|
Placing Non-Automated Equities TradesAdvanced order entry tools for when you choose to place manual trades
In addition to unique automated trading features, TradeStation also offers you several state-of-the-art tools for when you choose to enter your stock trades manually:
Because we're committed to offering our clients the best execution possible, we offer direct connections to many major exchanges, ECNs and market centers. You can choose to route your order directly to AMEX, ARCX, AUTO, BATS, BTRD, CDRG, EDGA, EDGX, NITE, NSDQ, and NYSE - or select our “Intelligent” order routing, which seeks to have your order routed automatically by TradeStation.
Plus, TradeStation provides you with numerous advanced order types, including Trailing Stops, Order Cancels Order, Order Sends Order, Activation Rules, and much more to give you the control and flexibility that a trader often needs.
 TradeStation’s MATRIX window combines the benefits of the market depth window, a highly-advanced order entry tool, and an order tracking system, all in one window.
The MATRIX window supports the full functionality of TradeStation's order execution capabilities. With just a single click on any row in the Bid or Ask column, you're able to immediately place an order. Your order then appears in the Order column. To cancel an order, simply click on that order in the Order column. To cancel/replace an order, simply drag and drop it to a different price. And, to reverse a position, simply click on the new “Reverse” button. Once your order is filled, you're able to view your open position profit/loss in the P&L column and place an order to close the position at the desired level with just a click of your mouse.
Auto Order Types and Shortcut Menu
‘Smart' logic allows you to place a limit or stop order depending on where you click on the Bid Size and Ask Size columns without having to change the Order Type. For example, clicking on the Bid Size column above the inside ask will place a stop order, while clicking any row below that will place a limit order. A new shortcut menu allows you to change your order route and/or cancel or replace your order with a single click.
The design of TradeStation's Order Bar emphasizes simplicity and speed. With a click of your mouse you can easily select the route, order type and duration for your order. Order types for stocks include Limit, Market, Stop, and Stop Limit in addition to Advanced Orders, and order durations can include Day, Day Plus (for extended hours trading**), 1 minute, and 3 minute, among others. Multiple accounts can be managed from the convenient drop-down list, and default settings for most choices can easily be set, or changed, at any time.
 |
 Once you've placed an order, TradeStation's unique PositionGraphs™ allow you to track your positions with simply a glance at your Position Graph Bar. PositionGraphs graphically display each position's drawdown, current profit/loss, and run-up in percentage or dollar amounts. Advanced color coding allows you to easily identify profitable positions displayed in green and losing positions displayed in red. PositionGraphs also enable you to quickly close or reverse a current position by simply right-clicking your mouse on the appropriate PositionGraph and selecting "close position” or “ reverse” position option. And you'll even be able to compare your positions with the last and net change values for the Dow, Nasdaq, and S&P 500. These indexes are displayed on a real-time basis on the order bar as well. Plus, you can customize the positions and quotes displayed in the PositionGraph Bar.
 |
Designed to increase the speed of entering manual orders, TradeStation allows you to place orders with only the touch of a key or click of a toolbar button, based on virtually any custom order specifications. For instance, you can choose to designate  a specific key which, when pressed, places an order for the symbol on the active window (ex: Market Depth window) based on the price level (join, improve, split, shave) you’ve assigned to that specific hot key. Includes support for Advanced Order functionality (ex: Show Only, Discretionary, etc.). Another example of hot key functionality is a new Close All Positions Hot Key, which will let you choose a user-defined key that automatically closes out all your positions when pressed.
In addition, TradeStation's macro language allows users to easily create order entry macros that can be used to send orders to the market (without entering information into the Order Bar), or to automatically fill the Order Bar with the appropriate order information. These macros can be assigned to a toolbar button and/or Hot Key, or can be run from the new Command Line, Macros Dialog or EasyLanguage. Macros can include any options available on the Order Bar, including Advanced Orders for stock trades. |
| |
 |
| The Market Depth window allows you to see all bids, bid sizes, asks, ask prices and last trades for futures, equities (including ECNs), options and forex. Plus, you can place orders directly from a Market Depth window using the new Market Depth TradeBar, and even reverse a position with a single click. You can also view your open orders and positions in the Market Depth display, as well as the last order message in the Order Status Bar. |
 |
|
| |
 |
 TradeStation's Advanced Orders are designed to offer you the advantage of more anonymity when placing stock orders, as well as provide you with additional choices that allow you to control where and how your order is routed. In addition to conventional market, limit orders, good till cancel, parked and cancel/replace order functionality, pre- and post-market trading (8am – 8pm ET), TradeStation's Advanced Orders include:
|
|
|
• |
Stop Market and Stop Limit Server
The TradeStation synthetic stop server is designed to hold your stock stop market and stop limit orders (including advanced order capabilities) for NYSE, NASDAQ and AMEX stocks on the TradeStation Network servers until market conditions trigger your stop criteria. You can place Stop Orders using options such as: Single tick, twice traded tick, single bid/ask, twice traded bid/ask. This proprietary stop server functionality is designed to offer you more flexibility when placing stops, such as the ability to place stop orders with a selected route, in addition to offering you more control by eliminating non-active stop orders to have interaction with Market Makers or Specialists. |
| |
|
• |
Cancel/Replace Stop Market Orders
Now modify the details of an open stop market order without having to cancel the order and then send a new order in its place. The time-saving Cancel/Replace functionality will allow you to quickly change the price, quantity or order type. |
| |
|
• |
Peg Orders
Imagine placing a limit order that dynamically moves up or down with the market — without the need to cancel or even send a single new order... Have you ever felt the frustration of continually having to cancel and place new limit orders when attempting to get filled in a fast moving market? Well, those days are over. TradeStation's Peg Orders are designed to eliminate this problem by allowing you to have your order shadow the market, automatically remaining at the best bid, best offer or in-between until your order is filled. Peg Orders are basically "dynamic" limit orders. As the market moves, your offer price automatically changes. You can choose to automatically join the best bid or ask price—or stay just between the bid and ask price—as the spreads vary. |
|
|
• |
ECN Sweep
Imagine having your order routed to ECNs only—and having your order cancelled automatically if it can't be filled immediately...Now Orders are designed to give you more control over where your order is routed, allowing you to eliminate potential delays you might experience when routing to other routes of liquidity. With NOW Orders, you can send your limit orders to all ECN's exclusively. If your order cannot be immediately filled at the specified limit price or better—it's automatically cancelled. If part or all of your order cannot be immediately filled by an ECN, TradeStation will automatically cancel the unfilled portion of your order, and instantly notify you that your order has been cancelled. |
|
|
• |
Show Only Orders
Imagine placing an order to buy 5,000 shares of a stock—but all the while appearing to the world to be seeking to buy only 500 shares...With TradeStation's Show Only Orders , you can conceal the full number of shares you're actually seeking to buy from the marketplace. This feature is designed to help you minimize market impact and potentially help you get a better fill on thinly-traded stocks, or when you're buying large quantities of more heavily-traded stocks. Here's how it works. You enter a sell order for 5,000 shares, for instance, but choose to have fewer shares (let's say 500) show up on the Level II screen. The result is that you appear as a 500 share offer until your entire order is filled, even though your order is actually for a total of 5,000 shares. And while you're filled in increments, your commission is calculated as though you placed only a single trade. |
|
|
• |
Non-Display Orders
TradeStation's Non-Display Orders allow you to conceal your order altogether from the market. When you place a trade and click on the "non-display" option, your order is not displayed on the Level II screen—or even on the ECN books—but your order can still be filled by market activity. |
|
|
• |
Discretionary Orders
Imagine placing an order to buy WXYZ stock at 100 limit — but only appearing to be willing to pay 99.90 on the Level II screen...With TradeStation's Discretionary Orders, you can now avoid disclosing the actual price you're willing to pay for a stock. It's designed to help you try to get a potentially better fill price, without losing the opportunity to have the order filled at the "actual" limit price you are willing to accept. So let's say you'd like to enter a limit order of 99.90, but are actually willing to pay up to 100 to have your order filled faster. After entering the limit order of 99.90, you simply have to click on the "Discretionary" button on TradeStation's Order Bar and enter .10 in the price box. The result? You may be filled within the 99.90 - 100 price range, without ever appearing on the Level II screen as a buyer willing to pay more than 99.90. |
|
|
• |
Trailing Stops
Profit from a stock's movement and limit your downside risk without the need to constantly monitor the stock. With TradeStation's Trailing Stops, your stop price moves along with the price of the stock, as the TradeStation Order Execution servers constantly monitor your order, protecting you in case of loss of connectivity. With the Order Execution Network handling your trailing stops, you don't even need to keep TradeStation running. If your trailing stop is activated, your order will automatically be sent to the market. |
|
|
• |
Order Cancel Orders
You can place a group of orders whereby if one of the orders is filled, then all of the other orders in the group will be canceled. |
|
|
• |
Bracket Order Cancel Orders
A special instance of an OCO (Order Cancel Order), bracket orders are used to exit an existing position. They are designed to limit loss and lock in profit by "bracketing" an order with a simultaneous stop and limit order. |
|
|
• |
Order Sends Orders
With OSO orders you can place two or more orders whereby if the primary order is filled, the secondary order(s) will be sent to the market. OSO orders can be used in combination with Bracket OCO orders when you want to have a Bracket OCO Order (stop loss and profit target) sent once the initial order is filled. |
|
|
• |
Activation Rules
Place an order only when your predefined time and/or price based conditions are met. With TradeStation's Activation Rules, your order is held on the TradeStation Order Execution servers until the specified conditions are true, at which time the order is sent to the market. |
|
|
• |
If Touched Orders
Market-if-Touched (MIT) orders are the opposite of stop orders. Buy MIT orders are placed below the market and Sell MIT orders are placed above the market. A MIT order is usually used to enter the market or initiate a trade. A MIT order is similar to a limit order in that a specific price is placed on the order. However, a MIT order becomes a market order once the limit price is touched or passed through. Execution may be at, above, or below the originally specified price. A MIT order will not be executed if the market fails to touch the MIT specified price. |
|
| |
|
|
| |
| * |
Ratings are based on a hands-on review of each company's online brokerage products and services by a Barron's journalist, in several categories, after which numerical scores are assigned per category and aggregated to determine overall numerical score and star rating. You may contact Barron's if you are interested in learning more about these ratings. Barron's is a registered trademark of Dow Jones. |
|
|
Client Log In
Download TradeStation Platform
