Chart Trading Orders and Strategies

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Stop Order

Stop Orders on the chart

A Stop Order will buy or sell a security when its price surpasses a particular level defined by the trader, thus ensuring a greater probability of achieving a predetermined entry or exit price. Stop order becomes a market order when the price reaches the predefined level.

Appearance

Stop Order is displayed as sienna marker on the chart connected to the order price label on the price scale with a dotted line.

Default Stop Order marker color and connecting line length can be modified in Format Chart Trading menu.

Creating Stop Order

To create Stop Order:

  • Drag-and-drop the Stop Order icon STOPE.png; or:
  • Right-click at the desired price level to see the shortcut menu, select Place Order and then click Buy / Sell Stop…; or:
  • Right-click the Stop Order icon STOPE.png in the Place Order menu to see the shortcut menu and click Apply Strategy (Buy Stop order at Ask price will be created).
  • Double-click the Stop Order icon STOPE.png in the Place Order menu (Buy Stop order at Ask price will be created).
Note: Chart is context-sensitive and allows creating Buy or Sell orders depending on the price level at which you click on the chart. If you right-click above current price level, Buy Stop option will be available in the shortcut menu. If you right-click below current price level, Sell Stop option will be available in the shortcut menu. Right-clicking on the current price level makes both Buy Stop and Sell Stop options available.

Stop Order Parameters

Order Size is defined by Qty field (see Setting Order Quantity).

Time In Force (TIF) is defined in Time In Force field (see Setting Time in Force)

When placing Stop order the Place Order confirmation window appears.

Click Yes to create the order or Cancel to abort the operation.

Check the Do not ask me again check box to disable Place Order confirmation window.


Note: When Require Order confirmation option is disabled no confirmation window will appear.

Limit Order

Limit Orders on the chart

A Limit Order will buy or sell a set number of shares at a specified price or better.

Appearance

Limit Order is displayed as lime marker on the chart connected to the order price label on the price scale with a dotted line.

Default Limit Order marker color and connecting line length can be modified in Format Chart Trading menu.

Creating Limit Order

To create Limit Order:

  • Drag-and-drop the Limit Order icon LMT.png to the chart; or:
  • Right-click at the desired price level on the chart to see the shortcut menu, select Place Order and then click Buy / Sell Limit…; or:
  • Right-click the Limit Order icon LMT.png in the Place Order menu to see the shortcut menu and click Apply Strategy (Buy Limit order at Bid price will be created).
  • Double-click the Limit Order icon LMT.png in the Place Order menu (Buy Limit order at Bid price will be created).

Limit Order Parameters

Order Size is defined by Qty field (see Setting Order Quantity).

Time In Force (TIF) is defined in Time In Force field (see Setting Time in Force)

When placing Limit order the Place Order confirmation window appears.

Click Yes to create the order or Cancel to abort the operation.

Check the Do not ask me again check box to disable Place Order confirmation window.

Note: When Require Order confirmation option is disabled no confirmation window will appear.

Stop Limit Order

Stop Limit Orders on the chart

Stop Limit Order combines the features of stop order with those of a limit order. A stop-limit order will buy or sell a set number of shares at a specified price (or better) after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy (or sell) at the limit price or better.

Appearance

Default Stop Limit Order marker color and connecting line length can be modified in Format Chart Trading menu.

Creating Stop Limit Order

To create Stop Limit order:

  • Drag-and-drop the Stop Limit order icon STL.png to the DOM window; or:
  • Right-click at the desired price level on the DOM window on the Sell or Buy columns to see the shortcut menu, select Buy / Sell Stop Limit…; or:
  • Right-click the Stop Limit order icon STL.png in Place Order menu to see the shortcut menu and click Apply Strategy (Buy Stop Limit order at Ask price will be created).
  • Double-click the Stop Limit Order icon STL.png in the Place Order menu (Buy Stop Limit order at Ask price will be created).
Note: Chart is context-sensitive and allows creating Buy or Sell orders depending on the price level at which you click on the chart. If you right-click above current price level, Buy Stop Limit option will be available in the shortcut menu. If you right-click below current price level, Sell Stop Limit option will be available in the shortcut menu. Right-clicking on the current price level makes both Buy Stop Limit and Sell Stop Limit options available.

Stop Limit Order Parameters

Order Size is defined by Qty field (see Setting Order Quantity).

Time In Force (TIF) is defined in Time In Force field (see Setting Time in Force)

When placing Stop Limit order the Place Order confirmation window appears allowing to modify Limit price.

Click Yes to create the order or Cancel to abort the operation.

Check the Do not ask me again check box to disable Place Order confirmation window

Note: When Require Order confirmation option is disabled no confirmation window will appear and Limit Price will be based on Stop Limit Offset set in Format Chart Trading menu. Stop Limit offset value is set to 1 tick by default.

Modification of Stop Limit Order offset

To modify Stop Limit offset:

  1. Open Format Chart Trading window by one of the following methods:
    • Right-click on the chart to see the shortcut menu and then click Format Chart Trading; or:
    • Right-click on the Chart Trading panel to see the shortcut menu, and then click Format Chart Trading; or:
    • Select Format in the main menu and click Chart Trading….
  2. Select the Common Settings tab.
  3. Modify the offset in the Stop Limit Offset box.
  4. Click OK to save changes.

Breakout Strategy

Breakout Strategy on the chart

A breakout is usually defined as a sudden and significant price movement through the support and resistance levels, usually followed by large trading volume and increased volatility. A breakout trader will buy if the price goes up through the resistance level and sell if the price goes down through the support level, assuming that the motion will continue.


The Breakout Strategy will place two stop orders at the prices (distance) specified, in order to catch the breakout when it happens. A buy stop order will be placed above the current price and a sell stop order below the current price.

Appearance

Breakout Strategy orders are displayed as medium purple markers on the chart connected to the order price labels on the price scale with a dotted line.

Default Breakout Strategy order markers color and connecting lines length can be modified in Format Chart Trading menu.

Creating Breakout Strategy orders

  • Drag-and-drop the Breakout Strategy icon BRK.png to the chart; or:
  • Right-click at the desired price level on the chart to see the shortcut menu, select Place Order and then click Breakout Strategy; or:
  • Right-click the Breakout Strategy icon BRK.png in the Place Order menu to see the shortcut menu and click Apply Strategy.
  • Double-click the Breakout Strategy icon BRK.png in the Place Order menu.

Breakout Strategy Parameters

To modify default Breakout Strategy parameters:

  1. Right-click the Breakout Strategy icon 12.png in the Place Order menu to see the shortcut menu.
  2. Click Edit.
  3. Modify breakout and breakdown values in Breakout At and Breakdown At boxes.

Breakout/Breakdown levels are interrelated with price offsets. You may modify either Breakout/Breakdown level or the price offset.

Click the Price Level button or the Price Offset button to switch between entry modes.

Price offsets can be indicated in ticks or %. To change indication type, click the Tick/Percent button.

Click More Parameters >> to show Qty and Time In Force fields (for more info see Setting Order Quantity and Time in Force sections).

Saving as Template

To save the parameters as a template:

  1. Open Strategy Parameters window by one of the following methods:
    • Right-click the Breakout Strategy icon BRK.png in the Place Order menu to see the shortcut menu, then click Save as Template; or:
    • Click on the Save as Template button in the Place Strategy window when applying the strategy.
  2. Modify default Breakout parameters.
  3. Click Save.
  4. Choose the Breakout Template BRKHEART.png icon.
  5. Enter Breakout template name.
  6. Click OK.

Fade Strategy

Fade Strategy on the chart

Fading is usually defined as trading against the trend, a ‘mirror-image’ of the breakout. If the market goes up, fading traders will sell, hoping that the price will go down. Similarly, fading traders will buy if the price goes down.


The Fade Strategy will place two limit orders at the prices (distance) specified, so fading can start when the price moves. A buy limit order will be placed below the current price and a sell limit order above the current price.

Appearance

Fade Strategy orders are displayed as olive drab markers on the chart connected to the order price labels on the price scale with a dotted line.

Default Fade Strategy order markers color and connecting lines length can be modified in Format Chart Trading menu.

Creating Fade Strategy orders

To create Fade strategy orders:

  • Drag-and-drop the Fade Strategy icon FADE.png to the chart; or:
  • Right-click at the desired price level on the chart to see the shortcut menu, select Place Order and then click Fade Strategy; or:
  • Right-click the Fade Strategy icon FADE.png in the Place Order menu to see the shortcut menu and click Apply Strategy.
  • Double-click the Fade Strategy icon FADE.png in the Place Order menu.

Fade Strategy Parameters

To modify default Fade strategy parameters:

  1. Right-click the Fade Strategy icon FADE.png in the Place Order menu to see the shortcut menu.
  2. Click Edit.
  3. Modify upper and lower limits values in Upper Limit At and Lower Limit At boxes.

Upper and lower limits levels are interrelated with price offsets. You may modify either level or the price offset.

Click the Price Level button or the Price Offset button to switch between entry modes.

Price offsets can be indicated as ticks or %. To change indication type, click the Tick/Percent button.

Click More Parameters >> to show Qty and Time In Force fields (for more info see Setting Order Quantity and Time in Force sections).

Saving as Template

To save the parameters as a template:

  1. Open Strategy Parameters window by one of the following methods:
    • Right-click the Fade Strategy icon FADE.png in the Place Order menu to see the shortcut menu, then click Save as Template; or:
    • Click on the Save as Template button in the Place Strategy window when applying the strategy.
  2. Modify default Fade parameters.
  3. Click Save.
  4. Choose the Fade Template icon.
  5. Enter Fade template name.
  6. Click OK

Breakout Up/Fade Strategy

Breakout Strategy on the chart

This strategy is a combination of the breakout and fade strategies defined above, and it is used when the trader expects the price will go up. This strategy will place a buy stop above the current price and a buy limit order below the current price. The breakout can be activated if it happens, but also catch the fade if the price falls.

Appearance

Breakout Up/Fade Strategy orders are displayed as sienna markers on the chart connected to the order price labels on the price scale with a dotted line.

Default Breakout up/fade strategy order markers color and connecting lines length can be modified in Format Chart Trading menu.

Creating Breakout Up/Fade Strategy orders

To create Breakout up/fade strategy orders:

  • Drag-and-drop the Breakout Up/Fade Strategy icon BRKUP.png to the chart; or:
  • Right-click at the desired price level on the chart to see the shortcut menu, select Place Order and then click Breakout Up/Fade Strategy; or:
  • Right-click the Breakout Up/Fade Strategy icon BRKUP.png in the Place Order menu to see the shortcut menu and click Apply Strategy.
  • Double-click the Breakout Up/Fade Strategy icon BRKUP.png in the Place Order menu.

Breakout up/fade Strategy Parameters

To modify default Breakout up/fade strategy parameters:

  1. Right-click the Breakout Up/Fade Strategy icon BRKUP.png in the Place Order menu to see the shortcut menu.
  2. Click Edit.
  3. Modify Breakout and Lower limit values in Breakout At and Lower Limit At boxes.

Breakout and lower limit levels are interrelated with price offsets. You may modify either level or the price offset.

Click the Price Level button or the Price Offset button to switch between entry modes.

Price offsets can be indicated as ticks or %. To change indication type, click the Tick/Percent button.

Click More Parameters >> to show Qty and Time In Force fields (for more info see Setting Order Quantity and Time in Force sections).

Saving as Template

To save the parameters as a template:

  1. Open Strategy Parameters window by one of the following methods:
    • Right-click the Breakout Up/Fade strategy icon BRKUP.png in the Place Order menu to see the shortcut menu, then click Save as Template; or:
    • Click on the Save as Template button in the Place Strategy window when applying the strategy.
  2. Modify default Breakout Up/Fade parameters.
  3. Click Save.
  4. Choose the Breakout Up/Fade Template icon.
  5. Enter Fade template name.
  6. Click OK.

Breakout Down/Fade Strategy

Breakout Strategy on the chart

This strategy is a combination of the breakout and fade strategies defined above, and it is used when the trader expects the price will go down. This strategy will place a sell stop order below current price and buy limit above current price. The breakout can be activated if it happens, but also catch the fade if the price rises.

Appearance

Breakout down/fade strategy orders are displayed as dark cyan markers on the chart connected to the order price labels on the price scale with a dotted line.

Default Breakout down /fade strategy order markers color and connecting lines length can be modified in Format Chart Trading menu.

Creating Breakout Down/Fade Strategy orders

To create Breakout down /fade strategy orders:

  • Drag-and-drop the Breakout Down/Fade Strategy icon BDFS.png to the chart; or:
  • Right-click at the desired price level on the chart to see the shortcut menu, select Place Order and then click Breakout Down/Fade Strategy; or:
  • Right-click the Breakout Down/Fade Strategy icon BDFS.png in the Place Order menu to see the shortcut menu and click Apply Strategy.
  • Double-click the Breakout Up/Fade Strategy icon BDFS.png in the Place Order menu.