Customize W Show Pre and Post Mkt Trades Scale Charts Around a specific date Show Trades Tick Chart 5 5 2003 Date to Scale Charts Around Bid Ask Tick Chart Time and Sales Tick Chart 3 30 DU Time to 5cale Charts Around ee Cancel Figure 5 1 The Chart Scaling box 5 2 Replacing a Chart Symbol There are various ways of replacing a chart symbol 1 The quickest way to change a chart symbol is to activate the chart window and type the symbol hit the Enter button 2 With the Chart window active hit the Space Bar and the Symbol Selection box will appear 3 Click the Replace Current Chart button on the Icon Bar 37 5 3 5 4 9 9 4 Highlight a chart and click the right mouse button and choose the Replace Chart option Refer to the symbol lookup section for more information on selecting a symbol The Icon Bar Hefer to section 2 2 Right Mouse Click Menu To activate the right mouse click menu do the following Make the window active by left clicking on it Position the mouse over the active window Right click A Menu box will appear Highlight and choose an option Adding an Indicator An Indicator can be ad
110. argin 1 EY E Pret MMID Figure 7 7 Level 11 Preferences Setup Select Level Il Preferences Time and Sales Order Entry Extended Option Data Option Root Quote Level 1 Quote Symbol Input Equity With Option Display Montage Display Heat Index Display Col Headers Attach or detach the Time and Sales from the LII Add Remove order entry buttons and options at the bottom of the LII Show quote of equity plus add rows for options quote Add Remove the quote from underlying equity for options display Add Remove Level 1 information Allows you to put in a Symbol Input Field without having a Level 1 Quote Replaces Options LVL 1 data with underlying Equity L VL 1 data Add Remove Montage Shows colors for each level Add Remove the Column Headers BID ASK MMID SIZE 84 Use Alt Book Names The ability to change the way a book quote is labeled Alternative names for books Instinet INB Island ISB Archip ARB Comma in Vol Commas for volume in Detailed Quote Window Level Il and Aggregate Table Enter MM s to Include To INCLUDE ONLY a specific Market Maker or ECN enter the symbol For example to include Island enter Island The montage will show only the Island quotes All other quotes will be excluded If the Use Alt Book Names feature is checked the full name rather than the three letter abbreviation needs to be entered i e Island etc Enter MM s to Exclude To EXCL
111. assign Global hotkeys In the screenshot below you can see the Hot Button area is active once you select a Button from the drop down menu 215 Hot Keys x Buttons 5 kep Applications Global Available Commands S elected Commands Super Swipe Buy Ask SNET a Trade Commander hd ulti Hatkeu TE Direct ECH TE SMET ECH TE SOES TC SMET TE Dirent hM IMS HotButton Multi HotKey Setup Button 5 q X ies TEC Ctrl Execu NL Ctrl Alt _ 5et Pri a Ctr Shift Set Remove Hot Bi nes Lance Bum 5 hift Bum Cancel ok Active Setting up a Multi HotKey Hot Button Execution The execution box is where the type of execution is made It can be a Buy Sell or a Sell Short execution Assign the action by selecting one of the boxes See fig 21 3 Available Commands Esxecutinn Buy Execution Sell Executor Short Execution Figure 21 3 Execution Section Fields to Save From Current Order Entry Box 216 This section enables the user to configure the Level Il Order Entry Window in the exact format that they want the order to be entered Whatever boxes are checked will show the amount or selections in the Order Entry window configuration set before the HotKey Setup Box is opened See fig 21 4 Entry Fields Humber of Shares Order Trail Stop Amount Fill
112. ast PLINTRAOPEN Cell C9 in Figure 2 below contains this statement Again it allows the spreadsheet to pull and paste the profit loss on current day DDE will continuously update this information on a real time basis also 194 11 PLTOTALCLOSE 12 PLTOTALOPEN 13 BPSHORTSTOCKS M PLTODAY 15 MMTOTALPL 1G MMCLOSED 17 MMOPEN 19 6 Creating a DDE Link using Multiple Fields Another popular DDE approach uses a slightly different formula but allows you to populate several adjoining cells with one command Notice that the syntax is very similar to the previous approach with the following differences 1 The symbol and field names are ALL enclosed within single quotes 2 The symbol name ALWAYS comes first 3 The field names ALWAYS follow the symbol and may be in any order and MUST be separated by a comma 4 Upto 4 field names may be specified Future versions may allow may more than 4 fields 5 When in doubt ALWAYS use uppercase The fields that are available in this approach are LAST REGCLOSE LASTSIZE BID BIDSIZE ASK The most recent trade of a security Updates continuously the last regular trade during market hours and will show the intraday close after market hours The number of shares bonds or contracts traded in the most recent trade The highest price any buyer is willing to pay for a given security at a given time also called bid price Quoted bid is a maximum pri
113. at the specified price NASDAQ Market Center s top orders are represented in the NBBO as NSDQ and Island for NASDAQ and OTCBB stocks and Island for Listed stocks Order Type MKT Market Availability Only during core session e Market orders are matched with the NASDAQ Market Center Book if there is an order s at the inside e f Market Center Book is not at the inside the order is routed using Market Center Book s SmartBook sweep logic e Any residual volume will not be routed to the next price level until all quotes at the current best bid offer are exhausted Order Type Stop LMT Stop Limit Availability Only during core session A stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price See LMT order The transaction must occur between at or between the bid and offer for the order to be triggered Order Type LMT INV Limit Invisible Availability All sessions core and after hours Invisible orders are not displayed on the NASDAQ Market Center book they are not disseminated on the NASDAQ Market Center data feeds and they are not included in the Level Il quote Order Type PEG MKT Peg Market Availability All sessions core and after hours Peg market orders positions your order to the opposite side of the primary market NBBO buy order wi
114. ay Open and Previous Open Total Closed Profit Loss for all Positions overnight and intraday that have been closed intraday The Sum of Intraday Closed and Previous Closed Total Profit Loss the sum of Total Open and Total Closed Note Options prices are based on the average of the current bid ask 119 Mark to the Market Mark to the Market is a daily calculation of debit or credit margins resulting from price fluctuations of the underlying asset It compares the equity and overnight positions closed for the day to the previous day s close Starting Equity Shows your starting equity Marked to the Market Current Equity Shows your current equity Marked to the Market Closed Positions Profit Loss for all closed positions based on the Previous Days Close as the entry price Used to see if a traders positions were up or down for the day Open Positions Profit Loss for all open positions based on the Previous Days Close as the entry price Used to see if trader s positions were up or down for the day Total P L Total Profit Loss for Open and closed positions with the entry Price using the Previous Days Close Est Comm An estimate of your commissions for the day You can establish an estimated commission per share in Setup Port Win Options Est Total An estimate of your total daily Profit Loss This is equal to your Total P L minus your Estimated Commission 120 9 9 Order Summary Provides the total number
115. bar Select Chart Window click Ok Select the Symbol of the future or stock that you are analyzing click Ok Click on Setup in the Menu bar Click on Indicators then Add Indicator Click on Historic Volatility in the Indicators List Click Ok Lhart DELL 1 Min Dell Computer Corporation 2001 10 23 16 55 00 Historic Volatility 12 00 12 30 13 00 13 30 14 00 14 30 Figure 13 3 An example of Historic Volatility 15 00 15 30 16 00 16 30 24 8000 fd EG 24 5000 24 4000 24 3000 24 2000 24 1000 171 13 6 Greeks Explained For the general investor and retail options trader Knowing the delta of your options position gives you an indication of how your option s value will change with movements in the underlying stock price all other variables remaining the same Knowing your time decay theta gives you an indication of how much time value your option position is losing each day all other variables remaining the same Other measures are explained below The professional market uses the Greeks to measure exactly how much they need to hedge their portfolio The Greeks also enable the measurement of how much risk the portfolio is exposed to and where that risk lies with movements in interest rates or volatility for example Theoretical Value The theoretical value of an option is the fair value of an option based on the following parameters the volatility
116. be entered i e Island Instinet etc ENC MM Preferences Another way to EXLCUDE specific quotes from the montage and configure other features of quotes Exclude ISLD Exclude ARCA Exclude REDI Exclude INCA Exclude MM s MM s Show 2 Dec tenth when 005 ECN Show 2 Dec up tenth ECN Size in 100 s Region Size in 100 s My Order Size in 100 s Books Only Pre Mkt Books Only Post Mkt Montage Click Focus Not available for Open Book Not available for Open Book Not available for Open Book Not available for Open Book Not available for Open Book Truncates the hundredths and rounds up Truncates the hundredths on the book rounds when gt 005 The book is rounded down to next 100 and divided by 10 Notice picture below where Island is identified The quote on the left is a result of checking ECN Size in 100 s The Region Size is rounded down to next 100 and divided by 10 Notice picture below where Island is identified Your order size if reflected in the montage is rounded down to next 100 and divided by 10 Notice picture below where Island is identified When checked the montage will only display book quotes in the pre market The other non active participants will disappear until the open market hours When checked the montage will only display book quotes in the post market The other non active participants will disappear until the open market hours This function all
117. ble HiLite Market Maker HiLite Market Maker Off and Delete Market Maker Clicking HiLite Market Maker will highlight the market maker and their quote in the montage Clicking HiLite Market Maker Off will turn off the HiLite Market Maker feature Clicking Delete Market Maker will delete the Market Maker from the montage 87 Note These features will not work when the Symbol Option in the Montage Click Focus section is selected Also when the Table option is selected you have to click in the Symbol Entry Box at the top of the Level 11 window in order to change the symbol Level Il Quotes Primary Quote Only is a function for Listed Stocks only It allows you to remove all quotes in the montage except for the NYS Level Il Order Entry Preferences There are eight different styles of the Order Entry section in the Level Il window to pick from Each style enables the trader to enter orders differently and vary accordingly to the options available within the window To preview each style click on the Drop Down Menu and select Skin Style 1 Skin Style 2 etc See figure 7 9 Level Il Order Entry Preferences Preview Skin 5tyle 1 Price Trail emou Vol T T NN In E M Skin Style 4 Haute E spiration Account Type Reserve Om Skin Style 5 ing okin Style 6 _ us Main Skin Style 7 Sell 101 3000 J Short Skin Style 8 Figure 7 9 Skins Section
118. bol Defaults Box To Open Create Symbol Defaults Click on Symbol on the Main Menu Bar Select Symbol Defaults in the symbol in which set defaults in the default amounts Route and Order Type in the open fields for the symbol to be added Click the Add Update button and then click OK 107 GU Account Management Portfolio Page 9 1 Portfolio Analysis Window The Portfolio Analysis Window helps you manage your accounts giving you a total overview of your trading All account information and positions are updated in real time There are ten different windows within the Portfolio Window each allowing you to view critical trade and portfolio information The following sections are available Open Positions Closed Positions Orders Order Details Buying Power Profit Loss Account Statistics Order Summary Position Minder and Position Tracker Additionally there are many features available within the Portfolio Window such as canceling an order by double clicking on a pending order in the Open Positions or Orders sections The Portfolio Analysis window shown in fig 9 1 can be accessed in the following way Click on the Portfolio button in the blue Hot Keys menu If you have a trading account attached to your login then your Portfolio Window will automatically pop up and cannot be closed It can only be minimized 9 2 Portfolio Page Basics The functions of the icons on the Icon Bar are explained
119. bol Side Price Cost Shares A Allocated ta ies DEMOL 10073 CSCO Short 23 9000 47799 9992 2000 D DEMO1 10073 DELL Buy 32 7400 65480 0034 2000 2000 1 10075 F Short 14 2900 21434 9999 1500 0 DEMOT 10073 Short 30 4600 45609 9956 1500 0 DEMOT 10075 IBI Bu 93 0400 33040 0009 1000 0 DEMOT 100735 MO Bury ad dee 10 7854 4194 2000 1 10073 MSFT Short ef O1 74 40526 1406 1500 DEMOT 10075 1 Bury 19 9300 20395 0005 1500 Setup Defaults Trade Information Symbol INTC Total Shares 1000 Average Price 23 8800 Cost 29573 9992 Assignment Allocated 1000 Available 0 New Avg Price 23 8800 e v Unallocated Only Refresh Close Window Allocations Setup window By clicking on an account in the Accounts Section on the left will open up all of the current positions for that account the window on the upper right This window will display each position by symbol for that account 247 DEMO 1 10073 CSCO Short 23 9000 47799 9992 000 DEMO 1 10073 DELL Buy 32 400 65450 0034 2000 2000 DEMO 10073 r Short 14 2900 21434 9999 1500 0 DEMO 10073 Short 30 4600 45589 9986 1500 0 10073 TEM Buy 23 04010 33040 0009 1000 0 DEMO 10073 INTE Buy 29 0000 29079 9992 1000 0 DEMO 10073 mo Buy ag dz rz 1t 7 854 4194 2000 0 DEMO 10073 MSFT Short 27 14 40526 1406 1500 0 1 10073 T Buy 16 9300 40395 0005 1500 0 Clicking on of the rows will then bring
120. can select AON or Part depending on the route selected The type of order needs to be selected before this box is checked Once checked it will read the type of order selected in the Order Entry Window 217 Account Type The type of account that will be used margin or cash Price The price at which the trade will be executed Cancel Options There are many actions that can be assigned to the Cancel Button labeled in the Order Entry Window The button can be assigned actions listed below See fig 21 5 Cancel Last Order This Lvl Il Cancels only the last order placed for the selected Level Il Cancel All Same Symbol Cancels all orders for the selected symbol Cancel All Cancels all open orders Cancel All Buys Cancels all buy orders open Cancel All Sells Cancels all sell orders open Lancel Uptions P Cancel Last Order This Lill Cancel All Same Symbol Cancel All Cancel All Buys Cancel All SellsShorts i Figure 21 5 Cancel Options Section Positions The positions section allows the user select the Dump All option This option will dump all open positions at the market closing out the positions See fig 21 6 You can also request a confirmation box appear if you are using the Dump All Hotkey This box becomes active once you check Dump All Pasitianz Dump All Figure 21 6 Positions Section Order Properties This section of the interface allows you to designate Order
121. cation of where tomorrows close might be Linear regression lines are often drawn as channels with the bottom channel providing support and the top channel providing resistance MACD Moving Average Convergence Divergence This is the crossing of two exponentially smoothed moving averages that are plotted above and below a zero line The crossover movement through the zero line and divergence s generate buy and sell signals MACD can also be used to indicate overbought and oversold conditions When the shorter average pulls away from the longer average an overbought or oversold condition occurs Momentum This displays the rate of change of a securities price as a ratio You can use momentum as a trend following indicator buying when it bottoms and turns up and sell when the indicator peaks and turns down If momentum reaches an extreme high or low you should see it as a continuation of the current trend Moving Average Moving averages are one of the oldest and most popular technical analysis tools A Moving Average is an indicator that shows the average value of a security s price over a period of time When calculating a moving average a mathematical analysis of the security s average value over a predetermined time period is made As the securities price changes its average price moves up or down There are five popular types of moving averages simple also referred to as arithmetic exponential triangular variable and weighted A m
122. ce that a market maker will pay for a security The number of shares that are being offered for purchase at the bid price The lowest price that any investor or dealer has declared that he she will sell a given security or commodity for For over the counter stocks the Ask is the best quoted price at which a Market Maker is willing to sell a stock Also called asked price asking price or offering price 195 ASKSIZE OPEN High Low Prev Vol The number of shares that are being offered for sale at the ask price The first price of a given security or commodity in a trading session The highest price that was paid for a security during a certain time period The lowest price a security or commodity reached ina certain period of time usually a single trading session here also called daily low Opposite of high The price of the last transaction for a given security at the end of the previous trading session Also called previous close The number of shares bonds or contracts traded during a given period for a security or an entire exchange Also called trading volume Note Future versions may contain additional fields that are not documented here 196 19 7 Statement Examples for Multiple Fields BID ASK LAST MSFT 35 27 37 27 35 HIGH LOW DELL 33 79 24 06 To use this feature in Excel 1 Highlight a number of cells in a row going across based on how many values you are going to be
123. ck in the Link Window box to activate the link Select a Group to link to or create one Linking the Portfolio Window Your Portfolio Windows can be linked to a group as well When you click on a symbol from your portfolio list the linked windows will change as well You can link the Portfolio Window in the following way Right click on the Portfolio Window Click on Linked Setup The Link Setup box appears Click in the Link Window box to activate the link Select a Group to link to or create one 75 6 7 6 8 Linking the Option Analysis Window Your Option Analysis Window can be linked to a group as well When you enter a symbol into the Option Analysis Window the linked windows will change to this symbol as well Within the Option Analysis Window there are two ways to link the window to a group Link Options to Group and Link Symbol to Group See Fig 6 2 Option Analysis Window Calls iB x Symbol Esp All Theoreticals DELL 20030621 Price Static Interest Rate 23 853 n 28 Calls Radix Exp Date Volatality Puts E Symbol Lookup Setup Option e Symbol Strike Last DLYHDH 2000 i DLORX 22 50 oles Quote DLOREH TimeSales MET Hews DLOAF Masd II DLORZH DLQAGH Link Options to Group DUOBH Save as Option Default Link Symbol to Group Figure 6 2 Option Analysis Window Link Symbol to Group This feat
124. cker are windows that display Level Il and Trade information on a dynamic basis showing movement within the market for an individual position index or portfolio You may input custom lists into the ticker for display load an existing quote page or populate the Ticker Window with your portfolio 11 1 Creating a New Ticker You may open a Ticker Window in the following way Click on New Window at the top of the application Click on Ticker A Create New Ticket Window will open see fig 11 1 You may now create your own Custom List or open an existing Ticker create your own ticker window give it a name Click on Ok once you have made your decision A blank Ticker window will appear Right Click on the ticker window and choose Edit Data from the menu You will then enter a Ticker Setup interface see fig 11 2 which will give you the option to show your portfolio show a pre existing quote page or enter your own customized list of stocks Open Positions to load your current Positions select the Open Positions radio button and your portfolio will be populated in the Selected Symbols column Click on OK Custom List to load a Custom List select the Custom List radio button and enter your desired stock symbols in the Input Symbol space and press the Enter Key after each symbol Click on Ok once you have completed your list select Detailed Quote Window to load a pre existing quote window select the file
125. column and enter your desired symbol You can modify the Alert Window options by clicking on the arrow next to the desired field You may turn on off to enable disable by clicking on the desired command This procedure may be repeated for each individual feature within the Alert Window 152 12 4 An Explanation of the Alerts Fields Field Name Alert Status Symbols Last Price Last gt Last lt Volume gt New High New Low News Email Email to Result Formula Volume Description Explanation In this field you may turn on off the alert for the security instrument you have entered in the symbol field In this field you may enter the desired symbol instrument that you want to be alerted for This field indicates the most current trade price In this field you may enter a price in which you want to be notified once the security instrument has exceeded For example a stock is now trading at 85 you may want to sell if the stock goes to 86 if you enter 86 in this field you will be audibly and visually notified once the security instrument has reached the price In this field you may enter a price in which you want to be notified once the security instrument has declined For example a stock is now trading at 85 you may want to buy sell if the stock falls to 82 if you enter 82 in this field you will be audibly and visually notified once the security instrument has reached the price In t
126. ct another key from the second drop down box on the right These combined keys are now your hot key Buttons You can also create a Hoy Key using Buttons Select a number from the drop down menu next to Buttons To name the Buttons click on Button Label just beneath Button Commands and type in a name for the button next to Button Label at the bottom of the hot key box Now select Save Value To see the Button you created click the double arrows at the bottom of your level 1 Note the placement of the cursor in the picture below to see Buttons 214 Yahoo Inc NNM E x hir 3466 0 68 2 00 100 vol 5729299 Open 33 81 Hi 34 74 Low 33 75 Close 33 98 Bid 34 650 Ask 34 66 Bol 3500 Avol 100 PSE E 34 641 100 Price Volume Stop Price Voll ype Fs or I Aron Route Expiration Account ype Reserved mount Short isLD Day Margin PrefMMID EEE EC iR P test An example of a Button in the Level Il Hot Button You can assign multiple hotkeys no more than 10 to a single hot button To do this set up a button and then choose Multi HotKey which is located underneath the Hot Button section You can now select the HotKey Setup box and choose the hotkeys you want to attach to the hot button No other hotkey options can be set for that hot button when the Multi HotKey is chosen If by chance they get set they won t be executed Only the hotkeys assigned to the button will work You can only
127. ct the type of Account to be traded and then click OK Click Reset button on order entry section of Level Il Montage Selection Order Type Default 103 NDirect When trading Listed Stocks and the box is checked for NDirect the Order Type will default to NDirect if available for that security See fig 8 13 No Change if Lmt Type This will not change the order type to a LMT order if the order is already selected as another form of a limit order i e Stop Lmt etc See fig 8 13 Montage Selection Order Type Default NDirect if avail No Change if Lmt Type Figure 8 13 Montage Selection Order Type Defaults Box Dup Warning When submitting multiple orders in succession the trading application may query you to affirm that the order that you are submitting is not a duplicate order You may select to turn off this feature by selecting the checkbox see fig 8 14 on the Trade Default Window Dup Warning On Figure 8 14 Dup Warning Box Price Change The Price Change section defaults for the Level II window can be set in either Fractional or Decimal Increments through this interface See fig 8 15 Price fi rd Fraction Increments 0 000 01 Decimal Increments M Limit Range Warning LE 2 000000 ee fi IEEE Trail Stop Increments Figure 8 15 Price Change Box Additionally the Trailing Stop Increments Discretionary Default and Limit Range Warning can be set
128. curities that did not trade the previous day and therefore have no previous closing price or securities which we do not receive a feed for and can not price The purpose of entering a theoretical close is to provide a better estimate of your P amp L Theo Day This is the theoretical change in the position s value for the day It is used in conjunction with the theoretical close 9 4 Portfolio Page Columns Explained for Closed Positions To view Closed Positions information click on the Closed Positions button in the Portfolio Window as shown in fig 9 2 Portfolio Window 100118 acra GIS NT NV TONG UIT CN D c RN S Cancel Cancel M Cancel 1 Cancel Order Summary Position Minder Position Tracker Open Positions Closed Positions Orders Order Details Buying Power Profit Lass Account Statistics Se See ee ee 21 3 SHORT ani 37 1288 IB 2583 1295582 100118 0121 ME SMH SHORT 30 3113 34 405 056 81 mer 100118 0112 1945 DOO SHORT Shrt 0 v 29 0 E 33 20 729 59 33 523 80 100118 0112 1657 GOOG SHORT Shrt O 36 276 E a E 95 39 494 05 100118 0111 2044 SMH SHORT ShrEDv 30 8147 34 3875 IB 290 66 47 758 100118 0111 1595 SMH HORT 31 1455 34 3857 5 38 A 100118 SHORT ShrEDv 31 0815 34 366 328 5 E 44 694 18 100118 SHORT Stit U 30 91 d 24 2992 343 625 69 43 52 29 1 100119 SHORT Shr 0v 39 2545 7341 38 534 0 100118 H
129. cycles and help you identify major turning points in long term cycles DMI Difference Directional Movement indicator involves comparing the 14 day DI Directional Indicator and the 14 day DI Directional Movement Compare the 14 day DMI and DMI Wilder suggest buying when DMI rises above DMI and selling when DMI falls below DMI Wilder qualifies these rules with the extreme point rule For example if DMI falls below DMI you should wait for the price of the security to drop below the price of the Low reached on the day of the crossover So DMI falls below DMI and the low for the day is 105 and the market closes at 107 You wait for prices to drop below 105 before selling Historic Volatility Historic volatility is a measure of how volatile a stock has been Since stocks regress to a mean volatility it can be expected that stocks will return to their mean volatility after periods of high and low volatility Volatility also plays a big role in determining the fair value of options The historic volatility that Maximus Protrader calculates is the same volatility used in option analysis packages Linear Regression Lines A linear regression line uses the least square method to plot a straight line through prices so as to minimize the distance between the prices In an upward sloping regression line one can expect tomorrow s prices to be relatively close to today s prices Extending the line forward one day gives you an indi
130. d Fonts at the top of the application The Setup Quote Table Defaults window will open see Fig 22 20 Highlight NYSE Liquidity Quote and change the color settings Click OK Setup Quote Table Defaults E X elect Table Property Safer FONNO Position Button Heserved Hy Order Bid Up Tick Foreground Only Bid Down Tick Foreground Only Change Foreground Only Change Foreground Only Last Up Foreground Only NYSE Liquidity Quote Buy To Cover Button El OF Cancel W Bold Font Italics Font Figure 22 20 Setup Quote Table Defaults 245 23 0 Allocations 23 1 Allocations The Allocations feature allows one to trade out of a primary account or many different accounts At the end of day a trader can now allocate groups or individual trades to other individual accounts Note f Allocations are not available contact your Broker Dealer and request for entitlement Depending on clearing arrangements one can use Real and Notional accounts based on trading 23 2 To Open the Allocations Window Activate the Portfolio Window Go to Setup on the Main Menu Bar and select Allocations The Allocations window will open If in Free Floating Windows right click on the Portfolio Window and select Show Hide Menu then select Setup gt Allocations 246 23 3 Allocation Windows Allocation DEMO1 10073 E Allocate ALL defaults is Domain Account Sym
131. d Offer Buttons You have the ability to have your buy and sell buttons follow a particular MMID s quote The prices next to Buy and or Sell will adjust to whatever size the selected market maker is showing See Fig 22 12 Bid Offer Buttons Follow Market Maker Bid Ask Prices Figure 22 12 Bid Offer Buttons Box To Create Check the box Follow Market Maker Bid Ask Prices Type in the MMID you would like to follow in the Blank Field Click OK Click the Reset button on the Level II Order Entry Section the prices should then adjust to the selected market maker Select Setting There are two settings for Trade Defaults Global and Local When saving the selected default settings either Global or Local will be selected in the bottom right corner of the Trade Defaults Window An example display of this Setting can be seen in Fig 22 2 Global When saved with Global settings the trade defaults saved will be for all Level II windows open Local When saved as Local the trade defaults will only be saved for that particular Level 11 window 22 3 Setup Display Preferences The Open Book Window can be configured by including or excluding information 236 Symbol Lookup Setup Hot keys Openbk 9227 Openbk 922 Enable Order Confirmation Box Setup Trade Defaults h cetur Display Preferences Change Book Mames Save as OpenBook Default Chart Quick Quote TimeSales Mews Masd II Change Account Linked to Group Fig
132. d during the period It is the point at which there were more sellers than buyers Low This is the lowest price that the security traded during the period It is the point at which there were more buyers than sellers Close This is the last price that the security traded during the period Close is the most often used price for analysis Volume This is the number of shares or contracts that were traded during the period The relationship between price and volume is important 183 Open Interest This is the total number of outstanding contracts i e those that have not been exercised closed or expired of a future or option Open Interest is often used as an indicator Bid This is the price a market maker is willing to pay for a security i e the price you will receive if you sell Ask This is the price a market maker is willing to accept for a security i e the price you will pay to buy the security These simple fields are used to create literally hundreds of technical tools that study price relationships trends and patterns and aid entry and exit points Note Not all of these price fields are available for all security types and some quote providers publish only a subset of these 16 3 Brief Summary of the Technical Indicators Technical Indicators are very complex in their composition and a full explanation of each of them is beyond the scope of this manual Below is a brief summary in order of importance and t
133. d on the side Bar charts A bar chart displays a security s open if available high low and closing prices Bar charts are the most popular type of security chart Candlestick charts Candlestick charts display the open high low and closing prices in a format similar to a modern day bar chart but in a manner that extenuates the relationship between the opening and closing prices Candlestick charts require Open High Low and closing prices Rising prices are generally accompanied by empty lines while falling prices are accompanied by filled in lines 16 2 Explanation of the Indicators An indicator is a mathematical calculation that can be applied to a security s price and or volume fields The result is a value that is used to anticipate future changes in prices A moving average fits this definition of an indicator it is a calculation that can be performed on a security s price to yield a value that can be used to anticipate future changes in prices There are two basic types of indicators making up the larger group 182 1 Lagging Indicators Moving averages are examples of trend following or lagging indicators These indicators are superb when prices move in relatively long trends They don t warn you of upcoming changes in prices they simply tell you what prices are doing so that you can act accordingly Trend following indicators can greatly reduce your risk by indicating market trends 2 Leading Indicators Th
134. days to expiration price of the underlying asset and the strike price of the option Delta The Delta tells us how sensitive the option s price is to changes in the value of the underlying asset For example an option has a delta of 25 this means if the underlying asset moves X the option will move 25 100 X If an IBM 100 call was priced at 3 00 and the option had a delta of 50 and the stock moved to 101 the option will move to 3 50 which is 50 100 1 3 00 Gamma The higher the Gamma value is the more the delta will change when the underlying price changes The closer the market price is to the strike price and the closer the maturity is to the expiration date the higher the gamma will be Gamma tells you that for every one point move in the underlying asset the delta will move the value of gamma For example IBM is at 100 with a delta of 50 25 and a gamma of 2 25 if IBM moves to 101 the delta will go to 50 25 2 25 52 50 Vega The Vega measures the effect that a 1 change in volatility will have on the value of the option For example the futures price is 1 555 the volatility is 10 and there are 30 days to expiration The price of a 1 525 call option is 0 0378 with a Vega of 0 0014 If the volatility increases to 11 the price of the option increased to 0 0378 or the priced changed by 0 0014 which is approximately the same amount as indicated by Vega Theta Theta tells you the amount that the option will decrease in one day due t
135. ded in the following way Click on the Chart Window to activate it Right click your mouse while holding it over the active window Highlight and click on Indicators An Add Delete box appears See fig 5 2 Click on Add Indicator A list of indicators will appear See fig 5 3 Highlight and Click on the indicator you would like to add e g Moving Average Click on Customize Depending on which indicator you choose your customizing options will change Click Ok Click Ok again 38 Add Delete Indicators I X urentindcator 4 TUM Channel Index 10 Add Indicator Delete Indicator Cancel Figure 5 2 The Add Delete Indicators box x ndicator List Accumulation Distibution Average Directional Index Bollinger Band Chaikin Oscillator Commodity Channel Index Detrend Price Oscillator DHI Difference DHI Plus amp Minus Historic Volatility Linear Regression Line Cancel Oscillator HACD Momentum Moving Average Moving Avg Envelopes Moving Linear Regression Figure 5 3 The Add Indicators box Note Trend Lines are now available for indicators Right click on the indicators and select Trend Mode user can then draw a trend line or multiple trend lines in the indicator section Once a trend line is drawn it cannot be moved into another section of the chart window To remove a trend line right click on the line and select remove 39 object A user can also right click in
136. drews Remove Drawing Objects Setup Hat Save as Chart Default Linked to Group 54 Edit Pen Edit Pen will allow a user to adjust the Width Style and Color of the trend line The width can be adjusted to as thin or thick as needed there are seven different styles of trend lines that can be used and the color can be changed to whatever color the user wants It will also allow the user to Save as Default for future trend lines that are created To open the Edit Pen Box right click on a trend line and select Edit Pen Format object Edit Brush Mew Parallel Remove Object Snap Mode Help Width i style Solid Example Set Color Cancel Set as Default 55 New Parallel Basic calars eens Custom colors EH HERENT EN HEHHE EH EH EE EE Define Custom Colors gt gt Cancel NE NN This feature makes it easier for a user to draw another trend line that is parallel to an existing one In order to create another parallel line right click on the existing trend line and select New Parallel Another line parallel to the existing one will appear Format Object Edit Pen Edit Brush New Parallel Remove Object Snap Mode Help 56 F Chart CELL Daily Brightpoint Inc NNM a inl 003 09 15 29 9400 00 00 00 Open 78 5500 28 0000 Low 28 0100 Last 29
137. drop down menu Will set order price to the current market bid Will set order price to the current market ask Activates the Orders Window if not already Makes the Price box active in the Order Entry portion of Level Il 219 Volume Up Moves the volume up one increment at a time It will move it up according to your volume increment default settings in the Trade Defaults Set Up window Volume Down Moves the volume down one increment at a time It will move it down according to your volume increment default settings in the Trade Defaults Set Up window Load Position Loads the current open position for the symbol selected in the Level Il window Reset Resets the order entry section to it default settings Activate Chart Activates the chart window if not already activated Set Price Offset The Offset feature will allow a user to set the price in a Level II to the Bid Ask or Last Price plus or minus an Offset amount For example a user could setup a hotkey so the current inside Bid plus 05 would be entered into the price field oee figure 21 8 Set Price Set Price to Bid Set Price to Ask Set Price ta Last Figure 21 8 Set Price Shave Executions Shave Execution option allows a trade price to be adjusted within a spread For example if the Shave Bid Option is checked and 005 is entered in the field the Hot Key selected will enter a price equal to the inside bid plus 005 If Shave Ask Price is checked and 00
138. e ELH HHB Preferences Exclude ISLD Exclude ARCA Exclude BRUT Exclude INCA Exclude MH z MHH s Show 2 Dec ECH Show 2 Dec W Size in 100 s W Region Size in 100 s MW Order Size in 100 s Books Only Pre Mkt Books Only Post Mkt Montage Click Focus Level Il Quotes Symbol Table Primary Quote Only Enter to Include Include ECN HMM s Enter to Exclude Exclude ECH HMMH s Cancel Figure 22 14 Open Book Enter MM s to Include Display Preference Window To INCLUDE ONLY a specific Market Maker or ECN enter the symbol For example to include Island enter Island The montage will show only the Island quotes If only Island and Instinet need to be displayed then enter both Island and Instinet All other quotes 238 will be excluded If the Use Alt Book Names feature is checked the full name rather than the three letter abbreviation needs to be entered i e Island Instinet etc Enter MM s to Exclude To EXCLUDE ONLY a specific Market Maker or ECN enter the symbol For example to exclude Island enter Island The montage will not show the Island quotes and will show all other available quotes If only Island and Instinet need to be excluded then enter both Island and Instinet All other quotes will be Included If the Use Alt Book Names feature is checked the full name rather than the three letter abbreviation needs to
139. e MACD Change or Linear Scaling Change the values on the Y axis of a chart from linear to change Line Chart Converts the visual representation of the chart to a Line chart Bar Chart Converts the visual representation of the chart to a Bar chart Ex A Candlestick Chart Converts the visual representation of the chart to a Candlestick chart zl Display Shorter Period Compress the chart to display fewer bars in the window gs Display Longer Period Expand the chart to display more bars in the window Zoom In Zoom in on the chart E A Pointer Mode Shows price time and date information at the point on chart where clicked Crosshair Mode Click the crosshair icon left click the mouse button on the chart and hold the left mouse button down while moving the crosshair over the chart Notice the price date time values for the day will change within the status box as you move the crosshair around the chart 12 2 3 2 4 e Setup Colors Allows you to setup change the default colors for the chart The following can be changed Colors of the various chart properties Font Selection Pen style Pen width Right Mouse Click Support Additional configuration parameters can be found by right clicking on an active window Symbol Lookup Chart Quick Quote TimeSales News II Linked to Group Figure 2 8 An example of a menu activated by a right mouse click
140. e Trend line to end The same procedure can be used for all of the Trend Fib Gann Channels and Andrews modes Chart IBM 60 Min Int l Business Machines NYSE 2003 09 12 4 14 30 00 89 5000 5 89 0000 E GG UU 88 0000 4 87 5000 j 87 0000 86 5000 86 0000 85 5000 4 85 0000 84 5000 84 0000 83 5000 83 0000 j 82 5000 4 82 0000 09 30 09 30 09 30 09 30 EN 09 30 09 30 09 30 09 30 Chart with Trend Line 51 2003 09 12 88 0000 87 5000 87 0000 86 5000 86 0000 85 5000 85 0000 84 5000 84 0000 83 5000 83 0000 82 5000 82 0000 09 30 09 30 09 30 09 30 09 30 09 30 09 30 09 30 o M I 18 87 9067 Chart in Fib Mode CharE IBM 60 Min Int l Business Machines C NYSE 2003 09 12 14 30 00 Open 88 5900 High 88 9200 L Low 88 2300 e T 88 5000 Last 88 8800 i ir MA 18 87 9122 88 0000 87 5000 87 0000 86 5000 86 0000 85 5000 85 0000 84 5000 84 0000 83 5000 83 0000 82 5000 82 0000 Fib Time Lines 52 Chart IBM 60 Min Int l Business Machines MYSE 2003 09 12 15 30 00 88 9300 Fib Arc Mode AT Chart IBM 60 Min Int l Business Machines MYSE 2003 09 12 15 30 00 88 9300 High 88 9600 88 5100 88 7000 18 87 9417 Gann Mode 88 0000 87 5000 87 0000 86 5000 3 86 0000 85 5000 85 0000 4 84 5000
141. e to view the chart as Linear for regular charts or 9e Change that displays the chart based on change from the previous days close Date to Scale Chart option allows you to scale percentage charts around a certain date and time This can be useful if you want to see how shares performed relative to each other from a certain point in time Note This only works when Price Scaling is set to Change See Overlays Section 5 7 on how to add charts to the main window Under the Period option your choices of time period include Daily Weekly Monthly and Intraday this choice allows you to decide exactly what minute intraday chart you want Show Pre and Post Mkt Trades gives you the option to view or not view the pre and post market trading in chart format The Show Trades Tick Chart Bid Ask Tick Chart and Time and Sales Tick Chart options will be explained further within the following section Section 5 12 Chart Scaling X elod S nce Scaling Indicators Daily Linear Weight C Weekly Log C Monthly C X Change C Quaterly v Intraday 1 Change Customize WwW Show Pre and Post Mkt Trades W Scale Charts Around a specific date Show Trades Tick Chart 5 5 2003 Date to Scale Charts Around Bid Ask Tick Chart Time and Sales Tick Chart 3 30 00 Time to Scale Charts Around on 1 Cancel Figure 5 9 The Chart Scaling box 47 5 12 Pre Post Market Trading
142. eate New File New Window Setup View Symbol Window Help e Portfolio Analysis gt Detailed Quote Window n a Condensed Quote Window Ticker Alerts Chart Window Option Analysis Window gt gt Custom Quote Window gt Open Existing gt gt Time and Sales Quick Quote Fundamental Quote NASD II News Open Book Order Entry Batch Order Entry Batch Monitor Message Log Account Monitor Trade Summary P amp L Summary TCP IP Client Work Orders Figure 2 11 15 Right click on the Condensed Quote Window and select Fonts and Colors Du 9 2 Condensed Quote Window MSFT e T Range Bid om NTC fioo 4 00 53 B7 5388 M amp DD 1000 5445 53 1368 1368 cnn nen X 23000 6000 1383 EE Symbol Lookup VIEW Insert Delete Append Compress Setup Columns Import Export Fonts and Colors Merge Sort Links Preferences Reset Defaults Set as Default Figure 2 11a Condensed Quote Window There are 2 properties that can be configured the foreground and the background Either can be changed in its respective configuration window Within each of these boxes are RGB sliders which are used to change the color Notice the numbers at the sideof each slider The results of the color changes made for the selected property can be seen in the Example window Bottom Left Condensed Quote Setup Fonts and Colors Select Foreg
143. ect from either Ascending or Descending to sort your data accordingly AaS 1555 Date Ms Gans Serif q Figure 4 11 The Sort Order drop down box Sort Order Running Sort Refreshes a sort every 3 seconds Works well when sorting by value that fluctuates such as Change Last etc To activate a Running Sort select Setup on the Main Menu Bar and click Running Sort If there is a check mark next to Running Sort it is activated and should be displayed 34 4 11 Font Selection This function allows you to choose the exact font style and font size of the text inside the Detailed and Condensed Quote windows This is done in the following way Click on the Font Selection drop down bow or the Font Size drop down box both of these are shown in fig 4 12 your selection from the drop down menu Ms Sans Serf d Figure 4 12 The Font Selection and Font Size drop down boxes 35 4 12 Viewing Charts from the Detailed Quote Page It is possible to split your Detailed Quote page up so that you can also view the charts of the symbols See fig 4 13 This can be done in the following way Click on View on the Menu bar Click on Chart Bottom or Chart Right You can view different chart by Clicking on the Symbol whose chart you would like to view in the Symbol column in the quote page You can customize the chart by Move your mouse over the chart Right click to bring up the sel
144. ection menu on your choice You can remove the chart from your Detailed Quote page in the following way Click on View on the Menu bar CGlick uncheck Chart Bottom EINMAL oh E FT E Corporation TE 26 40 E z E J 3T 26 AT 26 zT zh zT DELL Dell Inc 34 28 200 PSE 0 43 34 76 34 95 34 2 34 INTC Intel Corporation NNM 31 0407 400 NAS 0 5993 31 86 31 93 31 00 31 64 2428 ID Nw Dial Networks Inc OT 0 066 FOO0 0 007 0 067 0 07 0 059 0 059 5453152 GlobeT el Communicatio 0 034 10000 OTCBE 0 003 0 037 0 037 0 032 0 037 4975 Masdag 100 Index Tract 35 05 400 MAS 0 165 a 33 26 34 95 35 235 2b a 500 SPODRS Based on the 107 33 100 MYS O 24 7 2 Int l Business Machines 0 91 70 300 NAS O50 IE gi 91 1125 191 20 E 3400 i 2003 12 09 IBM 00 00 00 Open 91 1500 E 21 7000 High 91 9700 3 90 0000 Low 91 1125 J Last 91 7000 j 88 0000 if ART ce E hy i E Jan Feb Mar May Jun 2003 Figure 4 13 An example of chart in the Detailed Quote window 36 JU Charting amp Symbol Selection 5 1 Opening a New Chart To open a New Chart Click on the Chart Key in the blue Hot Key Menu Enter a Symbol in the Symbol Input box Click Ok To create additional charts Click on New Window in the Menu Bar Highlight and click Chart Window Enter a Symbol Click Ok The Chart Scaling box will
145. ed Example 223 A user wants to send a Super Swipe Buy order to all ECN s within 5 Tiers and use the Hot Key F2 The Super Swipe would send a Buy order to each ECN within 5 Tier Levels for their displayed Ask Size when pressing F2 Keep in mind the only way to determine the amount of shares that will be sent is to add the Ask sizes for all the ECN s within 5 Tiers of the inside Offer For whatever Ask Size showing for the ECN s an order will adjust its size to each individual ask amount In order to create this order these following steps will need to be taken Right click on the gray portion of the Level Il select Setup Hot Keys Select the Hot Key to assign the action to in this case F2 Select the box Tier Size and put 5 in the box next to it Select the box Buy Ask ECN in the Super Swipe Section Click the Save Key and then click Active Keys The Active Keys box should verify the settings for the F2 Hot Key This user could now Press F2 and a Super Swipe would send a Buy order to all ECN s within 5 Tier levels of the offer for whatever ask size they are individually showing 224 21 4 21 5 Trade Commander This functionality enables the User to set their own Pre defined Smart Route available for OTC or Listed equities First select the Execution Style Buy Sell or Short The Trade Commander will send orders to the market using the routes that have been designated in the Short Cut Keys
146. ee ee eee ee eee Bu EBAY qa MKT ef Day fPat ARCA N J B5020 66 020 2 Sell PAST MKT jv Pat eJARCA N Beea 8630 3 Sel 500 MKT be Margin eJARCA 30 250 Sell PD 50 j Pat ARCA faisa 73220 5 Bu J500 MKT Marmn eJARCA 62 800 62810 6 Sel 5 ef Das Pat ARCA N ferea 27640 zo Sell _ 500 ef Day Pat ke Margin ARCA N 55 860 55060 8 1100 kef Pat ke N 59370 58410 9 el __ MKT ef Day e Margin ena j5r580 57600 HU BuyToCover SEE 100 MKT kf Pat Margin N 49260 48270 o Bu NUE gan TMK Da jPat N 56300 55 380 2 Sel MKT Margin N 35910 35330 d3 Sell 50 kef Pat J RnC 24r50 24 60 Li het aa Mer s Day 35300 35310 im FT NN EMN MKT fDay
147. els indicate support and resistance In strong up trending markets look for markets to retrace no further than the first support level Look for a trend reversal if the 5096 retracement line is broken Gann Angles Gann believed that the ideal balance between time and price exists when markets prices rise or fall at a 45 degree angle A bull market is intact if prices remain above the 4596 line and vice versa Gann observed that each of the Angles can offer support and resistance based on the trend Trends A trend represents a consistent change in prices i e a change in investor expectations Trends differ from support resistance levels in that trends represent change whereas support resistance levels represent barriers to change A falling trend is defined by successively lower high prices A rising trend is defined by successively higher low prices Volume is the key to determining the significance of the penetration of a trend Support Levels Support levels indicate the price where the majority of market participants believe that prices will move higher and resistance levels indicate the price at which a majority feels prices will move lower Divergences Indications that an end to the current trend may be near and occur when the MACD diverges from the security 189 190 17 0 Message Log If a system or user error is generated Maximus Protrader will log the error message in a Message Log see fig 17 1 For example if
148. eplace Cancel Replace Provides a trader with the ability to update the price or share amount of a pending order Several routes support Cancel Replace ISLD ARCA BRUT ADP and SOES SOES only supports updating of the share amount not price This feature can be used within the Portfolio Window Pending Orders Window and the Level Il Window To Create Using the Portfolio Window Activate the Portfolio Window Right click on the pending order to adjust and click Cancel Replace he Cancel Replace window should pop up see fig 9 12 Customize order and click OK To Create Using the Level Il Window Activate the Level Il that has a pending order Double click on the Montage A Cancel Replace window will pop up see fig 9 12 Customize order and click OK Note The Show Pending Order in Montage has to be checked in the Level Il Trade Defaults in order for the Cancel Replace feature to work Cancel Replace X Order 0905 2401 ALEX BUT Price Shares Disc Amt ooo 2 047 Eo DU EVO Erst ES EE RESO LOU FT Bid Ask Cancel Figure 9 12 Cancel Replace Note order for the Cancel Replace to work for discretionary orders the order must have originated as a discretionary order 129 9 15 Copy Table to Clipboard amp Print Export Tables Copy Table to Clip Board Function associated with the Open orders and Order To Create Print Export Tables To Create
149. er 3 000 entries back and click Get Data it will pull back 3 000 entries But if you hit Get Data again it will pull only 1 000 entries It automatically defaults to 1 000 entries You will then have to go back to Setup Start End Times and reenter settings 142 10 4 Setup Show Conditions The Setup Show Condition window can be opened by right clicking on the Time and Sales window Setup Show Conditions X W Show Trades W Show Best Bid and Ask Show Special Trade Conditions Bid Ask determines Trade Color Show All MM and Regional Movements Show Selected sbsh f Show Ho and Regional Movements OK L ancel Show Trades Show Best Bid and Ask Show Special Trade Conditions Bid Ask Determines Trade Color Show All MM and Regional Movements Show Selected MM Show No MM and Regional Movements Shows all trades Shows the Best Bid Ask and changes as they occur in their size and price Will show all special trade conditions trades that are marked as of etc Trades will be color coded according to previous bid ask updates instead of previous trades Will show all MM s and regional updates and current bid ask and size Will show a particular MM that is entered its bid ask size and its updates Will show no movement for either the Regions or MM s 143 LU licker Window amp NYSE Reader The Traditional Ticker Window NYSE Tape Reader and Horizontal Ti
150. er news for a particular symbol entered into any other window that is linked to that group You can link the News window in the following way Right click on the News window Click on Linked to Group The Link Setup box appears Check the Link Window option Select a Group to link to 74 6 4 6 5 6 6 Linking Detailed Quote Windows This will enable the user to point and click on any symbol in the Detailed Quote Window and all associated windows linked to that group will change The user may also use the arrow keys to scroll up and down the Detailed Quote Window This will allow the user to view all linked groups without using the mouse You can link Detailed Quote windows in the following way Right click on the Detailed Quote window Click on Linked Setup The Link Setup box appears Click in the Link Window box to activate the link Select a Group to link to or create one Linking the Condensed Quote Window Linking the Condensed Quote Window will enable the user to point and click on any stock in the Condensed Quote Window and all linked group windows will change The user may also use the arrow keys to scroll up and down the Detailed Quote Window This will allow the user to view all linked groups without using the mouse You can link the Condensed Quote window in the following way Right click on the Condensed Quote window Click on Linked Setup The Link Setup box appears Cli
151. eraction Open Positions Statement Examples for Data Tables The Excel formula is fairly straight forward For an example put the following DDE Equation in Row 1 Column 1 of any spreadsheet and press ENTER IQuote IQXL EQPAGE Breakdown of the formula is as follows IQuote IQXL EQPAGE service topic item 0 F E H 4 L M il Fullhiarmne I iri Ire Fiwalue al De 171 1 Lai ana kang Intel Corporation MHA 4500 24 4102 24 12 119136007E 1421 092776 56 0040534 D OS00003517 biag Dell Computer Corporation HAM 13024 93 Ba 441393 3439 711 627359 2714055157 D 05047145397 Wag General Electric Company NYSE 200 5871 ET BF 5534 107 9988189 74 0001675 D 1 31 5646461 Corporation 1000 717 116 oT 26 27280 10162 10000088145 D 0357918906 Order Details c F G H J L IM n a P E SELL Day Limit 21 31 100 D 13 04 31 Rejected 100 D IDEvINK BD ARCA SELL Day Limit 1 31 100 100 D 13 04 51 Fecemod 0 IDEvIME b ARCA SHORT Day Limit 24 14 100 1DD 74 155 13 04 12 Filled 0 DEW 0 DEVINE Ti ARCA SHORT Dax Limit 724 14 100 100 0 13 04 11 Confined 0 DEMOS OIDEMANK Ti ARCA SHORT Day Limi 24 14 100 100 0 12 04 11 PReed 0 D IDEvINK D ARCA SHORT Day Limt 24 14 100 100 0 13 04 11 Fecemed 0 D IDEvIMIK D Bu Day Limit in ad 100 d 0 10 29 19 Canceled 100 IDEVIMIE D ELDO Limit 39 00 100 100
152. ered at 5 503 NYSE Arca will round up to 5 51 Buy Order Example A buy order is entered at 5 506 NYSE Arca will truncate the price to 5 50 How does NYSE Arca determine when to match or route an order NYSE Arca looks for the best price for an order internally or externally When routing externally NYSE Arca will route to the Market Participant that has the best order execution ratio based on 9 fill history time and size shown For example Market Participant 1 MMID1 is bidding 50 625 for 1000 shares Market Participant 2 MMID2 is bidding 50 625 for 1000 shares NYSE Arca is bidding 50 for 500 shares An order to sell 500 shares at 50 is entered into NYSE Arca This order will automatically be routed to MMID1 or MMID2 depending on which Market Participant has a better fill history NYSE Arca facilitates best execution for investors and rewards price competition both on and off our system Order Representation NYSE Arca s top orders are also represented in the NASDAQ National Best Bid Offer display and NYSE AMEX display These orders display as on the Level II screen All other order from the ARCA book are shown as Archip on the Level Il screen 253 Session Hours Opening Session 8 00 a m to 9 30 a m ET 8 00 a m ET Opening Auction 9 28 a m to 9 30 a m ET Market Order Freeze Period Limit Orders are not eligible for the opening session Market orders may not be canceled 9 30 a m ET Market Order
153. erlying an option as determined by the price of the option The factors that affect implied volatility are the exercise price the riskless rate of return maturity date and the price of the option Use Theoretical Volatility Greeks will be calculated based on the volatility number entered into the Volatility field in the Option Analysis window 176 HU Printing Maximus Protrader allows you to print in different formats and to different devices 14 1 Printing to a File Printing to bitmap allows you to save the current active window as a bitmap This could be useful if you want to use the current page in a document or a web page this can be done in the following way Click on File in the Menu Bar Click on Print see fig 14 1 Click on Bitmap File Enter your File Name Click on Save The file will be saved as a bitmap image File Mew Window Setup Objects Tools Symbe Create Mew Layout Open Existing Layout Save Layout Save Layout As Restore OEM Layout Litilities m Bitmap File Text File Figure 14 1 The Print Menu 14 2 Printing to Printer You have two options of printing to a printer You can print the current page as text to the printer in row s and columns called a printer table or you can print a graphic image of the current page called a printer bitmap to the printer When printing as a bitmap only the portion of the data that is displayed will be printed and it will be printed a
154. ese indicators help you profit by predicting what prices will do next Leading indicators provide greater rewards at the expense of increased risk They perform best in sideways trading markets Leading indicators typically work by measuring how overbought or oversold a security is This is done with the assumption that a security that is oversold will rise What type of indicators you use leading or lagging is a matter of personal preference Experience has demonstrated that most investors are better at following trends than predicting them However many successful investors prefer leading indicators and much success is attributed to them Trending prices versus trading prices There have been several trading systems and indicators developed that determine if prices are trending or trading The approach is that you should use lagging indicators during trending markets and leading indicators during trading markets While it is relatively easy to determine if prices are trending or trading it is extremely difficult to know if prices will trend or trade in the future Price and Volume Technical analysis is based almost entirely on the analysis of price and volume The fields which define a security s price and volume are explained below Open This is the price of the first trade for the period When analyzing daily data the Open is especially important as it is the consensus price High This is the highest price that the security trade
155. et Focus While Editing Change Focus Window and Alert Mail Setup See fig 12 3 Alert Options x Sorting Keep Alert Page Sorted on Symbol Alert Options Alert Pop Up Set Focus to Triggered Alert Change Window Focus to Alert Window Custom Alert Sound Set Focus to Triggered Value 0 00 Column Fill Offsets Last lt 0 00 Alert Hail Setup Mail 5 Enter POPS Mail Server ail Server ae Mail limuser yahoo com Cancel Figure 12 3 Alert Options Window Alert Options Keep Alert Page Sorted on Symbol If checked this will keep the Alert Window symbols sorted in alphabetical order Alert Pop Up This enables the alerts to activate a pop up window confirming that an alert has been triggered Set Focus to Triggered Alert When an Alert is triggered your focus will be targeted towards the alert This feature will keep your focus on the Alert window when you are editing it and an alert goes off 155 Change Window Focus Custom Alert Sound Set Focus to Triggered Value Column Fill Offsets This option will allow the user to remain focused on any activated window not just the Alert Window when an alert is triggered Note When Set Focus while Editing and Change Window Focus are not checked and an alert goes off the Alert window steals focus from whatever it is you are doing If a wav file is placed into the IQuote32 folder the box
156. ets are closed Maximus Protrader is open for business Maximus Protrader offers one of the longest continuous trading sessions available to retail brokers and currently matches orders that come in during before hours trading from 8 00AM to 9 30am EST and after hours trading from 4 00pm to 8 00pm EST Furthermore we were among the first trading systems to recognize that the bankers hours followed by the exchanges were not meeting the demands of today s investors allowing for greater flexibility and convenience in managing their assets 95 8 4 Entering Option Orders Maximus Protrader gives the options trader the ability and flexibility to Route option orders to the following The Best Bid or Offer The Exchange of your choice Routing your orders to the Booth for large option orders that need to be worked As you will see in fig 8 5 not only is the Best Bid or Offer displayed in the Level Il panes but it is also consolidated and summarized in the pane below this pane can be activated by doing the following Click on the Options button the blue Hot Keys Menu A Symbol Input box will appear Enter the symbol you want Click Ok An Options Analysis Window will appear From here there are two ways to Level ll Options Window 1 Double click on a symbol and the Level II window will open 2 Left click and hold on a symbol on the Options Analysis Page Calls box and drag in into your Level Il window The
157. f a batch is cancelled and the Auto Complete tab is selected the batch will be re sent with an Offset to the Bid Ask or last price The batch will be sent out again to refill the remaining unfilled orders but all orders will become Limit orders specified by the Offset to the Bid Ask or Last price Note The next time Auto Complete is chosen to complete a batch order on the Batch Monitor Window the selected Option Complete As Is Complete MKT or Complete Price will Auto Complete the order 209 Batch Monitor Options I OF Canes Cancel Auto Complete C Complete As ls C Complete Offset Complete Price Figure 20 9 Batch Monitor Options 20 8 Batch Order Template There is a batch order template that is located within the program that enables the user to create a batch order using an excel spreadsheet This allows the user to create multiple batch orders quickly and easily without being logged into the trading software Once the orders are created they can then be loaded into the trading application To locate and open the template Close the trading application Double Click on the My Computer icon located on your desktop Click on the C Drive Click on Program Files Click on the IQuote32 folder The file will be named BatchTemplate xls You can either drag or copy it to your desktop floppy disk You can also open it from there by right clicking on the file and
158. face simply select NYSE Tape Reader and select OK For configuration of the NYSE Tape Reader please refer to the instructions above in section 11 1 regarding the setup of a regular Ticker Window 20 Bid Ask TrdN5z TrdN5z Volume 2b n 11x3 4 65H 4 95H Ib 12 238 009199 20 56M RID 14 33 Jid 4510 Figure 11 5 An example of the NYSE Tape Reader Ticker Window Note For NYSE stocks it shows the last three trades and size that occurred on NYSE only For NASDAQ stocks it shows the last three prints regardless of the exchange where traded The Last column shows the last trade and the first TrdNSz column shows the second print and so forth Horizontal Ticker Window The Horizontal Ticker Window is similar to the Traditional Ticker Window but takes up less space and scrolls horizontally instead of vertically See figure 11 5 for an example of what the Horizontal Ticker looks like Right click options include setup colors edit data and preferences These are the same as the Traditional Ticker Window Additional options include Hide Frame choosing this option will hide the window frame surrounding the ticker Faster this will speed up the rate at which data scrolls across the ticker Slower this will slow down the rate at which data scrolls across the ticker Reset this will reset the ticker by clearing out the data that scrolls across 149 2101 x 38 12 38 12 38 12 Figure 11
159. fault settings for that account Reset 23 4 Setup Defaults There are many ways in which the allocations can be configured The Setup Defaults box being one of them can be opened by clicking on the Setup Defaults tab Setup Defaults Allocation DEMO1 10073 X Static 0073 Persentage Cancel Setup Defaults window 249 As you can see the 1000 shares of INTC from account 10073 are going to be allocated to four different accounts 1 2 3 and 4 each are going to receive 25 of the 1000 shares Any number of accounts can be added and the percentages can be changed to whatever If you notice the Assignment box now shows that 1000 shares have been allocated and shows the new average price Once the correct allocations have been made click OK If trade allocations are red If any orders are left red this means that orders have been changed but are not complete This can be checked by looking into the Assignment Box at the bottom left If any shares are listed in the Available field in the Assignment section box then the allocations are not complete If trade allocations are blue Notice once the changes have been made and the allocations are complete the orders will be the color blue If blue that means that the order is allocated completely and is ready to be saved If trade allocations are green Once saved and allocated the orders become green 250 23 5 Features within the Allocations Window Ch
160. fied Books Only Pre Mkt When checked the montage will only display book quotes in the pre market The other non active participants will disappear until the open market hours 85 Books Only Post Mkt When checked the montage will only display book quotes in the post market The other non active participants will disappear until the open market hours 86 HOO 32 32 Upen 33 10 Bid 32 31 U If Yahoo Inc NNM Il Yahoo Inc NNM 0 84 32 32 0 84 33 1 Open 33 10 Hi 33 15 Ask 32 Bid 32 31 U Ask 32 32 Route E piratian A Route Expiration Acct oy fifanca Day Ma Buy THOO Sell Buy THOO Sell YHOO Figure 7 8 Level 2 on the left has ECN size in 100 s Montage Click Focus This function allows you to adjust the click features within the Montage of the Level Il window There are two choices for the Montage Click Focus Symbol and Table Symbol Table The Symbol option directs the focus of clicking in the Montage to the symbol entry field at the top of the Level II window Regardless of where you click in the Montage the Symbol Entry Box at the top will always be highlighted and a symbol can be entered Having the Table option selected allows you to access other features within the Montage With the Table option a market participant can now be selected Once selected you can now right click on the Montage There are three options availa
161. for Custom Alert Sound is checked and the file name is in the open field the specified wave file will be played instead of the default sound for alerts When an Alert is triggered your focus will be targeted towards the specific field in an alert This feature will focus on the specific trigger within the Alert This feature is for the columns Last gt and Last For example put 10 in both fields and select OK This will set those columns for the next alert entered If Ebay is placed in the symbol column and its current price is 113 the Last gt column automatically enters 113 10 and Last column automatically enters 112 90 Once these prices are reached a trigger will set Note Also once these offsets are entered other already active alerts can be updated in these fields by double clicking on them Further at any time these fields can be updated before an alert goes off by double clicking on them again 156 Alert Mail Setup The Alert Mail Setup will send an email when a specified alert is triggered within the window Mail Server Enter the mail server for the email address Mail To The email address where the alert would be sent Note A test email can be sent to the address by clicking on the TEST tab when the appropriate fields are entered Ask your Local IT Administrator or contact your ISP Provider to locate the POP3 Server Example for setting up Email Alert using Outlook Express Open Outlook
162. for ut Last Curr Symbol Order Option Defaults Bid Offer Buttons Follow Market Maker Bid Ask Prices Reserve Short Cancel Select Setting Global Equity Share Size fi Default Number of Shares dd Pref MMID Bid ffer Ma Trade Against Pre Post Day Figure 22 2 An example of the Level Il Setup box 230 A brief description of the options available follows Size Setup Several actions regarding share sizes may be controlled through the Level II Setup interface These size options will be reflected in your Volume field in the Order Entry portion of the Level Il screen The options see fig 22 3 are listed below Size Setup Adjust Shares Less Pending Open Size Default to Position Size Show Pending Order in Montage Adjust Shares to Pending Size Reset Default Shares after Execution Reset Default Shares on Symbol Change Figure 22 3 Size Setup Box Options for Size Setup Adjust Shares Less Pending Open Size This will display the default share size less the pending open orders size in the portfolio window For example if default share size is 1000 and current position size is 400 then the size in the volume field will show 600 shares Default to Position Size Amount shown in volume field will default to the open position size for that symbol Note If the symbol is set up in Symbol Defaults and there is a default amou
163. gure 5 22 Indicators Statistics can be added by clicking on the ADD button and selecting out of the options available In the case of Figure 5 22 10 Biggest Percent Gains is the chosen indicator A multiple number of indicators can be selected at the same time delete an indicator statistic Highlight and select Delete 67 Scan BIGGAIN 3 can Criteria 10 Biggest Percent Gainers over Last 30 Figure 5 22 Scan Window To customize the settings Highlight and select Customize Figure 5 23 will open Number of Days and Number of Results can be changed Biggest 5 Gainers 10 PER Figure 5 23 Biggest Gainers Customize Window Click OK Once finished creating the settings select Scan and the actual Scan Window will appear See Figure 5 23 Then select the File Type Scan Daily Files or Scan Intraday Files 68 esenp Gainers Biggest Gainers Biggest 4 Gainers Biggest Gainers Biggest Gainers Biggest Gainers Biggest Gainers Biggest Gainers Biggest Gainers Biggest Gainers File Type can Progress Chart Results C Scan Daily Files Scan Intraday Fil EXIT can Intraday Files Figure 5 23 Scan Window Click Scan Now the example scanned only Intraday Files for the Top Ten percent gainers 69 5 22 Historical Prices Historical prices offer the trader to view chart information from another perspective It enables a t
164. hat security No Smart Short This function determines whether you are long or flat before entering a sell order If long before hand the sell will be marked a long sale If there are no long positions for this symbol then it will be marked a short sale No Trade Against When ON you will receive a warning about trading against yourself if you have the opposite side pending Buy vs Sell Short No Trade against warns only if 1 Buy Price Disc gt Pending Sell Price Disc or 2 Sell Price Disc lt Pending Buy Price Disc Order Option Defaults Reserve Shot f No Smart Short PrefMMID Bid Offer No Trade Against Pre Post Day Figure 8 11 Order Options Default Box Route and Order Types Route and Order Type defaults which define the Route Order Type and Account based upon the type of stock that is being traded can be set through this interface see fig 8 12 Haute and Order Exchange Haute Type Account Voll ype NASDAG anca gt Marin Pat gt wise 2 x fas zl ra gt TEBB anca m Magn rat gt Figure 8 12 Route and Order Type Box To Create Choose an Exchange you would like to route the order to Select a Route in the drop down menu from the route column from which execution system you would like to route the order Select the Type of order LMT MKT etc Sele
165. he applied use of the Technical Indicators Accumulation Distribution A momentum indicator associates changes in price and volume Look for a divergence between this indicator and the price of the underlying security to signal a change in trend Average Directional Index Indicator used to measure market trend intensity Look for the ADX to be above 25 to indicate that a market is in an established trend Bollinger Bands Bollinger Bands is a trading range plotted at standard deviation levels above and below a moving average As with moving average envelopes the prices tend to stay between the upper and lower band Mr Bollinger noted the following Sharp price changes tend to occur after the band tightens and volatility lessons When prices move outside the band a continuation of the current trend is implied Bottoms and tops made outside the bands followed by bottoms and tops made inside the bands calls for reversals in the trend A move that originates at one band tends to move all the way to the other band Chaikin Oscillator An oscillator created by subtracting a 10 day EMA from a three day EMA of the accumulation distribution line Look for a divergence where prices reach a new high or low and the Oscillator fails to exceed its previous extreme readings Detrend Price Oscillator 184 Detrend price Oscillator eliminates the trend in prices DPO removes all long term cycles allowing you to focus on short term price
166. he cancel replace function is accessed by double clicking on the quote montage If there is more than one order active for a particular stock the order closest to the inside price will be the order that is canceled or replaced Note The cancel replace window operates as a one touch function window By clicking the up or down arrows for 01 05 or 10 the order is immediately changed by the respective increment Clicking Bid or Ask will immediately move the order to the Bid or Ask respectively Entering a new price in the price field or a new amount in the shares field requires that the user click OK Cancel Replace X Order 0211 3130 IBM BUY Price Shares Disc Amt SEMI sun A d ELLE ME IE ME Bid Ask Cancel Cancel Replace Window 82 7 4 Level Il Display Preferences The Level II Window can be configured by including or excluding information Yahoo Inc NNM Pm x YHOO 33 78 0 98 2 99 2905 Yol 21222444 32 80 Hi 34 00 Symbol Lookup Bid 33 78 D Ask 33 79 Setup Hot Kevs NAS Enable Order Confirmation Setup Trade Defaults Setup Display Preferences Save as Option Page Link Save as Order Entry Default Save as Level IT Default Chart Quick Quote TimeSales Mews Masd II Change Account k Linked to Group Price Volume Stop Price Voll ype Order Options FOO zr i lee zl r uote Haute Expiration
167. he chart and select Historical Prices and Current Data This will open the Historical window and data will fill in automatically 72 DU Linking Quotes amp Charts Maximus Protrader allows the user to link certain windows of the trading system together for ease of operation For example a Level Il window Chart window and a News window can all be linked to a specified group Now every time a symbol is entered into one of those Linked windows the other windows will automatically update This eliminates a few other steps when you want the same symbol entered into different windows Note It doesn t matter the order of windows to which they should be linked If three different windows are linked together in the same group a symbol can be entered into any three of the windows and the other windows will automatically update to the selected symbol You may link any feature window to a particular group in the following way Right click on the feature window Click on either Link to Group or Link Setup depending on which feature window you have active A Link Setup box appears See figure 6 1 Click in the Link Window box to activate the link Select the Group to be linked Select to Link Current Group W indow s Link window Select Group OF Cancel B F d L H 0 Figure 6 1 The Link Setup box 73 6 1 6 2 6 3 Linking Chart
168. he order defaults Options available are as follows Reserve The reserve box will automatically be checked when entering the details of the order Pref MMID The Pref MMID box will always be checked A MMID can be entered in the blank field below and the selected market maker will be preferenced with that particular order Pre Post Day When checked orders entered will default to a day order as long as you have a route that offers day selected Short If the short box is checked the Sell button will always stay marked as short Bid Offer The price for a limit order will default to the current bid offer for that security No Smart Short This function determines whether you are long or flat before entering sell order If long before hand the sell will be marked a long sale If there are no long positions for this symbol then it will be marked a short sale 233 No Trade Against When ON you will receive a warning about trading against yourself if you have the opposite side pending Buy vs Sell Short No Trade against warns only if 1 Buy Price Disc gt Pending Sell Price Disc or 2 Sell Price Disc lt Pending Buy Price Disc Order Option Defaults Reserve Shot M No Smart Short PrefMMID Bid Offer No Trade Against Pre Post Day Figure 22 6 Order Options Default Box Route and Order Types Route and Order Type defaults which define the Ro
169. he security traded Position Type of position whether short or long Shares Number of shares traded Price In The price at which the position was entered Order Out The order number for the trade closing a position Price Out The price at which the position was closed Profit The profit loss when closing the position 124 9 12 Exercise Options The user has the ability to exercise options from the Portfolio Window which will convert the option position into shares that can be traded against Please contact us for this special setting 125 9 13 Setup Portfolio Window Options To open Setup window Activate the Portfolio Window Select Setup on the Main Menu Bar Select Setup Port Win Options The window in Fig 9 11 will pop up Portfolio Window Options Play Custom Sound For Fills Euston s aura Por rejects xl NM NI Figure 9 11 Portfolio Window Options 126 Order Summary Table Combines Fills with Different Users Will combine fills on the same symbol between different users located in the Login ID column Combine Fills with Different Pref Will combine fills on the same symbol when different market participants are the contra to a trade Remove Highlight Bar Removes the highlight bar when clicking on orders within the Order Summary table Add Comma s to Quantity Will add comma s to the quantity in the Order Summary table Show Only Intraday Orders Will show only Intraday orders i
170. hether in the market or in the E DGE book working its way through the inside Orders are sent out at each price increment Example Enter a buy offer for 3000 XYZ filled at an average price of 72 order filled at 71 72 73 EDGE Expiration Order DAY order is canceled at market close of the regular market session Order DAY order is canceled at the end of the after markets session Order GTC Good to Cancel order remains open until cancelled on the date you specify on the pop up calendar when the order is placed 265 Route BTRD OTC Only Bloomberg ECN About BTRD is one of the smaller ECNs and has less liquidity than ARCA NASDAQ Book and EDGE As a result orders may not be filled in a quick or efficient fashion depending on the security Order Type LMT Limit Availability All sessions core and after hours Order is posted to the ATTN book at the specified price Order Type Stop LMT Stop Limit Availability Only during core session a stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price Order displayed on NASDAQ level Il as BTRD The transaction must occur between at or between the bid and offer for the order to be triggered Order Type MKT Market Availability Only core session BTRD Market orders are not displayed in the BT
171. his field you may enter a volume share amount in which you want to be notified once the security instrument has exceeded For example a stock is now has traded 750 000 shares you may want to buy sell if the stock trades 1 000 000 shares if you enter 1 000 000 in this field you will be audibly and visually notified once the security instrument has reached the volume In this field you may turn it either on or off If the field is on you will be notified once the security instrument has reached a new 52 week high in a trade price In this field you may turn it either on or off If the field is on you will be notified once the security instrument has reached a new 52 week low in a trade price In this field you may turn news either on or off If the field is on you will be notified once the symbol has news See section 12 5 for email instructions If a formula is typed into the Formula field it will show the numbered result of the formula Displays the Formula selected for this symbol Update with the current volume for the selected symbol 153 Note Alert columns have the ability to be sorted To sort by column double click the preferred column header the column will sort in ascending order Columns are also moveable using the drag and drop feature 154 12 5 Alert Options The Alert Options Window gives the user the ability to adjust certain features within the Alert window Options available are Alert Pop Up S
172. ical indicators using a sequence of numbers in which each successive number is the sum of the two previous numbers There are four popular Fibonacci studies arcs fans retracements and time zones The interpretation of these studies involves anticipating changes in trends as prices near the lines created by the Fibonacci studies The following Indicators are not as commonly understood However they are powerful trading aids when applied Andrews 188 Is a line study consisting of three parallel trend lines based on three points you select 16 4 Charting Tools Trend Lines A trend line is a line that is drawn between two or more prominent points on a chart Rising trends are drawn from connecting prominent lows while falling trends are drawn from connecting prominent highs Trend lines indicate support and resistance levels Another way to draw trend lines is to draw it from a low to a low and to then extend it This extended trend line indicates support and resistance levels for future price movement For example you draw a trend line from low to low the line got broken indicating a change in trend this extended broken trend line becomes resistance for the market when it moves back up Fibonacci Arcs Fib arcs are drawn from two extreme points a trough to a peak The lines represent support and resistance levels Fibonnaci Retracemants Fib retracements are drawn between a significant top and bottom on the chart The retracement lev
173. if you enter an order then cancel the order but received a partial fill Depending on your user settings you may get this message if you try to short a stock below 5 in a margin account or if you try to short a bulletin board stock SYSTEM MESSAGE Double Click to Delete Message Esc Enter Space to Close Ctrl to Ignore for rest of sess X FILL WARNING 100 shares of NT was filled on 20040623 1041 Portfolio Combine Day Overnight Positions When checked all Overnight and Intraday positions will be combined Cash Margin and Short Account Type positions will not be combined and always remain separated Note When checked your Mark to the Market Profit and Loss will be affected by the combination of the Day and Overnights This is because only Overnight positions are supposed to be Marked to the Market It will now be calculated by the average prices from both Portfolio Keep Sorted Portfolio All Day Bid Ask P amp L When checked all Portfolio Window functions will use the Bid Ask to determine P amp L including pre post market hours When long a position the price is based on the highest bid When short the price is based on the lowest offer If this box is not checked the Bid Ask will be used to determine P amp L during market hours during pre market hours the previous day s closing price will be used in determining P amp L during post market hours the last regular trade will be used 128 9 14 Cancel R
174. igure 13 3 Theareticals 5 28 Volatility 8787200 2000 Figure 13 3 Note If the box Exp Month is checked the What If Analysis will NOT work Make sure that it is unchecked Also all fields in figure 13 3 can be changed to view different scenarios They can be changed individually or at the same time Exp Month All For example In Figure 13 4 below QAVUB option is highlighted The current price is 31 967 expiration date is Sep 8 and the theoretical value is 0 02 Now in figure 13 5 if change the price to 30 00 the theoretical value becomes 0 15 Which means am ahead 18 tics In figure 13 6 say we expect the price to hit 30 00 within a week from now we have to drop down the expiration date one week to Sep 1 showing a theoretical value of 0 12 or a gain of 10 tics You can play around with the input values to test various scenarios 168 ini x Option Analysis Page Puts Symbol Exp Month All r Theoretical 000 20030920 v Price Static Interest Rate 1 J67 5 28 Calls Radis Exp Date Pus ie 9787200 1 Symbol Sue Last Bd Ask Volume implied Vol Theoretical Dea Time QAVUWH 2300 005 400 4357 000 0 000 Jul 24 2003 9 30 am 3288 210 MU 24 0000 10 11 am EN c 294 0 894 Jul 24 0000 10 16 am Figure 13 4 ici xl Option Analysis Page Puts Symbol Esp Month All qug 20030920
175. igure 5 7 An example of the Chart Format box 45 5 10 Chart Type Chart type allows you to select the type of chart you would like i e Line Chart Bar Chart or Candlestick Chart This can be done in the following way Click on the Chart Window to activate it Right click your mouse while holding it over the active window Highlight and click on Type The Chart Type box will appear see fig 5 8 Select the Chart Type you want f you select Line Chart on you have the option to choose what price you would like the line chart to be drawn on from the Price to draw line chart on drop down box e g Volume All changes can be seen in the Preview window Click Ok to accept the changes Chart Type X hat review Line Chart on Close 2003 05 16 Preview 3 28 9000 16 15 00 28 8000 28 000 28 6000 28 5000 28 4000 OHLC Bar Chart HLC Bar Chart Candlestick 09 30 13 00 09 30 13 00 05 15 05 16 C Point and Figure 1 Cancel Figure 5 8 The Chart Type Box 46 5 11 Chart Scaling Chart Scaling allows you to view what time period you would like your charts to represent This can be done in the following way Click on the Chart Window to activate it Right click your mouse while holding it over the active window Highlight and click on Scaling The Chart Scaling box will appear See fig 5 9 Under the Price Scaling option you may choos
176. ill Cancel All 5 ame Symbol Cancel Cancel All Buvs Cancel All Sells Shorts Rem Al Paositions Dump All Order Praperties M ext Level I window Previous Level I Window Active Keps Cancel Figure 21 15 Save Note To view what actions you have assigned to which keys click on the Active Keys button This brings up a window detailing the keys and the actions you have assigned them It is always safe to check the Saved Keys section to verify that the settings for the Hot Key selected is configured correctly 228 22 1 22 0 NYSE Open Book amp NYSE Liquidity Quote le NYSE Open Book NYSE Open Book provides a view of the Exchange s limit order book for all NYSE traded securities NYSE Open Book lets traders see aggregate limit order volume at every bid and offer price thus responding to customer demand for more depth of market data and raising the NYSE market to an even greater level of transparency To Create an NYSE Open Book Click on New Window the Main Menu at the top of your application Select Open Book Symbol Input window will pop up enter a Symbol and click OK Open Book window for the Symbol entered will open See Figure 22 1 Open Book International Business Machine NYSE Openbk 92 20 Openbk 9224 Openbk 92 19 Openhk 92 25 Figure 22 1 Open Book Window 229 22 2 Setup Trade Defaults You may set your default trade size
177. ion NYSE 1000 56 83 56 90 57 09 MSFT 2 593 397 Microsoft Corporation NNM 0 26 01 29 93 25 95 135 Orders The Orders section has the same information you will find in the Orders Tab of your Portfolio Window Setup The Setup section allows the user to adjust the accounts being viewed A user can have multiple accounts linked to them This section enables the user to add delete the accounts in which they would like view If Auto View New Accounts is checked then all new accounts that become linked to the user are automatically viewed in the Account Monitor Window 3 Account Monitor B x Open Fending P amp L Summari Orders Setup Choose Which Accounts view Available Accounts to view 100116 Add All Del All Auto View Mew Accounts Heset Apply Setup Section of the Account Monitor Window 9 18 Trade Summary Trade Summary will show the total aggregate value for buying selling and shorting both equities and options The values are only calculated based on that day and for the opened account The value totals will update real time and correspond with the opened account The Trade Summary window will adjust its values as a user switches between accounts See Fig 9 17 To Open Click on New Window at the top of the application and select Trade Summary 136 ioj x Side Aggregate Value 162 299 000 Sell 1 134 055 360 Short 506 699 000 Het Total 1 803 083 360
178. it will attempt to fill the remaining amount of default shares that have not been executed If long 900 shares and the default size is 1 000 the Auto volume will send an order to buy 100 shares when the Buy button is clicked Note The buy and sell amounts for Auto will be displayed in the Title Bar of the Level Il screen See fig 7 3 Trade Size Through your Trade Default settings you can configure your default shares and how they are displayed The following options are available equities and options see fig 8 9 8 10 Trade Size for Equities Equity Share 100 Default Number of Shares 1000000 Maximum Number of Shares 100 Increment Size of Shares 500 Default Show Shares Figure 8 9 Equity Share Size Box Equity Share Size Fields Default Number of Shares Displays the number of shares your Level Il Order Entry window will default to Maximum Number of Shares Determines what the maximum number of shares per order can be Increment Size Determines your default increments when toggling with your mouse or Hot Keys Default Show Shares Displays this number of shares in the Show size box when Reserve is checked in the Order Entry Screen This is the number of shares that will be displayed to the market Trade Size for Options 101 Option Contract Default Humber of Contracts 1000 Maximum Number of Contracts Increment Size of Contracts Figure 8 10 Options Contract Size O
179. itting the bid or taking the offer Orders preferenced to ARCA at sizes greater than the displayed size will be matched against the entire reserve quantity e A Reserve Order has a limit price a displayed quantity and a reserve size that is not displayed on the NYSE Arca Book but is electronically accessible Reserve Order Example National Best Bid is on NYSE Arca at 50 05 NYSE Arca Book Bids Price Show Amt Reserve 50 05 100 5000 50 04 500 10000 50 03 1500 0 Limit Order to Sell 5000 shares at 50 05 Result Entire order is matched with the NYSE Arca Book at 50 05 NYSE Arca Expiration Order DAY order is canceled at market close of the regular market session Order DAY order is canceled at the end of the after markets session Order NOW e Now orders will be matched with the NYSE Arca Book or routed for execution to a select group of Market Participants at their quoted price e Any residual volume will automatically be canceled if not executed at the quoted price or better e Now Participants include only those participants that have a direct connection to Archipelago for receiving orders automatically execute those orders and can accept IOC orders e NOW orders may trade THROUGH better prices since they are routed only to electronic contra parties 258 Now Order Example Market Bid Size NYSE Arca 50 00 1000 NSDQ 50 00 1000 AMEX 50 00 1000 NOW Order to Sell 3000 shares is entered Result Orde
180. key Chart Periods Chl Candle Stick Daily rl Line Chart Weekly Ctrl Alt OHLC Bar Chart Monthly Bar Chart Ctrl Shift Intraday Show Pre amp Post Mkt Trades Display Period Longer Period Shorter Period Keys n Shift Show Trades Tick Chart Bid Ask Tick Chart Time amp 5ales Tick Chart Price 5caling Linear 5caling Change Save Key Hemove Key Active Keys Havigation Next Chart Window Prev Chart Window Next Level Il Window Portfolio Window OF Cancel Indicator Weight Weight Up Weight Down Charts Chart Prev Chart Figure 5 13 Hot Key Setup window For more information on Hot Key Setup see Chapter 8 Section 11 5 15 Saving Chart as Default After customizing a chart to meet your needs you have the ability to save that chart as your default The subsequent chart will be created in the format you have set This enables users to create and save charts and layouts very quickly To Save Chart as Default Activate the Chart by left mouse clicking on the chart Then right mouse click to bring up the selection menu Highlight Save as Chart Default and select it with a left mouse click Your Chart is now saved as the Default Chart Window 5 16 Chart Smoothing Our Chart Smoothing technology has been enhanced to provide
181. l be sent in the exact format that you specified in the Order Entry Box In this example an order to Buy 3000 shares using ARCA It is going to Market order good for the Day Also the Account Type will be Margin The order entry box should look like Fig 21 14 D Voll ype Price Volume stop Frice zp Order Options poo mkt Pat Al sioner Route Expiration Account ype Reserved mount Short ARCA Day Margin B PreftdMID ITIN E Figure 21 14 Creating a Hot Key for this Action Right click on the Level Il Window and select Setup Hot Keys Select the Hot Key F1 for this example which you would like to associate the action with Select Buy Execution for the Execution type In the Fields to Save from Current Order Entry Box select Number of Shares 3000 select Execution Route ARCA select Order Expiration Day select Order Type MKT and select Account Type Margin The Hot Keys Box should look like Fig 21 15 select the Save Key 227 LIMEN xj Kep Keys F Key Application Global Available Commands Selected Commands Buy Execution Number of Shares Order Type Execution Haute Order Expiration Account E ecubon Sell Execution Short Execution Entry Firelds Heserve MMID Preference Bid Offer Option Short Option Add gt gt Lmt Price Lancel Options lt lt Hem Cancel Last Order This L
182. l now be given the symbol Symbol Lookup X Search By Company Name Choose Exchange U5 default Search By Symbol U51 US Stocks and Commodities Enter Partial Company Mame or Symbol Find How Figure 5 18 An example of the Symbol Lookup box 64 5 20 Spread Chart The Spread Chart acts somewhat similar to a Basket Chart except it computes a line based on a Price Spread between two or more symbols If two symbols are listed it will take Symbol 1 if a positive Quantity and subtract Symbol 2 if a negative Quantity The result is reported as a line chart in the Chart Window The spread chart data would then be the difference between the two symbol prices To create a spread chart a user would use the same steps in section 5 18 Creating a Basket The same window in Fig 5 15 will open As an example if you want to create a spread that consists of 2 IBM and 1 2 a CSCO This will have the following mathematical affect 2 IBM 0 5 CSCO Constant This can be done by entering 2 IBM and 0 5 CSCO The Spread will be titled Spread1 See Fig 5 19 for an explanation x asket Header i Start Date of Basket 12171997 ODK Basket Desrption SPREAD j Cancel asket Stocks Add Subtract Constant lo 0000 Lookup Symbol Import Symbols Remove Symbols Figure 5 19 Edit Basket window for a Spread Chart 65 After creating the basket in Fig 5 19 titled SPREAD it ca
183. land and other traders execute their limit orders through Island Trades are electronically matched up without the decision making process that a true Market Maker such as Goldman Sachs goes through There are a number of ECNs that are available Island CINN and Archipelago ARCA are the only ECNs which allow you to post limit orders They both have execution buttons embedded in the order entry system for you to access easily You may choose the ECN you prefer by clicking on the Route drop down menu as shown in Fig 8 2 8 2 Order Types Explained 1 Stop Market Order In general Stop Orders are placed to enter or exit a position at price levels that are predetermined by the trader They are routed and automatically executed based on the trader s set parameters stop order to buy must always be executed when the buy price is at or above the stop price stop order to sell must always be executed when the sell price is at or below the stop price There are three types of stop orders and these are as follow A Stop Market Order is an order to buy or sell at the market price once the security has traded at a specified price called the stop price A stop order becomes a market order when the stop price is reached You may use a otop Market Order to exit a position or enter a position 2 Stop Limit Order 92 A Stop Limit Order is an order to buy or sell at a specified price or better called a stop limit price but only after
184. lick on Import Symbols from Portfolio Page A list of available portfolio pages will appear Select highlight the page you would like to import Click Ok A message box will appear telling you how many symbols were added Note The program will not add symbols that are already present in the page 33 4 9 Replace Current Quote Page You can replace your Current Quote Page in the Detailed and Condensed Quote windows in the following way Click on the Replace Current Page shown in fig 4 9 drop down box in the Icon Bar just below the Menu bar your selection from the drop down menu The Replace Current Page drop down box is the first drop down box that appears in the Icon bar and it will have the name of the current quote page displayed in it Figure 4 9 The Replace Current Page drop down box 4 10 Sort Field Page In the Detailed Quote window it is possible to sort the data in any field This is done in the following way Click on the Sort Field drop down box shown in fig 4 10 in the Icon bar just below the Menu bar Select the field you like to have the table sorted on fil 1555 Figure 4 10 The Sort Field drop down box Bscendin Ms Sans Serif d It is also possible to sort the table in ascending or descending format This is done in the following way Click on the Sort Order drop down box shown in figure 4 11 in the Icon bar just below the Menu bar Sel
185. ll never accidentally close the program without saving your work Import Export Layout This feature is used for saving a specified layout and exporting importing It is most commonly used to save a specific layout as a default layout and allows for other users to import it into their trading software The file containing the layout can be sent via email floppy etc In order to Export a layout Close the Trading Software Click on the My Computer icon on your desktop Click on the C Drive Click on Program Files Click on the IQ Folder Click on a file named savelay a window will pop up and flash a little When the savelay window finishes scroll to the bottom of the IQuote32 folder and there will be a file named LAY ARQ Right click on the LAY ARQ file and click Send to Desktop This is the file in which a Layout is saved 19 3 5 In order to Import the LAY ARQ file sure the Trading Software is closed Refer to above and open the IQuote32 folder Copy and Paste the LAY ARQ file into the IQuote32 folder Find the file named loadlay and double click the file will load the saved layout Open the Trading Software select File and Open Layout Free Floating Windows Free Floating Windows are yet an additional feature available on the Trading Platform The Free Floating Windows feature allows the User to move Child Windows out of the Parent Window giving them the ability t
186. ll set at the current offer price sell order set at bid price The orders will then move up and down as the bid offer moves The order will only move up or down to the limit price you set Order is displayed on NASDAQ level 11 as NSDQ and Island for Level II listed Order Type PEG BEST Peg Best Availability All sessions core and after hours 261 Peg best orders positions your order to the same side of the primary market NBBO buy orders set at bid price sell orders set at offer price The orders will then move up and down as the bid offer moves The order will only move up or down to the limit price you set Order is displayed on NASDAQ level as NSDQ and as Island for Level II listed Order Type Reserve Orders Availability All sessions core and after hours With Reserve order the user defines the displayed quantity while the balance of the reserve remains hidden Displayed quantity is automatically replenished from the reserve NASDAQ Market Center Expiration Order DAY order is canceled at market close of the regular market session Order DAY 4 order is canceled at the end of the after markets session Order IOC Immediate or Cancel will fill all or part of your order Order will cancel immediately even with a partial fill Order GTC Good to Cancel order remains open until cancelled on the date you specify on the pop up calendar when the order is placed Order FOK Fill or Kill will fill all or
187. ly to All Condensed Quote windows Use Classic Version Color and Font Setup window Apply to All Condensed Quote Windows 4 4 Movable Columns s Select Foreground Color Red 255 4 Green zl Blue E E Mew Current Select Background Color Red 255 Green 255 zl Blue 255 H Mew Current OF Cancel When making a color change to the Condensed Quote window if checked it will change the colors for all other Condensed Quote windows This change will affect all Condensed Quote windows whether they are opened or closed The columns in all Quote Windows have the ability to be moved 29 To Move Simply left mouse click and hold on the column you would like to move Then Drag the column to the location where you want the column moved to and release the left mouse button 4 5 Market Watch Window This feature allows you to view the Market Watch Window The window monitors the major market indices that are used as barometers for trading U S stocks Market Watch Setup See fig 4 4 allows you to choose the symbols that you would like to view in the Market Watch window and allows you to label them accordingly Market Watch i E Watch 4 Change Last Price bps Change Char Figure 4 3 The Market Watch Window Right mouse click on the Market Watch for color symbols and columns To change the column choose Setup Columns from the pull down menu and add remove the columns of choice
188. match Mark to the Market closed positions under the Profit Loss tab This is the account that is being shown in the Portfolio Window 111 9 5 Portfolio Page Columns Explained for Orders To view Orders information click on the Orders button in the Portfolio Window as shown in fig 9 3 EDUUICTCIDON5 amp A 8 15 x EETESP deo Symbol Acton Tve Pico Shares Pending Erected Status Route Pie Uer accon Cancel P Cancel 1 Cancel 1 Cancel Open Positions Closed Positions Orders Order Details Buying Power Frafit Loss Account Statistics Order Summary Position Minder Position Tracker Ordeo Symbol Action Price Sheres Pending Ewecuted AvoPrice Last Time Status Canceled Stpinfo Route N 0214 7664 CSCO 0213 1002 GOOG 0213 1001 GOOG 0210 2207 SMH 0207 2633 GOOG 212 7215 GONG Overnight 20 00 100 19 00 16 38 08 Filled Overnight 100 00 200 100 00 152222 Filed Ovemight 188 00 100 189 00 12 11 53 Filled Overnight MET 1000 32 8683 12 45 00 Filled Overnight MET 1000 156 515 15 25 01 Filled 1nnnn 716 9046 n8 3 22 Figure 9 3 an example of the Portfolio Page Columns for Orders Column Name Order No Symbol Action Type Price Shares Pending Executed AvgPrice Last Time Description Explanation This is the date and the order id number Example 0731 5151 of the closed position The stock symbol of the closed position
189. n now be placed in a chart form Activate a chart window Type Spread click Enter The Spread Spread1 should now be displayed on the chart shown in Fig 5 20 below he same steps can be taken to enter the Spread Spread into a Detailed Quote Window Chart SPREAD 1 Min 2003 05 20 11 39 11 40 11 41 11 42 11 43 11 44 11 45 Figure 5 20 Note Spread can also be added to the Detailed Quote Window It will be entered the same way Spread The Detailed Quote Window can be linked to the chart window for quick entry see Chapter 6 66 5 21 Scanning A scan will search through charts retrieved by a user during a session It will examine the charts used for that session according to the Indicators and Statistics selected from the Scan List This feature is particularly useful for users that would like to further examine the symbols that they track throughout the day To Create a Scan Activate a Chart Window Click on Tools in the Main Menu Bar Select Create New Scan Create New Scan List window will open shown in Figure 5 21 Enter a Name for the New Scan List BIGGAIN in this case A Description of the list 10 Biggest Percent Gains over 30 days Click OK Create New 5can List X of New Scan List BIGGAIN Cancel Figure 5 21 Create New Scan List Scan window will open in this case it is named BIGGAIN see fi
190. n the Order Summary table Orders Table Color Cancels Over Part Fills Will color partially filled orders that were cancelled Pending Table Can Rep on Click Will bring up a cancel replace window when you double click a pending order Fill Alerts Play Sound When an order has been filled a sound will occur to alert the user of a fill Notify Message When an order has been filled a message pop up box will open to alert the user of a fill Play Custom Sound A wav file can now be played for the Fill Alert if placed in the IQuote32 folder This will be played instead of the default beep Net Calculations A user can find these calculations in the Orders window within the Portfolio Scroll to the far right to see these columns Commission per Share This feature will calculate the commission on per share costs basis SEC fee per million 127 This feature will calculate the SEC on a per million share basis Cancel All Warning Box If checked a warning pop up box will appear for the user to verify the canceling of all pending orders Open Close Bell If checked a bell ring will sound when the market opens and closes Change Exit Change Accounts If checked a Pending Order warning box will open when you try and exit the application or switch to another account when there is a pending order open in the current account System Message Box If you enable this feature a system message box will appear
191. ncel all Buy Orders that are pending for that particular account Cancel All Sells Shorts Will cancel all Sell orders and Short orders that are pending for that particular account Cancel All Orders Will cancel all pending orders for that particular account Change to MKT Order Will change a Limit order to a Market order immediately Print Table Contents Will print all order information in the pending orders section of the portfolio window Note When canceling an order a confirmation box will appear Always double check the order to adjust Portfolio Window 302 O x XII Pending Executed Status Route TravSto User Jacco J Cancel Replace Cancel Cancel P Cancel F Cancel Pending Order Cancel P Cancel All Buys Cancel F Cancel All Sells Shorts Open Positions Closed Positions Orders Order Details Buying Power Cancel All Orders Order Summary Position Minder Position Tracker Change to MET Order Pendin E Table Contents firme Status Cancelec Route Batch User_ mi Column Setup Symbol Lookup Chart News Quick Quote Time Sales Masd II Color Setup Reset Defaults Basic Colors Extended Colors Linked To Group Figure 9 14 132 9 17 Account Monitor For users with Multiple Account Access Account monitor allows a user to monitor all accounts linked to the user in one window All open and pending positions for each account will be shown along with all
192. nd lines in the whole chart window as well 42 5 8 Making Dual Axis Charts You can make Dual Axis Charts as seen in fig 5 6 in the following way Click on the Chart window to activate it Right click your mouse while holding it over the active window Highlight and click on Overlays The Add Delete Chart Overlays box appears Enter the symbol of the chart you would like to overlay against in the Symbol column beside the Sub window column Change the Sub window classification to the same classification as the stock that you want dual axis charts on select a color click on the number 1 10 and then click on a color in the Overlay Color box To Remove a Symbol click on the Symbol you would like to delete and press the Space Bar Note Dual axis charts only allow 2 charts per window or sub window More than 2 it will become a regular overlay Lhart DELL 5 Min Dell Computer Corporation NNM E 2003 05 23 O x 30 2000 30 0000 29 8000 29 6000 19 0000 18 9000 18 7000 18 6000 16 00 05 22 10 00 13 00 Figure 5 6 An example of a Dual Axis Chart 16 00 05 23 10 00 13 00 16 00 30 0000 29 8000 29 6000 16 0000 15 3000 15 8000 15 6000 43 5 9 Chart Formatting You can change the way Maximus Protrader displays charts via the chart format commands These allow you to change options such as scales grids and legends etc This can be done in the following way
193. ndow Highlight and click on Overlays The Add Delete Chart Overlays box appears If you don t know the symbol click on the Symbol List button in the Add Delete Chart Overlays box Fill in the Symbols of the charts you would like to stack in the space provided i e positions 2 10 To zero base charts from a selected date enter the date where it says Date to Scale Charts Around select a color highlight and click on a symbol or the number 1 10 and then click on a color in the Overlay Color box Remove a Symbol highlight and click on the Symbol you want to delete and then press the Space Bar Lhart DELL 1 Min Dell Computer Corporation B 2001 10 22 EN pe 15 53 00 TRUITT 24 2000 24 0000 23 6000 23 6000 amp nnn 2 4000 2 2000 11 00 11 30 12 00 12 30 13 00 13 30 14 00 14 30 15 00 15 30 Figure 5 5 An example of Chart Overlays Note Trend Lines are now available for Overlay Charts Right click on the Chart and select Trend Mode A user can then draw a trend line or multiple trend lines If Keep Draw Mode is selected then multiple trend lines can be drawn one after another Once a trend line is drawn it cannot be moved into another section of the chart window To remove a trend line right click on the line and select remove object A user can also right click in the chart window and select remove drawing objects but this will remove all tre
194. ng application may query you to affirm that the order that you are submitting is not a duplicate order You may select to turn off this feature by selecting the checkbox see fig 22 9 on the Trade Default Window Dup Warning On Figure 22 9 Dup Warning Box Price Change The Price Change section defaults for the Level ll window can be set in either Fractional or Decimal Increments through this interface See fig 22 10 Price Chage Discretionary 1 64 Increments CI CU Default 01 Decimal Increments Limit Range Warning ot i 0000 Trail 5tap Increments Cox Figure 22 10 Price Change Box Additionally the Trailing Stop Increments and Discretionary Default can be set through this interface Trailing Stop Increments A Limit Range Warning can be configured so that an order will not be sent if it is accidentally entered with too high a price for a buy and too low a price for a sell Discretionary Default 235 Will set the discretionary default in the Level II Order Entry section when using discretionary orders Cancel Defaults When using the Cancel button you have the option to have it cancel the last order you entered all your open pending orders or all orders within the same symbol See fig 22 11 Cancel Defaults f Last Trade This Ld All Last Trade Placed C All Same Symbol wait for Out Last Curr Symbol Figure 22 11 Cancel Defaults Box Bi
195. ng open orders size in the portfolio window For example if default share size is 1000 and current position size is 400 then the size in the volume field will show 600 shares Default to Position Size Amount shown in volume field will default to the open position size for that symbol Note If the symbol is set up in Symbol Defaults and there is a default amount saved the Symbol Default amount will override the Trade Default settings and will not display the current position size Show Pending Order in Montage Will display and highlight the pending order for the symbol in the Level II montage Adjust Shares to Pending Size The volume field will adjust to the current number of shares left for execution For example if you originally sold 1000 shares and 300 were executed the volume field will show 700 shares Reset Default Shares after Execution This option will reset the volume field to your default share size after an execution Reset Default Shares on Symbol Change After a symbol change the Level Il the default share size will show Auto Mode 100 Auto Mode is enabled when Adjust Shares Less Pending Open size and Default to Position Size are both checked The Auto Mode option will do two things First it will automatically load your position size to cover an open position If long 2 500 shares and Auto is shown in the volume field it will send a long sale of 2 500 shares when the Sell button is clicked Second
196. ng power for purchasing options Sell Naked Options Buying power for selling naked options Reg T vs Equity Reg t vs your amount of equity 118 9 8 Profit Loss To view Profit Loss information click on the Profit Loss button in the Portfolio Window as shown in fig 9 6 T Window 100118 i vances i vances vances P Cancel Ls nz Account Statistics Order Summary Position Minder Position Tracker pen Positions Closed Positions Orders Order Details Buying Power Protit Loss Profit Loss Intraday Open Prev Open 512894810 00 Total Open 51289480 00 Total Intraday Closed Prev Closed Total Closed h12854810 Dl Mark to the Market Starting Equity 250000000 Closed Positions Total 1000126 00 Est Total Current Equity 35001 26 00 pen Positions 1000126 00 Est Comm 1000126 00 Figure 9 6 An example of Profit Loss information Profit Loss The Profit Loss section will calculate the gains and losses for intraday and overnight positions based on entry and exit prices Intraday Open Profit Loss for all Open Positions established Intraday Intraday Closed Profit Loss for all Positions that were established and Closed intraday Prev Open Profit Loss for all Open Positions that were held overnight Prev Closed Profit Loss for all Positions that were held overnight and Closed intraday Total Open Profit Loss for all Open Positions overnight and intraday The Sum of Intrad
197. none of your order no partials If not filled will cancel immediately Route NYSE AMEX Listed Only About NYSE orders are sent directly to the NYSE Specialist on the New York Trading floor through DOT AMEX orders are sent directly to the AMEX Specialist on the American Stock Exchange Trading floor through DOT Minimum Price Increment 0 01 NYSE Routing Table Stop Stop EN Trail UNE NE anm AMEX Routing Table Stop 262 Order Type LMT Limit Order is sent to the floor specialist Order may not show on book Order Type MKT Limit Order is sent to the specialist Order does not show on book Order Type Stop Lmt Stop Limit A stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price see LMT order The transaction must occur between at or between the bid and offer for the order to be triggered Order Type Stop Mkt Stop Market Limit A stop market order to buy becomes a market order when a transaction in the security occurs at or above the stop price a stop market order to sell becomes a market order when a transaction in the security occurs at or below the stop price see MKT order The transaction must occur between at or between the bid and offer for the order to be triggered Order Type Trailing Stop T
198. nt saved the Symbol Default amount will override the Trade Default settings and will not display the current position size Show Pending Order in Montage Will display and highlight the pending order for the symbol in the Level II montage Adjust Shares to Pending Size The volume field will adjust to the current number of shares left for execution For example if you originally sold 1000 shares and 300 were executed the volume field will show 700 shares Reset Default Shares after Execution This option will reset the volume field to your default share size after an execution Reset Default Shares on Symbol Change After a symbol change the Level Il the default share size will show Auto Mode 231 Auto Mode is enabled when Adjust Shares Less Pending Open size and Default to Position Size are both checked The Auto Mode option will do two things First it will automatically load your position size to cover an open position If long 2 500 shares and Auto is shown in the volume field it will send a long sale of 2 500 shares when the Sell button is clicked Second it will attempt to fill the remaining amount of default shares that have not been executed If long 900 shares and the default size is 1 000 the Auto volume will send an order to buy 100 shares when the Buy button is clicked Note The buy and sell amounts for Auto will be displayed in the Title Bar of the Level Il screen Trade Size Through your Trade Defa
199. ntT ype Reserme mount E piratian 1510 Day Margin 3 Short Figure 7 1 An example of the Level Il window 78 7 1 Creating a New Level Il Window A new Level Il Window can be created in the following way Click on the Level II button in the blue Hot Keys menu A Level Il Window will open Additional Level Il Windows be created in the following way Click on New Window in the Menu Bar Click on NASD Il A Symbol Input box will appear Enter the symbol of the stock you desire Click Ok A new Level Ill window will open 79 7 2 Saving Level Il as Default Once you have formatted the Level II to fit your needs you may save the changes to be the default The subsequent Level II will be created in the format you have saved To Save Level Il as Default Activate the Level II Window by left mouse clicking on the Level Il Then right mouse click on the top gray portion of the Level 11 where the Level information is located Highlight Save as Level Il Default and select it with a left mouse click Your Level ll window is now saved as the Default Level II Window Yahoo Inc MNM _ B x YHOO 33 80 1 00 3 05 100 Vol 21194268 Upen 32 80 Hi 34 00 lew FF Class 29 nn Bid 33 79 U Ask 33 80 Symbol Lookup Setup Hot Keys Enable Order Confirmation Box Setup Trade Defaults Setup Display Preferences Save as Option P
200. o create very flexible layouts across many screens To enable your trading platform for Free Floating Windows Select File at the top of the Parent Window Then select Exit and a Save Layout Interface will come up see fig 3 4 Check the box next to Restart With Free Floating Windows Then select Yes Restart your Trading Platform and you will see that the Child Windows are still in the Parent Window To move them out of the Parent Window simply minimize the Parent Window and you will see that the Child Window is operating freely outside of the Parent Window Arrange your Trading Platform as you normally would and Save your Layout to maintain the configuration Save Layout X Save Current Layout Yes No Cancel Restart Options Remove Blue Buttons at the top when Restarting Restart With Chart Smoothing Restart With Main Window Maximized Figure 3 4 The Save Layout box 20 Ter T i plaid TI ITANE ml EE TIC ell for OS it 54 T T ret Low EIF Gi Hid Wo Ak 38 Che Pale ve TF E T Dalle HHH ED I Mec inp 37 T Hab HE es s fe c E nop 16 14 12 BAME h at man Gecais ga FIS Dj joop Flem Tabiin Fom Aad Sects DU D B
201. o right to adjust the size of the column Movable Columns The columns in many windows can be moved and rearranged Left mouse click the column to move Drag the column to a different location and release the left mouse button 17 3 Layouts amp Pages 3 1 Opening an Existing Layout Click on File on the Menu Bar Click on Open Existing Layout see fig 3 1 A preloaded selection of Existing Layout pages will appear Highlight one of these Click Ok The existing layout will then automatically open and be displayed File New Window Setup Symbol Window Help Print Exit Create New Layout Open Existing Layout Save Layout L AL Save Layout As Levelll jTime amp Sales lop len Cond Quote Connection Restore OEM Layout hi Alerts Options M Watch O Quote Trade Figure 3 1 Opening an Existing Layout 3 2 Creating a New Layout Click on File on Menu Bar Click on Create New Layout see fig 3 2 A window asking you to name your new layout will open Name your Layout Click Ok You have effectively given yourself a clean slate with no preset settings or windows This enables you to create a personalized custom layout suited specifically to your own needs You are then free to choose which windows to open and more importantly which windows not to open File New Window Setup Symbol Window Help r e a L e N UN c a y out EE Open Existing Layout Sa
202. o time decay For example the theoretical value of the option is 1 20 the theta is 0 15 that means that if everything else stays the same the value of the option will be 1 05 tomorrow Rho Hho measures the exposure the position has to a change in interest rates from today until expiration In most cases the interest rate impact on options is nominal For certain kinds of options especially long dated options the impact can be significant Breakeven Probability The breakeven probability measures the chance you have of breaking even on the trade Far out the money options will have a low breakeven probability while in the money options will have a higher breakeven probability 172 To Add Remove Greek Columns Activate the Option Analysis window Select View from the Main Menu Bar Check Uncheck the Greeks to be Added Removed 13 7 Level Il Options Trading Maximus Protrader offers one of the industry s most sophisticated Options trading screens Our Level 1 Option Window provides real time streaming data and will give an in depth look into any particular option contract It offers the inside Bid inside Ask Size and Volume for each Exchange Additionally it provides continuous Time and Sales data of each last trade for the selected option Our automatic order routing systems will preference Options orders to the exchange showing the best inside price Or you can override this system by routing Option orders to any of the five
203. olors accordingly Setup Quote Table Defaults B X elect Table Property Safer FOUNO over Table Defaults Focus Pen Grid Color xample Table Defaults Focus Pen Cancel Color Setup for the News Window 151 12 2 The Alert Window The Alert Window allows a user to identify market leaders and movers Users can be notified once a symbol has reached new highs new lows a specified amount of volume or has news Multiple symbols can be monitored by using various price and volume parameters These alerts can be triggered both visually and audibly Furthermore a user can setup an automatic email alert so they can be notified when a security has reached one or more of the parameters set You may enter any number of symbols and enable disable any combination of options See fig 12 2 Alerts Untitled ew Low Un E Un ejcsco On fe o Hiper ee Defaut 2 098 036 a a a i illii i o 2 jo jo e 4 4 4 I II l 4 T4 4 2 o o o 2 On m On ml n E n E n el Figure 12 2 The Alert Window 12 3 Creating a New Alert Window A new Alert window can be created in the following way Click on New Window in the Menu Bar or by clicking on the Alerts button in the blue Hot Keys menu Click on Alerts A blank Alerts window will appear Click on a blank box in the Symbol
204. on Bar Clicking one of the Blue Tab Keys will open a new window minimize maximize an existing window or make an existing window active Examples f no Chart Windows are open clicking the Charts Tab will open a new Chart Window f a Chart Window is open and active then clicking Charts will minimize the active chart window 1 Level Il Window is active clicking Charts Tab will activate a Chart Window and clicking Charts a second time will minimize the Chart Window To remove the Windows Blue Tab Keys from the Maximus Protrader platform n the upper left corner Click File Then Select Exit Save Layout box appears Check the box next to the Remove Blue Buttons option and select save layout When you restart Maximus Protrader the Windows Blue Tab Keys will not appear 2 2 The Icon Bar The Icon Bar allows quick access to configuration tools The configuration tools will change depending on which window is active There are 3 different Icon Bars that appear depending on which window is active Following is a brief description of the various Icon Bars that appear and a brief explanation of the configuration tools available 2 2 1 Icon Bar Type 1 This Icon Bar appears when the News Alerts or Level II window is made active 9 Figure 2 5 Icon Bar Type 1 Setup Colors Setup change the default colors for the window Font Selection Change the font in the window ms Sans Serf 10 Fon
205. order within the batch Also sets the price to the best price contingent upon the side of the trade Example Changes all Buy actions to Sell all Sell actions to Buy and all Short actions to Buy to Cover Price is set as follows if action is buy the price will be set to the Bid to receive the Best price If the action is Sell the price will be set to the Ask Cover Batch Mkt Functions in the same manner as Cover Batch Best except the order type is set to Market instead of Limit 203 Window 20 4 Set Col Data Gives a trader the ability to Change data for an entire column The columns that coincide with this function are Action Price Type TIF Fill Account and Route Changing the column data will change data for the entire batch Scale Batch Provides a trader with the capability of Scaling a batch up or down by the following characteristics Percent Amount Increase Decrease the batch value by a percentage Number of Shares can scale up or down or set the shares to a specified amount Dollar Amount Bid Ask Last Disperses a specified dollar amount evenly to all orders increases each orders share amount by dividing the dispersed dollar amount by the Bid Ask ast Load Portfolio Loads all open positions into a Batch As default action is set to close the positions and all orders are market orders When the portfolio is loaded it will be untitled and a name will need to be specified for
206. ossa SE DARCO SPP Oir RC es als Low Laisrz Fined become Pear Seb loan Fie Danke thd GHAL Hong Corp F uciac BAHH Du Meri rrr Lan Ta Gai 5r Gut Bale 704 Sal Ires 12 0 P 31 MI a i1 Figure 3 5 An example of Free Floating windows on the desktop 21 40 Quote Windows CO 4 1 Selecting Quote Windows There are five different Quote Windows for you to choose from This can be done in two ways 1 Clicking on the New Window button on the Menu Bar 2 Using the Blue Hot Keys The following types of Quote windows may be accessed simultaneously Detailed Condensed Fundamental Custom Market Watch and Top Ten An explanation of each of these Quote Windows will follow 4 2 Detailed Quote Window The Detailed Quote Window allows you to view the status of your personally selected symbols in a grid form See fig 4 1 f Detailed Quote Window DQUOTE 13 Items Symbol ane Tost TSize DX Chara Chonar Open Nigh Low Previus Conent Vol Tine 0 266 0 266 0 45 0 27 0 56 0 72 0 195 1 02 0 61 0 096 0 03 0 17 0 12 Figure 4 1 An example of a Detailed Quote Window To open a Detailed Quote Window do the following Click on the Quotes button in the Blue Hot Keys menu For additional Detailed Quote Windows Click on New Window on the Menu Bar Click on Detailed Quote Window Click on
207. oving average of another moving average is also common 185 This mathematical procedure smoothes or eliminates the fluctuations in data and is used to assist in determining when to buy and sell Moving averages emphasize the direction of a trend confirm trend reversals and smooth out price and volume fluctuations or noise that can confuse interpretation of the market the sum of a value plus a selected number of previous values divided by the total number of values Moving Average Envelopes It is a mathematical procedure to smooth or eliminate the fluctuations in data and to assist in determining when to buy and sell An envelope consists of two moving averages each shifted a certain up and down Envelopes define the upper and lower band of a securities normal trading range Buy signal is given when the price reach the lower band and a sell signal is given when the price reach the upper band Negative Volume Index The Negative Volume Index focuses on days where the volume decreases from the previous day For long term signals use a 255 day moving average On Balance Volume The basic assumption is that OBV changes precede price changes If the securities price movement precedes OBV a non confirmation has occurred Non confirmations can occur at market tops and bottoms When OBV breaks out of its current trend IE makes a new high the stock should be bought based on the interpretation that price will follow On balance volume is designed to
208. ow The copy and paste features work in conjunction with excel Use Control C to copy and Control V to paste Merge Sort This feature will merge empty columns and cells together and sort by the column header that was active when you selected merge sort 28 Charts T Portfolio mm Quotes News lewelll Sales DQUOTE Hore Decendn Ms Sans Seil 9 M Watch D Quote Trade Iop len Cond uote Connection Tool Bar for trading application when the Condensed Quote window is activated Color and Font Setup There are many different fields and display features within the Condensed Quote window that can be changed by using the Color and Font Setup window There are three ways to open the Color and Font Setup window when the Condensed Quote window is activated right click on the window and select Setup then choose Colors and Fonts Another way is to click on Setup at the top of the application and select Colors and Fonts and the last way is to click on the Setup Color Crayons short cut key at the top of the application Condensed Quote Setup Fonts and Colors Select T able Property Quote Table Defaulrs Postive Puce Changes Negative Price Changes Symbol Exch Labels Grid Color 0 00 0 Focus Rectangle ____ IE los ed D it Trades NewHigh Newlow l Last Up Last Down S Bold Fort italic Font App
209. ow s W Link Window Select Group Cancel Figure 22 17 Link Setup 242 Add Delete Columns There are different columns that can be added and removed within the Open Book Montage In order to select columns to add or remove activate the Open Book window and select View at the top of the application At the bottom of the drop down menu there are five columns to choose from Market Maker Condition Bid Size and Time See Figure 22 18 w MasdII Standard MasdII Profile Table Reset Profile Table w Market Maker Condition w Bid w Size Time Figure 22 18 22 5 NYSE Liquidity Quote The NYSE Liquidity Quote is provided in conjunction with the NYSE OpenBook product and represents the Exchangess latest initiative to maximize market transparency NYSE Liquidity Quote is an enhancement to NYSE OpenBook and is being provided to NYSE OpenBook recipients While NYSE OpenBook shows the depth of the limit order book at all price points the NYSE Liquidity Quote provides trading access to that as well as additional interest in the crowd and by the Specialist The NYSE Liquidity Quote is a firm two sided real time quote that reflects true market depth NYSE Liquidity Quote reflects the natural liquidity in a stock by providing a single price for the cumulative number of shares bid or offered on the limit order book in the trading floor crowd and by the specialist It is available at all times throughout
210. ows you to adjust the click features within the Montage of the Level Il window There are two choices for the Montage Click Focus Symbol and Table 239 Symbol Table Level Ill Quotes The Symbol option directs the focus of clicking in the Montage to the symbol entry field at the top of the Level Il window Regardless of where you click in the Montage the Symbol Entry Box at the top will always be highlighted and a symbol can be entered Having the Table option selected allows you to access other features within the Montage With the Table option a market participant can now be selected Once selected you can now right click on the Montage There are three options available HiLite Market Maker HiLite Market Maker Off and Delete Market Maker Clicking HiLite Market Maker will highlight the market maker and their quote in the montage Clicking HiLite Market Maker Off will turn off the HiLite Market Maker feature Clicking Delete Market Maker will delete the Market Maker from the montage Note These three features will not work when the Symbol Option in the Montage Click Focus section is selected Also when the Table option is selected you have to click in the Symbol Entry Box at the top of the Level Il window in order to change the symbol Primary Quote Only is a function for Listed Stocks only It allows you to remove all quotes in the montage except for the NYS 22 4 Features within NYSE Open Book Change Book
211. played in the title bar Orders Details 201 CANCEL FILTER ON Copy Table to Clipboard Copies all the order details in the current window viewed allowing the trader to paste the information into an Excel document for analysis To Create Activate the Order Details Window Right click on the window and right click Copy Table to Clip Board Open a spreadsheet document and right click then select paste Note The columns are sortable Double click on any column and the table will sort according to the selected column 116 Column SetUp DateTime OverAide ClosingT iade Account Pref 117 9 7 Buying Power To view Buying Power information click on the Buying Power button in the Portfolio Window as shown in fig 9 5 EDTOUITUI NSN 16 x BEET Ordeno symbol dion Pit Shares Pending Evecuted Status Route Pret rito User Cancel P Cauca P Cauca P Cauca P Cancel P Open Positions Closed Positions Orders Order Details Buying Power Profit Loss Account Statistics Order Summary Position Minder Position Tracker Buying Power Buy Stocks 58661 61 Buy Options 58661 61 TJotalExposure 816563 00 Reg T vs Equity Short Stocks Sell Naked Opt Day Trading Buy Stocks Day Trading Short Stocks 0 Figure 9 5 An example of Buying Power information Buying Power Buy Stocks Buying power for purchasing stocks Short Stocks Buying power for shorting stocks Buy Options Buyi
212. plete Cancel Unwind and Cancel Batch An example window is shown in Figure 20 7 206 Batch Monitor Original 13 14 31 2 1 M Ioj x B Buy 5 5ell 5 5Short M Mi Green All Exec Hed All Exec Lan Hel El C3 INTC EL i 2 2003 05 29 2 0 B ien B1 2003 05 29 1 0 nl Orginal 13 14 15 1 1 B Batch Data Issues 10 9100 Shj Executed 100 12 Remaining O0 0x HejfCancel 9000 994 Agg Price 24 47 Show Details Auto Complete Cancel Unwind Cancel Batch Figure 20 7 The Batch Monitor Window The following tabs are available to help manage your batches Auto Complete Cancel Unwind Cancel Batch Show Details Batch Data Completes a batch that was canceled orders are sent for shares that were pending then canceled Cancels pending orders and orders are sent to close all filled or part filled orders To cancel pending orders still open in batch Shows Order details for all orders within the highlighted batch An example window of this Show Details is in Figure 20 8 below This will give the user specific information regarding a selected batch It will show the number of symbols within the basket amount of shares and percentage executed remaining share and percentage to be executed number of shares and percentage rejected canceled and the aggregate price of the batch filled 207 T Batch Monitor Original 13 13 29 06 27 H alol x B
213. processes e mail Far these accounts in the Following order Marne Tvpe Change Gags eee ell POPISMTP Default Add Remove n Seb as DeFaulk Move Up i 4 Move Down Deliver new e mail to the Following location Personal Folders New Outlook Data File Back Cancel 159 Highlight the email account you want alerts to be sent select Change A third Email Accounts window will open The POPS server on the right is the server information needed for the alerts window Internet E mail Settings POP3 Each of these settings are required to get your e mail account working User Information Server Information Your Mame Myself Incoming mail server POPS 63 99 225 250 E mail Address Me nowhere com Outgoing mail server SMTP 63 99 225 250 Logon Information Test Settings After Filling out the information on this screen we recommend you test your account by clicking the button Password below Requires network connection I Remember password Test Account Settings Lag using Secure Password Authentication SPA More Settings User Mame Mel lt Back Cancel Open your Maximus Protrader application and the Alerts window Right click on the Alert window and select Alert Options or you can go to the Setup Menu at the top of the application when the Alert window is activated and select Alert Options Alert Options window will open 160
214. ption Contract Size Fields Default Number of Contracts Maximum Number of Shares Increment Sizes Volume Control Round to Nearest Increment Order Option Defaults Determines the number of contracts your Level Il Order Entry window will default to Determines what the maximum number of contracts per order will be Determines your default increments when toggling size with your mouse or Hot Keys When checked the Volume field will increase decrease the volume to the nearest increment your increment is set in the Trade Defaults For example if 400 is in the Volume Box and 1000 is set as the increment the volume will round up to 1000 2000 3000 4000 when the increment button is pressed If unchecked it would have rounded to 1400 then 2400 then 3400 The Order Options Default Box see fig 8 11 gives the ability to customize the order defaults Options available are as follows short Reserve The reserve box will automatically be checked when entering the details of the order Pref MMID The Pref MMID box will always be checked A MMID can be entered in the blank field below and the selected market maker will be preferenced with that particular order Pre Post Day If checked orders placed before or after the open and or close will be day orders Short If the short box is checked the Sell button will always be 102 Bid Offer The price for a limit order will default to the current bid offer for t
215. ptions Windows will open with the pre configured format that you saved as your default Scrolling In the order entry section of the Option Analysis Window the Expiration Month and Radix fields can be adjusted up or down using the Scroll button on the mouse It will scroll up and down according to the months available and numbers within the field Note The cursor has to be placed within the field before scrolling can work 19 3 Volatility Estimation 166 You do not always have volatility available but you can estimate volatility from information in the newspaper For purposes of determining volatility use strike prices that have the highest volume for accuracy For example the paper states that the June Dmark expiring on June 21 with a strike of 5600 has a value of 0046 the current price is 5572 By entering 5572 in the price field selecting June 21 in the expiration date field and setting the strike price to 5600 you can now adjust the volatility until the theoretical value in the table matches the value of the option of 0046 in the paper You have now effectively determined what the market s volatility for the particular option is 167 13 4 What If Analysis By changing the price expiration date interest rate or volatility you can determine what the value of the option will be in the future The What If Analysis can be used only when the Price Static Box is checked in the upper portion of the Option Analysis Window oee F
216. r is instantly matched with the NYSE Arca Book at 50 and 1000 shares are routed to NSDQ at 50 The balance of the order is canceled since the AMEX is not a NOW Participant offering immediate execution Order GTC Good to Cancel order remains open until cancelled on the date you specify on the pop up calendar when the order is placed NYSE Arca Short Sales Nasdaq Short Sales e Short sales are not subject to the bid test when order is matched on NYSE Arca Book e Trades routed to other markets will abide by other market s short sale rules e Limit Orders will be matched down to the limit price which can potentially be outside the National Best Bid if routing to an away market would not satisfy that market s short sale rule e n a down bid market when the NBB is from an away market with a bid test Market Orders will be posted to the NYSE Arca Book at the NBB until they are eligible to trade at the NBB or better Listed Short Sales e For listed stocks on a down tick from the last sale a short sell is offered at 0 01 above the last sale e Onan up tick normal trading occurs 239 NASDAQ EIN Book Route ISLD Listed OTC OTCBB NASDAQ Market Center Formally INET Island Instinet BRUT ECN and NASDAQ Supermontage History In 2002 the Instinet ECN and Island ECN merged to create the INET ECN In 2003 the NASDAQ launch their Supermontage system to replace the SOES SuperSoes and SelectNet order systems The NA
217. rader to see the date time high low last change VWAP and volume for each bar If the chart is a daily chart it will show all data for each day on the chart For intraday charts it will display the information for each minute bar 1 10 15 minutes bars etc as far back as the chart shows information This window makes the chart information a lot easier to read if a trader needs to go back and view specific historical information on a particular symbol In the example below Dell is selected for a Daily Chart l Chart DELL Daily Dell Inc NNM 2003 11 14 37 0000 00 00 00 36 000 LLL 34 0000 33 0000 32 0000 31 0000 30 0000 29 0000 28 0000 2i 0000 26 0000 25 0000 24 0000 23 0000 Wan Feb Mar ul Aug Oct _ O O O OO OO O S DELL Daily Chart 70 Below shows the Historical Data window for the DELL Daily chart above Each line represents a day bar on the Daily Chart For each day it gives the historical data for DELL Historic Data DELL Dell Inc NN x Date High Low Last VWAP Volume 13 Nov 2003 00 00 00 39 687 970 12 Nov 2003 00 00 00 16 769 278 MU 11 Nov 2003 00 00 00 14 493 202 10 Nov 2003 00 00 00 35 91 34 89 21 106 220 7 Nov 2003 00 00 00 10 751 813 06 Nov 2003 00 00 00 10 172 567 05 Nov 2003 00 00 00 14 317 953 04 Nov 2003 00 00 00 13 500 002 03 Nov 2003 00 00 00 12 759 501 31
218. railing Stop Will set your stop order the specified amount above or below the last print The stop will adjust based on prints that occur between the bid and ask Order Type MOO Market on Open Will only execute at market open see MKT order Order Type MOC Market on Close Will execute at market close see MKT order Order Type LOO Limit on Open A limit order will be placed at open If not filled at open the order will be cancelled Order Type LOC Limit on Close A limit order will be placed at close Order Type Ndirect Provides automatic and immediate executions of limit orders up to 1 099 shares at the published NYSE quote NYSE Direct will be available on the first quote of the day when the bid and or offer is greater than 100 shares It is not available during a trading halt or a non firm quote Note Specialist can turn off the Ndirect system in fast moving market and the order will become a regular LMT order 263 Route Listed Only About MLX orders are sent directly to the NYSE AMEX Specialist on the trading floor through DOT NYSE AMEX and MLX are essentially identical in that they both are routed to the floor specialist However ISI MLX uses different server technology for processing orders compared to NYSE AMEX Generally the NYSE AMEX routing technology is superior to MLX although in most cases differences are fairly negligible Minimum Price Increment 0 01 MLX Routing Table l
219. rca features a trading system that searches for the best execution for each order NYSE Arca has an internal order book If orders are not matched on the internal order book they are routed to other pools of liquidity ECNs Market Makers etc for execution ARCA is known for its liquidity and smart routing ability In 2003 ArcaEx purchased the for routing Over the counter bulletin board securities OTCBB GNET s technology was integrated into the ARCA route in late 2003 Size As of 1 March 2007 NYSE Arca is the second largest Electronic Communication Network in terms of shares traded Approximately one out of every six shares traded on the American financial markets is traded on the system For New York Stock Exchange listed securities Tape it accounts for just over 10 of the shares traded For NASDAQ listed securities NYSE Arca accounts for approximately 2096 of the trading volume For exchange traded funds NYSE Arca accounts for 30 40 of the traded volume Minimum Price Increment 0 01 not including OTCBB orders The minimum price variation for quoting and entry of orders on NYSE Arca is 01 OTC and Listed sell orders sent to NYSE Arca with a price of more than two 2 decimals will automatically be rounded up to the nearest penny OTC and Listed buy orders sent to NYSE Arca will be truncated to two 2 decimal places if they are entered with a price of three or more decimals Sell Order Example A sell order is ent
220. reatly outnumbers sell orders or vice versa These order imbalances can be viewed in the Detailed Quote window by changing the color in the Color and Font Setup See below on how to change the colors in the setup window for Order Imbalances Express Bid and Offer The Exchange will time bids and offers of 15 000 shares and Color and Font Setup HAA DOUOTE None p l charts T Portfolio Quotes Hews larger When such a quote bid or offer has been in existence for 15 seconds the Exchange will issue an administrative message that an XPress Quote condition exists When this does the Detailed Quote window will display the XPress quote Bid and Offer To change the color of the quote so it is recognizable as an XPress Condition quote go to Color Setup in the Detailed Quote window Many different fields and display features within the Detailed Quote window can be changed by using the Color and Font Setup window There are three ways to open the Color and Font Setup window when the Detailed Quote window is activated right click on the window and select Color Setup another way is to click on Setup at the top of the application and select Colors and Fonts and the last way is to click on the Setup Color Crayons short cut key at the top of the application Note user also change the font and size of the characters by the drop down menus on the tool bar which is listed in the picture below
221. round Color Select Table Property Quote Table Red 255 Guote Table Default 00 E 0 Positive Price Changes Symbol Exch j Green l Negative Price Changes Symbol E ch E Blue jm Labels l Grid Color T Focus Ch Out Trades I Current New High New Low ME Select Background Color Bold Font Italic Font Red 255 Green 255 mi Blue 255 Apply to All Condensed Quote windows Mew m Current Use Classic Version OF Cancel 16 2 7 2 8 2 9 Figure 2 12 Setup Quote Table Defaults Turning Columns On amp Off Detailed quotes have 30 columns that can be turned on or off for display To turn a column on or off Click View Click the column field name e g Bid Size to turn it on or off A check mark next to the column field name indicates that the column is turned on Note Even though 30 fields are available most fields are only supported in the real time version The most common fields are Full Name Last Change Open High Low Previous and Current Volume Sizing Columns There will be times when the text does not fit into the columns You can adjust the size of the columns to make them bigger or smaller according to your needs Hold the mouse over the vertical grid line that separates the columns Notice that the cursor will change Click and hold the left mouse button and move it left t
222. row to open a calendar which you can select the expiration date If the Exp Month box is checked all expiration months available will be shown in the bottom portion of the Option Analysis Window Interest Rate Enter the Short term risk free interest rate here Dividend Amt Enter the dividend of the underlying security here Volatility Enter the Volatility of the stock or commodity here The volatility will be set to 20 if no chart is available on the option If a chart has been pulled and is locally available the volatility will be based on the theoretical volatility calculated at that instance on the chart Strike Price This is the strike price of the option Strike Increment This is not a required option for estimation This feature is there to tell the table section to increase the strike price by this amount and to show the Greek s based on the different strike prices As you can see from the table the values show the strike prices in increments of 5 All Greek values are displayed in the columns next to the strike price For more information on the Greek values read section 13 6 Radix The Radix drop down box shown in fig 13 2 enables you to display the option values in a format other than decimals For example if you were looking at US Bonds you would select a Radix of 1 82 to display theoretical values in 1 32 s Figure 13 2 The Radix drop down menu 165 Expiration Month This section of the progr
223. rticipant at their quoted price using SmartBook logic e User defines Limit Price Discretionary Price and a Discretionary Limit quantity e The Discretionary Limit Order is a means to only go to away markets and Book orders at a discretionary price if their size satisfies or exceeds the size requirement on a quote per quote basis e Discretionary Limit orders can be used in conjunction with Reserve Orders Discretionary Order Example National Best Bid is on NYSE Arca at 50 05 Best Offer is 50 09 Book Bids Price Discretionary Show Size Reserve 50 05 50 10 100 5000 Limit Order to Sell 1000 shares at 50 07 256 Result Order is matched with the NYSE Arca Book at 50 07 Order Type Peg Mkt Pegged Market Orders Availability only during the core sessions Listed Securities Only Pegged Orders are Limit Orders that move up or down depending on the change in the current NBBO Bid or Offer These are called Tracking Orders Peg market orders positions your order to the opposite side of the primary market NBBO buy order will set at the current offer price sell order set at bid price Pegged Market Example National Best Bid is on NYSE Arca at 50 05 Best Offer is 50 09 Book Bids Book Offers Away Market Bids Away Market Offers Tracking 1000 50 05 1000 50 10 300 50 04 500 50 09 700 50 04 500 50 12 2000 50 03 100 50 10 500 50 03 1500 50 15 1000 50 00 1000 50 15 3000 Market order to Buy 50
224. s Figure 5 15 The Edit Basket box Basket Options You may choose to Import Symbols by clicking on the Import Symbols button You may choose to Remove Symbols by clicking on the Remove Symbols button You can Lookup Symbols by clicking on the Lookup Symbols button 61 Within Basket Stocks you can add or delete rows using the Insert or Delete keys on your keyboard When you are adding Symbols be sure to enter the Name with an extension You may import Symbols from different exchanges In the Basket Header section of the box the Start Date of Basket allows you to decide how far back in time to go when creating a basket Clicking on the down arrow brings up an unfolding calendar Baskets can be displayed like regular quotes or in chart form To display a basket enter before the name of the basket For example enter 1 if you created a basket with the name TECH1 In charts historic baskets are only available in daily form and intraday baskets will be built in real time but no historic information is available After creating the basket in Fig 5 15 titled TECHT1 it can now be placed in a chart form Activate a chart window Type TECH1 click Enter The basket TECH1 should now be displayed on the chart shown in Fig 5 16 below The same steps can be taken to enter the TECHT1 Basket into a Detailed Quote Window Ini xi 2003 05 20 11 53 00 11 42 11 43 11 44 11 45 11
225. s Linking charts enables the user to change a symbol in a chart that is linked to a Group For example if a symbol is entered into the Chart window this will automatically change all other windows that you have linked to this same group Furthermore if a symbol is changed in a Level Il window that is linked to the chart window the chart window will automatically change to the same symbol as well You can link Charts in the following way Right click on the chart Click on Linked to Group The Link Setup box appears Click in the Link Window box to activate the link Select the Group to link to Linking Level Il A symbol entered into a linked Level 11 window will also change the other windows linked with this group Note Two different Level II Windows can be opened and linked to the same Group One of the Level II windows will not change the other Level II in that group if the symbol is changed but it will change all the other linked windows This is done so that you can link the same chart or another window to two different Level 11 windows You can link the Level window in the following way Right click in the upper gray part of the Level Il window between Bid and Click on Linked to Group The Link Setup box appears Click in the Link Window box to activate the link Select a Group to link to Linking News Linking the news window to a group will change the window to filt
226. s Protrader running is shown as well as the name of the layout The Menu Bar File Mew Window Setup Objects Tools Symbol Data Window Help Figure 2 1 The Menu Bar when the Chart Window is Active The Menu Bar is found directly below the Application Caption Bar The contents of the Menu Bar can be selected to configure the objects in a layout See figure 2 1 The options on the Menu Bar change depending on which window within your layout is currently active The active window is a highlighted window that is selected in your layout Once you have decided on a layout experiment by clicking on different windows making them active Notice the different options which become available in the Menu Bar as you select different windows The Icon Bar Figure 2 2 An example of The Icon Bar when a Chart window is Active The Icon Bar is found directly below the Menu Bar The Icon Bar shown in figure 2 2 provides instant access shortcuts to frequently used options found within the contents of the Menu Bar Placing your mouse pointer over each of the icons will identify that icons usage Similar to the Menu Bar The Icon Bar changes depending on which window within the layout is active The Windows Blue Tab Keys Charts Portfolio Alerts Options M Watch O Quote Trade Quotes News Levelll jTime amp Sales Top len Cond Figure 2 3 The Windows Blue Tab Keys The Windows Blue Tab Keys are located directly below the Ic
227. s a screenshot of the current page When printing as a table all the information in the page will be printed in row and column format as text Note You might have to adjust your color combinations for better results when printing as a bitmap to the printer 177 178 15 0 Connectivity Ping amp Trace 15 1 Ping Ping will send a packet of data from your PC to our servers and back to your PC See fig 15 1 5 Command Prompt Microsoft Windows 2000 Version 5 00 2195 lt C gt Copyright 1985 1999 Microsoft Corp gt 63 99 225 200 Pinging 63 99 225 200 with 32 bytes of data 63 99 225 200 bytes 32 time 3Hms TTL 118 63 99 225 200 bytes 32 time iHms TTL 118 63 99 225 2HH bytes 32 time i1Hms TTL 118 63 99 225 2BHH bytes 32 time iHms TTL 118 Packets Sent 4 Received 4 Lost Hz loss Approximate round trip times in milli seconds Minimum ims Maximum 3Hms Average 15ms Figure 15 1 15 2 Tracert Tracert will give you the exact route that the packet of data is taking in order to arrive at our server See fig 15 2 179 Command Prompt E Microsoft Windows 2000 Version 5 08 2195 gt Copyright 1985 1999 Microsoft Corp GiM tracert 63 99 225 208 Tracing route to DA F2BH 653 99 225 2BHH over a maximum of 30 hops ms ms 63 151 172 12 ms ms 209 176 33 53 ms ms 663 151 1972 22 ms ms Sserial4 11 GW6 DFW
228. s on trading not on the trading software The Order Entry Window allows you to control every aspect of an order With a click of your mouse or a single keystroke Hot Keys you can select the routing of your order to any ECN Market Maker or Specialist There are many advanced order entry features available within the Order Entry Window Different Skin Styles for order entry Smart Order Routing to direct orders to specific routes designated Hot Keys to provide speed and accuracy of order entry and a variety of different order types I Yahoo Inc NNM B xi fna 33 90 1 10 3 35 100 Vol 23785858 Open 32 80 Hi 34 00 Low 32 77 Close 32 80 Bid 3390D Ask 33 90 Evol 12400 100 NAS E 15 15 33 909 1000 162 b 50 33 909 124 4 Price volume stop Price Woll ype z Order Options 33 87 500 r Pan Bid DOffer Raute Expiration Account ppe Aesernve4mourit Short 150 Day Margin m Short wm Figure 8 1 An example of entering an order on the Level II window To place an order enter your desired stock symbol into the symbol input field at the top left corner of the Level Il screen We have chosen YHOO for our example shown in fig 8 1 Entering your quote request automatically accesses all Level information such as last trade price and size hi low bid ask volume as well as the Level II ECN and Market Maker screen located
229. s preferenced to ARCA at sizes greater than the displayed size will be matched against the entire reserve quantity 11 NYSE Direct Orders Automatic execution of limit orders up to 1 099 shares against the published bid or offer with no opportunity for price improvement If the order is not immediately executable the order will revert to a regular DOT order Traders may not send Direct orders in the same stock and on the same side of the market more frequently than every 30 seconds 12 Limit On Open LOO orders are entered for execution at the opening price provided the opening price is at or within the limit specified LOO orders permit the investor to scale interest to purchase or sell at various price increments in anticipation of possible imbalances 13 Limit On Close LOC orders are entered for execution at the closing price provided the closing price is at or within the limit specified LOC orders permit the investor to scale interest to purchase or sell at various price increments in anticipation of possible imbalances 14 Hunt Order BRUT To minimize market impact never posts or displays while it actively trades with best prices in the market and BRUT book Hunter orders are never displayed in the BRUT book They will cross an order out in the marketplace or in the BRUT book when a matching order is found 8 3 Extended Hours Trading Maximus Protrader is available for trading until 8 p m EDT When traditional mark
230. set 0 05 Figure 20 5 Batch Order Preferences From this window a user can set the Column Defaults Action Type Route TIF Account and Fill type There is also a Batch Display Option section From here a Remove Confirmation Box can be checked This will remove the confirmation box from opening up when placing a Batch Order The Remove Bid Ask Last Columns box will delete those columns from the Batch Order Entry Window The Price Offset section is for the Global Price feature described in Chapter 20 2 205 20 6 Saving and Retrieving your Batches You can save your batches in the following way n the upper left corner of the Batch Order Entry screen Click on Save As Create a name for this particular Batch Save this file in the folder of your choice Click on Save You may retrieve previously saved Batch files in the following way n the upper left hand corner of the Batch Order Entry screen there is a drop down menu click the down arrow See fig 20 6 Select the Title of the Batch that you had previously Saved Click on the file you would like opened Set Col Data Scale Batch un mum 3 Nn N Buy ml H u 1 f 530 C RE MSFT ae v Figure 20 6 Drop down menu in the Batch Order Entry Window 20 7 Batch Monitor The Batch Monitor allows a trader to manage their batches Provides percentage of completion for batches details for each batch and options such as Auto Com
231. t Size Change the size of the font in the window 9 2 2 2 Bar Type 2 This Icon Bar appears when the Detailed Quote window is active ES TES Ee DQUDTE None Decendin Ms Sans Serif 9 Figure 2 6 Icon Bar Type 2 Insert Row Inserts a row at the current position in the table Delete Row Deletes the current selected row in the table Append Row Adds a row to the end of the table Setup Colors Setup Change the default colors for the window Replace the Current Page Replace the current page with one of your choice Date Sort Field Select a field to sort the table Jascendin Sort Order Change the sorting order of the table MS Sans Serf v Font Selection Change the font in the window Font Size Change the size of the font the window 11 2 2 3 Icon Bar Type This Icon Bar appears when the Charts Window is active oe es s pl A Ig FD Figure 2 7 Icon Bar Type Replace Current Chart Enter new symbol for chart to display Next Chart Move to the next symbol in the chart symbol list selected The chart symbol list is derived from creating a Detailed Quote Window list On the Menu Bar select Data Chart Symbol Series and then the name of a list created in the Detailed Quote window Previous Chart Move to the previous symbol in the symbol list SK Select Indicator Add delete or customize current indicators e g moving averag
232. t price a security or commodity reached ina certain period of time usually a single trading session here also called daily low Opposite of high The price of the last transaction for a given security at the end of the previous trading session Also called previous close The number of shares bonds or contracts traded during a given period for a security or an entire exchange Also called trading volume Time stamp of the last trade in a security Statement Examples for Trades IQuote AskSize EMC Cell He in Figure 1 below contains this statement It Quote Last DELL allows the spreadsheet to pull and paste the number of shares that are being offered for sale at the ask price In this case it is the AskSize for EMC DDE will continuously update this information on a real time basis Cell C9 in Figure 1 below contains this statement Again it allows the spreadsheet to pull and paste the most recent trade of a security In this case it is the Last trade for DELL DDE will continuously update this information on a real time basis also 193 C D E F K L M E RENE NNNEER ER EN NE RI 1E 2 GE Genesal Eleciric Company NYSE 990 100 285300 30 290 0 5000 296000 29 0900 200000 23 4700 3 EBC SBC Communications Inc NYSE 0 8200 232000 29 8500 231800 BOM 1 DEG OFL MAY3 15 00 CALL 100 15 8000 12 16 1900 208100 16 3000 248100 0 0000 00000 0 0000 00000 15 3000 5 DO
233. that current position into the lower box on the screen This box allows you to configure the allocation settings for that position In this case 1000 shares 2596 is going to four different accounts To change the percentage that goes towards each acct see the next section Setup Defaults Account Name 7 shares Price coms Tvpe Comms 1 250 avg Ryan Mormal 3 ken 250 awg Mormal 2 Devin 250 awg Mormal Mormal 4 Chris 250 awg Mormal Mormal The Trade Information Box displays the total amount of shares for the position along with the Symbol Average Price and cost In this example there are 1000 shares that can be allocated accordingly Trade Information Symbol INTC Total Shares 1000 Average Price 29 9900 Cas 29879 9992 The Assignment will show what amount of the position is being allocated how many shares are available for allocation and the new average price with the allocated shares Assignment Allocated 1000 Available Mew Price 29 9900 Reset Save MI 248 Domain Account Symbol Side Price Cost Shares Allacated 0 The Refresh button will refresh the whole allocations window For example if trades have been filled in another account not currently shown in the window you can press the refresh button and the account will appear in the accounts list Refresh The Reset button will reset the allocations to allocation de
234. the Utilities folder oelect DDE Example This will open Excel and the DDE Example Click Update to start the DDE or Don t Update to edit the table example Follow the directions below on how to edit the DDE table To update a row with a new symbol Type in a symbol over one of the existing ones A3 for example INTC press Enter Go back up one cell to the symbol that was just entered and replace the focus back onto that cell Press Ctrl A and Row 3 should update with the new information To add a new row For example click and highlight Row 3 Go to Edit on the tool bar of Excel and select Copy Now go to the first available row and put the focus on the cell in Column 1 Go back to Edit on the Excel tool bar and select Paste Now repeat the steps in Update a row with new symbol from above 199 Below is a copy of the DDE example Symbol Last Size Bid Size Ask Size Change Open High Low Previous Curr Vol Time INTC Intel Corporation MM MT 33 9600 1 33 9500 33 5100 30382680 MSFT Micra soft Corporation 26 1100 24100 26 1100 55675812 DELL Dell Inc 36 6100 200 36 6000 i 11518508 QQQ Maedag 100 Indes Tracking Stock 35 7700 6100 35 7900 54715500 csco Cisco Systems Inc NNI 22 9600 1000 22 9500 26742828 ERICY Ericsson ADR 16 7600 100 16 7900 4547564 IBM Int Business Machines C MY SE 90 9100 1200 90 9900 4041200 Citigroup Inc
235. the batch Create a Scaled Batch A trader can create a scaled batch for a specified symbol See fig 20 4 x Symbol Scale Cancel Shares Total L Bow Price Start Bid Increment 0 01 Ask Figure 20 4 Scaled Batch Setup Box To Open Create a Scaled Batch Click on the Create Scaled Batch button in the Batch Order Type in the symbol of the security to be traded total shares and share increment starting price and price increment and choose the action to buy sell or short Click Scale and the new scaled batch should open in your Batch Order Window To save read Chapter 8 Section 16 Movable Columns The columns in the Batch Order Entry Window have the ability to be moved 204 20 5 Simply left mouse click and hold on the column you would like to move Then Drag the column to the location where you want the column moved to and release the left mouse button Batch Order Preferences To open Batch Order Preferences Right click on the gray portion of the Batch Order screen Select Setup Batch Order Preferences Figure 20 5 will open x Column Defaults OF Action __ lt None gt Cancel Route lt HF lt None gt 7 Account lt None gt v Fil kNon gt Batch Display Options Remove Confirmation Box Remove Bid Ask L ast Columns Price Offset Bid Offer Price Off
236. the upper gray portion of the window in your Level Il Order Entry window only after you entered the order details you would like to be saved Click on Setup Hot Keys A Hot Keys box will appear See fig 21 1 LI AMEN xj Kep Key Application Global Avallable Commands Executinn Buy Execution Sell Execution Short Execution Order Entry Fields Number of Shares Order Type Trail Stop Amount Fill Execution Haute Order Expiration Account Type Reserwe MMID Preference Bid ffer Option Short Option Lmt Price LCancel Options Cancel Last Order This Lill Cancel All Same Symbol Cancel All Cancel All Buys Active Keys Cancel Selected Commands Add gt gt lt lt Rem Hem All Save Pob Figure 21 1 Hot Keys Assignment Box 213 A brief description of the various functions actions available for assignment follows Hot Key Box The Short Cut Key Interface will enable you to link your action with the Ctrl Alt Ctrl Alt Ctrl Shift Misc Keys Shift function keys and Buttons see fig 21 2 Alt Ctrl Shft SHF Buttons Ke Cr Figure 21 2 Hot Key Section You can assign your Short Cut Keys in the following way Click on the drop down box in the Short Cut Key section of the Hot Key box Choose the Key letter number or function key in the Hot Key Box you would like to assign an action to Now you can sele
237. through this interface Trailing Stop Increments 104 A Limit Range Warning can be configured so that an order will not be sent if it is accidentally entered with too high a price for a buy and too low a price for a sell Discretionary Default This sets the Discretionary Default in the Level Il Order Entry section when using discretionary orders Limit Range Warning A Limit Range Warning can be configured so that an order will not be sent if it is accidentally entered with too high a price for a buy or to low a price for a sell The limit range can be expressed in either or 96 terms Cancel Defaults When using the Cancel button you have the option to have it cancel the last order you entered all your open pending orders all orders within the same symbol last trade placed or last current symbol See fig 8 16 Cancel Defaults Last Trade This Lylli All Last Trade All Same Symbol Repetitive C Last Symbol Figure 8 16 Cancel Defaults Box Bid Offer Buttons You have the ability to have your buy and sell buttons follow a particular MMID s quote The prices next to Buy and or Sell will adjust to whatever size the selected market maker is showing See Fig 8 17 Bid Uffer Buttons Follow Market Maker Bid Ask Prices Figure 8 17 Bid Offer Buttons Box To Create Check the box Follow Market Maker Bid Ask
238. tion Account Sheresl PiceIn Shares C Price Out Proft O m Figure 9 8 An example of Position Minder information Column Name Description Explanation OrderNo The order number for a particular trade Symbol The symbol of the security being traded Action Shows whether the action was a buy sell or sell short Account The type of account in which the trade was executed Shares In The amount of shares when entering the position Price In The price when entering the position Shares Out The amount of shares when closing the position Price Out The price when closing the position Profit The profit loss when closing the position 123 9 11 Position Tracker The Position Tracker tracks individual positions and allows you to view the entry and exit details of the particular order To view Position Tracker information click on the Position Tracker button in the Portfolio Window as shown in fig 9 9 LN C CNN SR CETT TIT TR SUUS c Cancel P Cauca P Cancel P Cauca P Cancel P Open Positions Closed Positions Orders Order Details Buying Power Frotit Loss Account Statistics Order Summary Position Minder Position Tracker Ordera In Symbol Position Shares Price In Order Out Price Out Prft Account Figure 9 9 An example of Position Tracker information Column Name Description Explanation OrderNo In The order number for the trade entering a position Symbol Symbol of t
239. tiple alerts for the same symbol Movable Columns Columns within the Alert window can now be moved by holding the mouse button down on a column header and dragging it left and right This allows the user to prioritize the columns inside the window 162 12 7 Color Setup There are three different color types Basic Extended and Color Setup If you right click on the Alerts window you will have Basic and Extended colors available The third color option is Color Setup There are two ways to open this Setup window click on the crayon icon at the top of the application when the Alerts window is activated or you can select Setup and then Colors and Fonts Once opened you can adjust the colors accordingly Setup Quote Table Defaults X Select F ong Cuir elect T able Property Table Defaults Top Tier Bottom Tier Focus Pen Grid Color Active Conditional Order Triggered Conditional Order Selection Colors Select fack facing Loko ampe j R G B Table Defaults 2AF 241 222 Cancel Color Setup for the Alerts Window 163 13 0 Options Analysis Optio Sumbol DELL z077 gt Calls Puts Symbol strike DLvGD 20 00 1470 1510 1520 DLQGY DLOGE DLOGT DLOGF DLOGZ DLOGG DLOGT DLOGH 13 1 Creating a New Options Analysis Page Click on New Window in the Menu Bar Click on Option Analysis Window A Symbol Input box appears Enter
240. tup allows you to see the following choices Colors amp Fonts Allows you to color code different trade conditions to easily distinguish them in the Time amp Sales window Please refer to Section 2 5 for more detailed information Reset Defaults This function restores the Time amp Sales window to the original default settings i e colors fonts and sizes View Clicking on View enables you to turn the individual fields that are displayed in the Time amp oales window on off i e MMID price time etc Note even though a field may be turned off the information is still stored and may be redisplayed by turning the field back on Show When this field is turned on all Market Maker Bid Offer information will be displayed Scroll Back in Time and Sales Window 139 The window is continuously updated as quotes come in and the cursor is moved to the top row In order to put the Window in Scroll mode click on Pause The position of the cursor will stay stationary and you can browse the window at will To put it back in update mode press Resume 140 10 3 Historic Time and Sales The Historic Time and Sales feature allows a user to pull time and sales data for a specific symbol during a certain time frame It can only pull information for one symbol at a time and for the current day s date The setup window for this feature see figure 10 2 defaults to 10 entries back xt Historical Data Starting Date 2005021
241. ult settings you can configure your default shares and how they are displayed See fig 22 4 22 5 Trade Size for Equities Equity Share bize 100 Default Number of Shares 1000000 Maximum Number of Shares 100 Increment Size of Shares 500 Default Show Shares Figure 22 4 Equity Share Size Box Equity Share Size Fields Default Number of Shares Displays the number of shares your Level Il Order Entry window will default to Maximum Number of Shares Determines what the maximum number of shares per order can be Increment Size Determines your default increments when toggling with your mouse or Hot Keys Default Show Shares Displays this number of shares in the Show size box when Reserve is checked in the Order Entry Screen This is the number of shares that will be displayed to the market Trade Size for Options 232 Option Contract Default Humber of Contracts 1000 Maximum Number of Contracts Increment Size of Contracts Figure 22 5 Options Contract Size Option Contract Size Fields Default Number of Contracts Determines the number of contracts your Level Il Order Entry window will default to Maximum Number of Shares Determines what the maximum number of contracts per order will be Increment Sizes Determines your default increments when toggling size with your mouse or Hot Keys Order Option Defaults The Order Options Default Box see fig 22 6 gives the ability to customize t
242. umi Maket _ Btopiimit stopMarket TrailStop moo moc dece Day eic eee o O Order Type LMT Limit Order is sent to the floor specialist Order may not show on book Order Type MKT Limit Order is sent to the specialist Order does not show on book Order Type Stop Lmt Stop Limit A stop limit order to buy becomes a limit order when a transaction in the security occurs at or above the stop price a stop limit order to sell becomes a limit order when a transaction in the security occurs at or below the stop price see LMT order The transaction must occur between at or between the bid and offer for the order to be triggered Order Type Stop Mkt Stop Market Limit A stop market order to buy becomes a market order when a transaction in the security occurs at or above the stop price a stop market order to sell becomes a market order when a transaction in the security occurs at or below the stop price see MKT order The transaction must occur between at or between the bid and offer for the order to be triggered Order Type Trailing Stop Trailing Stop Will set your stop order the specified amount above or below the last print The stop will adjust based on prints that occur between the bid and ask Order Type MOO Market on Open Will only execute at market open see MKT order Order Type MOC Market on Close Will execute at market close see MKT order Order Type Ndirect Provides automatic and
243. ure 22 13 Open Book Right click in the upper gray area and select Setup Display Preferences Notice the Level Il Preference Setup below in Fig 22 14 The window is divided into 6 groups Open Book Display Preferences Time and Sales Attach or detach the Time and Sales from the LII Order Entry Add Remove order entry buttons and options at the bottom of the LII Extended Option Data Show quote of equity plus add rows for options quote Option Root Quote Add Remove the quote from underlying equity for options display Level 1 Quote Add Remove Level 1 information Symbol Input Allows you to put in a Symbol Input Field without having a Level 1 Quote 237 Equity With Option Display Montage Display Heat Index Display Col Headers Use Alt Book Names Comma in Vol Level II Preference Setup E Select Level I Preferen Time and 5ales Order Entry Extended Option Data Option Root Quote Level Quote W Symbol Input Equity with Option W Display Montage Display Depth View Display Col Headers Use Alt Book Mames Comma in Vol Replaces Options LVL 1 data with underlying Equity LVL 1 data Add Remove Montage Shows colors for each level Add Remove the Column Headers BID ASK MMID SIZE The ability to change the way a book quote is labeled Alternative names for books Instinet INB Island ISB Archip ARB Commas for volume in Detailed Quote Window Level Il and Aggregate Tabl
244. ure works just as the other Linking windows do Anytime a symbol is changed whether in the Option Analysis window first or other linked windows to the same group the linked group will change as a whole Link Options to Group The options listed in the bottom part of the Options Analysis Window can be used to Link windows also With the Option Analysis window linked to a group you can click on any option in the bottom portion of the window and it will update the linked windows in that group to display that option Dragging and Dropping Lets assume that the Detailed Quote Window feature is not linked The Dragging and Dropping feature allows the user to drag one symbol from a 76 Detailed Quote Window and drop it into a Level 11 Window all corresponding windows that are linked will change to that particular symbol 77 O The NASDAQ Level Il Window shown in fig 7 1 allows you to view Market Maker and ECN Electronic Communication Network Bid Ask price changes and trade information on a q by second basis as it occurs during the trading day Additionally Level Il allows the user to view Bid and Ask volume at every price level Yahoo Inc NN E x hd 3378 0 98 42 99 200 Vol 21159840 Open 32 80 Hi 34 00 Low 32 77 Close 32 80 Bid 33 780 Ask 33 79 Evol 2812 NAS 4 33 76 200 33 78 100 33 78 1000 Price Volume stop Price Moll ype UEM Ue sfr fP 1 r Route irati Accau
245. ute Order Type and Account based upon the type of stock that is being traded can be set through this interface see fig 22 7 Route and Order Type Exchange Route Type Account VoalTupe awEx LMT 1 Margin Pat 7 N sD g Marin Pat 7 NYSE v Magn Pat 7 ape Margin v Pat 7 OTCBB Discs Magin Pat gt Figure 22 7 Route and Order Type Box LMT LMT To Create Choose an Exchange you would like to route the order to Select a Route in the drop down menu from the route column from which execution system you would like to route the order Select the Type of order LMT MKT etc Select the type of Account to be traded and then click OK Click Reset button on order entry section of Level Il Montage Selection Order Type Default NDirect When trading Listed Stocks and the box is checked for NDirect the Order Type will default to NDirect if available for that security See fig 22 8 No Change if Lmt Type 234 This will not change the order type to a LMT order if the order is already selected as another form of a limit order i e Stop Lmt etc See fig 22 8 Montage Selection Order Type Default NDirect if avail Change if Lmt Type Figure 22 8 Montage Selection Order Type Defaults Box Dup Warning When submitting multiple orders in succession the tradi
246. ve Layout Alerts Options M Watch O Quote Trade Save Layout As Level ll ime amp Sales Cond Quote Connection Restore OEM Layout Print Exit Figure 3 2 Creating a New Layout 18 3 3 3 4 Saving a Layout After you have created a layout to your satisfaction you will need to save it on File on Menu Bar Click on Save Layout As see fig 3 3 A Save Layout As window will open asking you to name your new layout Name your newly created layout Click Ok File New Window Setup Symbol Window Help Create New Layout Open Existing Layout Options M Watch O Quote Trade TIE Hond Quote Connection c Save Layout As Restore OEM Layout Print d Exit Figure 3 3 Saving your Layout It is also important to remember that whenever a change is made to an existing layout you must save those changes Click on File on Menu Click on Save Layout Whenever you exit the program you will be asked if you would like to save the existing layout before closing If your response is yes then all changes made during your trading day will be saved and the next time you open the program the changes you saved will appear If your response is then the next time you open the program the layout will appear as it did on the beginning of the current day before you made any changes This simple feature is to ensure that you wi
247. within the window Clicking on a quote in the Montage will set the price in the order entry section Clicking in the Montage will also insert the Exchange for that quote in the PrefMMID field if the box is checked Clicking in the Option Section will insert the information you click on For example if you click on a Bid it will set the price in the Order Entry section to the Bid price you clicked on If you click on an Ask Size it will set the Ask Size amount to the Volume field in the Order Entry section The Option section will also set the PrefMMID with the Exchange that was clicked if the PrefMMID box is checked Scrolling In the order entry section of the Level Il Options Window the Price Volume and Stop Price fields can be adjusted up or down using the Scroll button on the mouse It will scroll up and down according to the settings in the Level I Setup Trade Defaults increment size of shares increment size of contracts fractional increments and decimal increments Note The cursor has to be placed within the field before scrolling can work 13 8 Option Setup for the Option Analysis Window SERE the Option Setup window Activate the Option Analysis Window Right click on the gray portion of the window select Setup Option Page Figure 13 5 will display 174 Option Setup W Calculate Greeks Show Calls and Puts in same Window Link Call and Put Scrolling Remove Highlight Bar on Table Show
248. your desired Symbol Click Ok The Options Analysis Page window will open See fig 13 1 n Analysis Window Calls Exp Month ll iBl x Theoreticals Price Static Interest Rate Dividend Amt 35 1 5 28 0 00 Exp Date Volatility JUL4 20 00 DLYSD 20 00 DLOSK DLOSE DLOSY DLOSF DLOSZ DLOSG DLOST DLOSH DLOSS DLOSI DLOSW DLOSI Radis x 227 590 73 00 27 50 30 00 40 00 42 50 45 00 47 50 30 00 n Figure 13 1 The Options Analysis Page Window 13 2 The Options Analysis Page Explained Once the Option Analysis page is opened you will see that the page is divided into 2 main sections Calls and Puts Each section has an input section and a table section that displays all the option information To move between fields in the input section use your mouse or alternatively use the tab and shift tab key Note If you make a change in the input section the table will recalculate when changes are made We will explain how the call section and the put section work in exactly the same way An explanation of the page features are as follow 164 Price Price Static The current price of the stock will be displayed in this box and will update automatically If the Price Static box is checked the price in the field will remain Expiration Date Exp Month All This is the date on which the option expires Click on the down ar

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