Execution Configuration(EC) Entry Parameters

 

You must Enable Executions before any of the 5 Execution Configuration Tabs can be modified

When a symbol meets the criteria of the Long or Short Entry in the Conditions Tab, then the Entry Order is sent according to the following parameters:

Limit/Mkt - For Entries this can be Limit, Mkt or LmtPersist

• Limit - A Limit Order with Price calculated as specified by the EntryPrice Strategy.  If Limit is selected then the order is in effect until the CxlTimeout seconds has elapsed since the order was sent.  If the order is not filled before it is TimedOut(The CxlTimeout number of seconds has elapsed) DontChase minutes in the Miscellaneous Tab is set to a value comes into play.  If the Entry Criteria is still True and DontChase Minutes is set to a value, then the Entry for that symbol is blocked for the number of minutes specified in DontChase
• Mkt - A Market order is sent .  The CxlTimeout/DontChaseMinutes combination(as described above) is in effect for Market Orders, so that if a market order is not filled for some reason, then after CxlTimeout seconds, the order is canceled and the Entry is not chased for the number of minutes specified by DontChase Minutes, even if the Entry Criteria is still true.  
• LmtPersist - This a persistent Limit Order based on the Price Strategy Specified by the User.  There are two conditions that will result in the order being canceled and resubmitted
  • If the order is not filled within the Cxl Timeout Period then it is canceled and a new Limit order is sent based on the PriceStrategy .  
  • If the Market(Bid/Ask) moves outside the range of the LimitPrice, then the order is cancelled and resent
    • for Buys, outside the market occurs when the bid moves above the LimitPrice
    • for Sells, outside the market occurs when the ask moves below the LimitPrice

  In both cases, the new LimitPrice is calculated at the moment the order is resent, based on the PriceStrategy configured by the user

Tolerance

• A percentage value between 0 and 100 .  The Tolerance value used in the EntryPriceStrategy is found by calculating (Ask - Bid) * Tolerance/100 .  If Tolerance = 50 then this is midway between the Bid and Ask

EntryPriceStrategy

Note:  The terminology of retail/wholesale arose from the need to specify a PriceStrategy  that is consistent for both Longs and Shorts.  The following shows the correlation between wholesale/retail and bid/ask for Long and Short positions

For Long Positions, Wholesale is the Bid, Retail is the Ask

For Short Positions, Wholesale is the Ask, Retail is the Bid

The PriceStrategies use the Tolerance, except for the Split Bid/Ask PriceStrategy, which is the same as setting Tolerance = 50%

• Split Bid/Ask - A Limit Price at the midpoint of the Bid/Ask, at the time the order is sent
• Retail + Tolerance
• Retail - Tolerance
• WholeSale + Tolerance
• WholeSale - Tolerance

Choose the PriceStrategy that suits how aggresively you wish to enter the position. Retail + Tolerance is aggressive as it's a LimitPrice over the Ask, for longs.  WholeSale + Tolerance is not aggressive, as it's a Limit Price just over the Bid for Longs

Important Note:  For LmtPersist OrderStrategy, the EntryPriceStrategy of Wholesale - Tolerance is not allowed.  This would create a race condition, as the Wholesale - Tolerance is outside of the market(below the bid for Longs).  The LmtPersist automatically cancels and resends orders when outside the market  For Lmt orders, all 5 PriceStrategies are allowed.  For Market Orders the PriceStrategy does not apply.  

Quantity

• The Position Quantity to send for each symbol alerted i.e 100shares, 200 shares, etc

Route

• The Route to choose, i.e. ISLD, ARCA, NYSE, etc.  Most Execution Platforms have a SMART route(such as Interactive Brokers), which is the suggested route.

Home | What's new | Purchase | Download trial | News | Tech Support | About Us | Contact Us | Disclaimer