X_TRADER Spread Matrix

Transcription

1 X_TRADER Spread Matrix Version 7.x Setup Guide 03 Introduction 04 Launching the Spread Matrix 05 Navigating the Spread Matrix 08 Configuring the Spread Matrix 11 Trading from the Spread Matrix Displaying the Butterfly/Condor 15 Matrix

2 Legal Notices This document and all related computer programs, example programs, and all TT source code are the exclusive property of ( TT ), and are protected by licensing agreements, copyright law and international treaties. Unauthorized possession, reproduction, duplication, or dissemination of this document, or any portion of it, is illegal and may result in severe civil and criminal penalties. Unauthorized reproduction of any TT software or proprietary information may result in severe civil and criminal penalties, and will be prosecuted to the maximum extent possible under the law. Information in this document is subject to change without notice. Companies, names, and data used in examples herein are fictitious unless otherwise noted. No part of this document may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without the express written permission of TT. All trademarks displayed in this document are subject to the trademark rights of TT, or are used under agreement by TT. These trademarks include, but are not limited to, service brand names, slogans and logos and emblems including but not limited to: Trading Technologies, the Trading Technologies Logo, TT, X_TRADER, X_RISK, MD Trader, Autospreader, X_STUDY, TT_TRADER, TT CVD, ADL, Autotrader, TT Trainer, TTNET, Back Office Bridge. All other referenced companies, individuals and trademarks retain their rights. All trademarks are the property of their respective owners. The unauthorized use of any trademark displayed in this document is strictly prohibited. Copyright All rights reserved. Document Version: 7.8.x January 19, 2011

3 Introduction This document is intended to provide an overview of Spread Matrix functionality. X_TRADER provides one window where you can view market data for all contract expirations of a product as well as market data for exchange defined calendar spreads for the underlying product. You may use the Spread Matrix to enter orders for both the outright contracts and the available calendar spreads. 3 3

4 Launching the Spread Matrix You may launch Spread Matrix windows from Market Explorer and the Market window. To launch a Spread Matrix from Market Explorer, 1. Select the instrument that you would like to display in the Spread Matrix. 2. Transfer the instrument to the Selected Instruments field. 3. Click the Window drop down list box and select Spread Matrix. To launch a Spread Matrix from the Market window, you must display more than one month of the same product in the Market Grid pane. To launch a Spread Matrix from the Market window, 1. Right click an instrument in the Grid pane that you would like to display in the Spread Matrix. Select Spread Matrix from the 2. context menu. 4

5 Navigating the Spread Matrix The Spread Matrix displays outright contracts and exchange defined calendar spreads. Outrights display along the top and diagonal. By default, the top outright prices are shown as Net Change. Calendar spreads display in the middle of the matrix where the outright contracts intersect. Spreads Outrights Like the Market Grid, tabs are available in the Spread Matrix. Tabs help conserve screen real estate and reduce repaint CPU cycles. 5

6 Navigating (continued) The Spread Matrix displays comprehensive market data for each outright contract and calendar spread. Last Traded Price Net Change Market data is displayed in one of four cells that comprise a larger grouping. This is the market data for the December March spread. Launch the Floating Depth Window to display the top three levels of market depth. Ask Price Bid Price Ask Quantity Bid Quantity The background color of the market data cell provides additional information about the prices and quantities that comprise the bids and offers. These colors are customizable via X_TRADER Settings Properties Color tab Spread Matrix. Cell Color Dark Blue Dark Red Light Blue Light Red White Yellow Description The price and quantity is comprised of direct bids and offers in the market. The price and quantity is comprised entirely of implied quantities that were derived from outright orders and calendar spreads. The Bid/Offer is a combination of direct prices and implied prices. You are working an order that is at the best inside market price. By default, the Spread Matrix color codes implied prices and quantities. This is configurable via the X_TRADER Settings Properties Spread Matrix tab. 6

7 Navigating (continued) Colors also identify each one year period. In this Spread Matrix, we see two one year periods. First Year Gray identifies the first year and red the second year. A third year would display in green. Second As you place your mouse over a calendar spread, the cells comprising the spread highlight for easy identification. In this example, the mouse is hovering over the June March spread. 7

8 Configuring the Spread Matrix The Spread Matrix is very customizable. Global properties may be configured via the X_TRADER Settings Properties Spread Matrix tab. Display the Cancel Buttons Display the LTP and Net Change row Display LTP and LTQ Color code Implied Prices and Quantities Select where you would like to display outright prices Note: This setting works in conjunction with the Display Prices options in the Spread Matrix context menu. 8

9 Configuring (continued) Individual Spread Matrix windows can be configured via the Spread Matrix context menu. For example, you may configure which prices the Spread Matrix displays for outrights and spreads via the Spread Matrix context menu. Right click the gray area of the Spread Matrix to display the context menu. Outright and Calendar Price Type settings The context menu also provides various Display Prices settings. The Display Prices settings allow you to display outright and/or spread prices as Net Change or Actual prices. 9

10 Configuring (continued) From the context menu, you can easily configure the Spread Matrix to display specific contact months. Display the context menu and select Show/Hide Series. The Show/Hide Series dialog box displays a list of the instrument s available contract months. Deselect the months that you do not want to display, such as serial months. Then click the OK button to close the dialog box. 10

11 Trading with the Spread Matrix The Spread Matrix provides quick order entry within a single window for active spread trading. Using the Spread Matrix and a floating order entry window, you can trade all outrights and calendar spreads for a single product. You may enter orders using one of three Floating Order Entry styles. Order Pane MD Trader Order Bar To select a Floating Order Entry style 1. Display the Settings Properties Trading tab. 2. In the Floating Windows section, click the Floating Order Entry drop down and select the desired floating order entry style. 3. Click the OK button. 11

12 Trading (continued) To trade the spread, simply click any of the four market data cells comprising the spread. This displays your selected floating order entry window. Adjust the price, set your desired quantity and submit the order. That is all that it takes to execute a spread trade. Order Entry using the Order Bar To adjust the price of the order, left click to decrease the price, or right click to increase the price. When using MD Trader as your floating order entry style, as each contact is selected, the floating MD Trader window populates with the contract information and is ready for you to place the order. 12

13 Trading (continued) You may manage your working orders using the Floating Order Book. The Floating Order Book displays when you middle mouse click a quantity cell in the Spread Matrix. This works differently than the Market Grid and MD Trader where the Floating Order Book displays when you middle mouse click your working orders. By default, the Spread Matrix displays cancel buttons. These buttons allow you to delete working orders for contracts displayed in the currently selected Spread Matrix tab. You may Cancel all working orders Cancel all spread orders Cancel all outright orders Note: To hide the cancel buttons, de select Cancel order buttons on the Settings Properties Spread Matrix tab. Cancel Buttons Floating Order Book 13

14 Trading (continued) Your position displays in each of the outrights, making it easy to see where you stand for all expirations of the product. Blue indicates that you are long, red indicates that you are short, and gray indicates that you are flat. Short Flat Long 14

15 Displaying the Butterfly/Condor Matrix The Spread Matrix also displays Butterflies and Condors. A Butterfly is a trading strategy that involves three outrights. A Condor is a trading strategy that involves four outrights. Most of the procedures and features for the Butterfly/Condor Matrix are the same as the Spread Matrix. Toggle between the Butterfly/Condor Matrix Calendar Spread 15