Orders
In OEC Trader, the Orders command menu provides detail information on the types of order and the status of the trades. Since OEC Trader has the capability to trade options as well as futures, the functionality in this section is primarily limited to Futures trading. Here, an order refers to the instruction, by a customer to a brokerage, for the purchase or sale of a future or option with specific conditions. Refer to the Figure below. OEC Trader allows the trader to access and create orders in several ways:
Standard Order Entry
Turbo Order Entry
Rapid Order Entry
Depth of Market Order Entry
One-Cancels-the-Other (OCO) Order Entry
One-Sends-Other (OSO) Order Entry
Strategy Order Entry
Any of the order types can be
used with either futures or options depending upon trader expertise.
From the Default Layout all the orders display as tabs. There are general descriptions that pertain to all order entry screens.
For easy reference there, after each figure there is a table of information that references the toolbar and description of tool icon for that particular screen.
In the initial installation the Order Entry tickets display as tabs in the Order Entry window.
To access a specific order type, press the tab to display the ticket.
Order Entry Section Descriptions
The ticket is subdivided into specific sections that detail the terms and conditions of the order that include the overall strategy of a particular trade event. The information is presented in tables of information to describe unique differences. Refer to the Figure above.
Side
This refers to the action and the position of the investor on Wall Street
Buy-This is a purchase of a certain commodity at a certain date in the future at a pre-set price. The future date is called the delivery date. The pre-set price is called the futures price. The price of the commodity on the delivery date is called the settlement price. The futures price, naturally, converges towards the settlement price on the delivery date.
Sell-This is the sale of a certain commodity.
Market Selection
This is the section of order entry that identifies the quantity (total) and the specific contract commodity.
Quantity- This refers to the number of contracts for each order.
Symbol-This is the alpha-numeric code by which futures are identified on a futures exchange; a corporation which provides the facilities to trade futures contracts. A base or root symbol refers to the first few characters at the beginning of the symbol and is followed by the month code and the year.
Symbols in Order Entry
In OEC Trader, symbols for futures display with the Symbol, Month and Year. There are a few exceptions. The alpha/numeric schema for options, all symbols begin with the letter O. However, there are three exceptions to the rule and these are the three futures Oats. They include: O, OJ, and OJ-M.
Compare the symbols for futures and orders below.
|
Future Symbol |
Month |
Year |
|
|
|
ES |
U |
8 |
|
|
|
Option Symbol |
Month |
Year |
Put/Call |
Strike Price |
|
ES |
U |
8 |
C |
575 |
