Active Trader: Entering Orders

Entering a Market Order

Market orders are intended to buy or sell a specified quantity of contracts or shares at the next available market price. To place a Market Order in Active Trader, make sure you’ve chosen the correct quantity in the second line of the Big Buttons panel and click Buy MKT or Sell MKT. Proceed with order confirmation.

Entering Stop/Limit Orders

  1. Adjust the quantity in the second line of the Big Buttons panel.
  2. Hover the mouse over Bid Size or Ask Size column in the Active Trader ladder. You will see a bubble in the Buy Orders or Sell Orders column, e.g., BUY +1 STOP. This bubble indicates trade direction, quantity and order type while its location determines the price level at which the order will be entered.
  3. Click at the desired price level:
    • In the Bid Size column, clicking above the current market price will add a buy stop order; clicking below or at the market price, a buy limit order.
    • In the Ask Size column, clicking below the current market price will add a sell stop order; clicking above or at the market price, a sell limit order.
  4. Proceed with order confirmation

A stop order will not guarantee an execution at or near the activation price. Once activated, they compete with other incoming market orders.
With a stop limit order, you risk missing the market altogether. In a fast-moving market, it might be impossible to execute an order at the stop-limit price or better, so you might not have the protection you sought.

 

Entering a First Triggers Order

  1. A 1st Triggers (First Triggers) order is a compound operation where an order, once filled, triggers execution of another order (or other orders). To add a 1st Triggers order in Active Trader, do the following:
  2. In the second line of the Big Buttons panel, choose TRG w/bracket. This will display a new section which represents two additional orders: Limit and Stop.
  3. Decide which order (Limit or Stop) you would like to trigger when the first order fills. Disable the other.
  4. Adjust the quantity and time in force.
  5. Specify the offset. Offset is the difference between the prices of the orders. It can be specified as a dollar amount, ticks, or percentage.
  6. Hover the mouse over the Bid Size or Ask Size column, depending on the type of the first order you would like to enter. Note how Active Trader adds an additional bubble in the other column, e.g., TRG+1.00 STP.
  7. Click at the desired price level:
    • In the Bid Size column, clicking above the current market price will add a buy stop order; clicking below or at the market price, a buy limit order.
    • In the Ask Size column, clicking below the current market price will add a sell stop order; clicking above or at the market price, a sell limit order.
  8. Proceed with order confirmation.
  9. Once you send the order and it starts working, you will see two bubbles appear in both Bid Size and Ask Size columns. While the first order is still working, you can drag its bubble along the price ladder so its price will change: after confirmation, the second bubble will also change its position to maintain the offset you specified at Step 4. To cancel the entire 1st Triggers order, just click ‘x’ in its bubble in the ladder.

Entering a First Triggers OCO Order

An OCO (One Cancels Other) order is a compound operation where an order, once filled, cancels execution of another order. It may be used as the triggered order in a First Triggers so that when the first order fills, both OCO orders become working; when either of the latter is filled, the other is canceled.

To add a 1st Triggers OCO order in Active Trader, repeat all steps from Entering a First Triggers (above), but keep both orders from Step 2 enabled.

Using Order Bubbles in Active Trader Ladder

When you add an order in Active Trader and it starts working, it is displayed as a bubble in the ladder. Bubbles indicate order price, trade direction, and quantity - and they can also be used for order editing or cancelation. Dragging a bubble along the ladder will change the price, so when you drag-and-drop, you will see another order confirmation dialog (unless Auto send option is enabled, which we recommend to avoid). Once you confirm and send, the bubble will take its new place and the order will start working with this new price. To cancel an order, you can just click ‘x’ in its bubble.

All of the above may be especially useful for 1st triggers and 1st triggers OCO orders. Dragging the first working order along the ladder will also re-position the orders to be triggered so that they maintain their offset. Clicking ‘x’ in the working order’s bubble will cancel both the working order and those to be triggered by it. Note that dragging the bubble of an order waiting for trigger will not re-position the bubble of the working order: this will only change the offset between them. Canceling an order waiting for trigger will not cancel the working order.

The Company Profile feature is available from the following interfaces:

  • Trade -> All Products. Click Company Profile in the header.
  • Use the News gadget. Click on a symbol and then click Company Profile in the gadget header.
  • Live news gadget. Type in a symbol and then click Company Profile.
  • Watchlists. Right-click on a symbol and choose More info on -> Company Profile.
  • Analyze -> Fundamentals. Type in a symbol to view company’s essential information and details provided by Trefis. Forecasting functionality is not available in this interface.

Note: not all symbols can be viewed in Company Profile. You can view a watchlist of all symbols for which the Company Profile is available: to do so, choose Company Profile in the watchlist selector.

The Company Profile window is divided into two parts: What Drives the Stock and Company OverviewCompany Overview is a Trefis report that covers subjects like Valuation HighlightsPotential Upside and Downside to Trefis PriceBusiness SummarySources of Value, and Key Trends.  The data in this overview will help you develop hypothetical scenarios that can be simulated in the What Drives the Stock section.

The first thing you see in What Drives the Stock is an interactive diagram of business divisions of the company whose stock you are researching. Each division is represented by default as percent of market capitalization and their block sizes are proportional to this percentage. To view it as estimated values, choose the corresponding option from the Show dropdown above. The whole diagram is accompanied by a Trefis price estimate and its difference from the current market price. A large difference between the Trefis estimate and the market price might suggest that the stock is somewhat mispriced by the market.

Click on a division to view available forecasts related to it. For example, clicking on the division responsible for cellphone production will provide you with forecasts of phone pricing or the number of phones sold. Note that some of the divisions have sub-divisions, for example, computer production may also suggest software and services or peripherals. In this case, the forecasts are displayed separately for each sub-division.

Clicking on a forecast will display a plot of the value being analyzed: its timespan normally includes five years before and seven years after the current date. Each forecast can be modified: drag the handles and watch the forecast change. By default, smooth editing is enabled (dragging any handle will move other handles along with it). To turn off the smooth editing so that the handles may be moved independently, click on the "graph"  icon above the forecast.

Modifying the forecasts may affect the division diagram and the estimated price. If any of the forecasts is modified, the system will display Your estimated price which may be different from the Trefis estimate and/or current market price. To reset the modified forecast, click the "revert"  icon above the forecast.

*Trefis information provided by Insight Guru, a separate, unaffiliated firm. Stock prices are impacted by numerous factors and estimates of prices in the future are not guaranteed.

When you send an order anywhere in TOS, it passes through multiple stages of its lifecycle. These stages are displayed as statuses in your Today's Activity panel on the Monitor tab. The following table explains all the possible statuses that an order might have once sent to the server:

Submitting

The order is being submitted to the server after you click Confirm and send.

Wait trg

Order processing is pending until its triggering order is filled. Rules of order triggering are set in the Advanced order list of the Order Entry dialog.

Wait cond

Order processing is pending until the specified market condition is true. Market conditions are defined in the Order Rules dialog.

Wait stop

Order processing is pending until the specified stop condition is true. Stop conditions are defined in the Order Rules dialog.

Wait rev

Order processing is pending until it is approved either manually or automatically. This status is assigned to orders that require confirmation from the broker or a third party.

Queued

The submitted order is waiting for processing which cannot be performed now, e.g., due to trading hours limitations.

Accepted

Order is ready to be processed either by the exchange or the Trade Desk operator or manually.

Pending

The accepted order is waiting for manual execution by the Trade Desk operator.

Working

The order is being processed at the exchange.

Filled

Order processing is finished and the order is fully or partially filled.

Rejected

The order is rejected by the exchange.

Expired

Order's time in force is up.

Not sent

The order cannot be sent to the server right now, e.g., due to connectivity problems.

Replacing

The order is being replaced by another. This status is displayed when you send an edited order after the Cancel/replace command.

Replaced

The order is successfully replaced upon your request.

Canceling

The order is being canceled upon your request.

Canceled

The order has been canceled successfully.

Done

Cancel order is successfully processed.

TLTC

Too late to cancel. The order has been already processed by the exchange.

U R OUT

The original order has been successfully canceled.