Sterling Trader Pro - User Guide v. 6.0
2 Greetings, From Sterling Trader, Inc! Welcome to Sterling Trader® Pro, an industry leading, state-of-the-art, global order routing and order management platform. Sterling Trader® Pro has delivered direct access, real-time trading and market data to professional traders since 2001, with unmatched standards for speed and reliability. This fully customizable platform will provide you with the tools you need to successfully manage your trading strategies and portfolios, while allowing you adjust to ever-changing market conditions as they happen.
We are excited that you have chosen our platform to fulfill your trading needs. We hope you will use this guide as an additional tool to help you construct your trading experience on Sterling Trader® Pro to your own personal style. We believe you will find the possibilities with Sterling Trader® Pro virtually limitless! 1 Thank you, Sterling Trader, Inc. Chicago, Illinois August 2010 1 Okay, technically, everything has a limit, but not our boundless admiration for you, the trader.
3 TABLE OF CONTENTS Log-on to Sterling Trader® pro ___ 5
CHAPTER 1 – STERLING TRADER® PRO MAIN MENU ___ 6
Main Menu ___ 6
Actions ___ 6
View ___ 7
Windows ___ 7
CHAPTER 2 – GLOBAL ORDER ENTRY SETTINGS ___ 8
General Folder ___ 9
General ___ 9
Quotes ___ 9
Notifications ___ 10
Global order Entry Folder ___ 11
Equities ___ 11
Listing Exchanges ___ 12
Destinations ___ 13
Level I OE ___ 14
Level II OE ___ 15
Futures OE ___ 16
Options OE ___ 16
Basket ___ 17
Quick OE ___ 17
Keyboard ___ 18
Liquidity ___ 19
Messages ___ 19
Miscellaneous ___ 20
CHAPTER 3 – HOT KEYS ___ 23
Preset Hot Keys ___ 23
CustomHot keys ___ 24
CHAPTER 4 – MARKET DATA ___ 26
Stock Watch ___ 26
Level II OE ___ 31
Time and Sales ___ 34
Top Ten ___ 36
Fundamental Data ___ 36
News ___ 37
Alerts ___ 38
Exchange Alerts ___ 39
Spreads ___ 40
Options Chain ___ 41
CHAPTER 5 – CHART ___ 43
Sterling Trader® Pro
4 Creating a New Chart ___ 43
Toolbar ___ 45
Trend Lines ___ 45
Studies ___ 46
Spreads ___ 48
Symbol Overlay ___ 48
Settings ___ 49
CHAPTER 6 – ORDER ENTRY ___ 50
Level I Order Entry ___ 50
Stop Orders ___ 51
Order Attributes Window ___ 52
Local Order Entry Settings ___ 53
Level II Order Entry ___ 54
Local Order Entry Settings ___ 54
Single Clicking ___ 54
Hot Button Bar ___ 55
Basket ___ 59
Basket Add On ___ 61
Options Order Entry ___ 64
Futures Order Entry ___ 66
Order Entry From Stock Watch and Position Summary ___ 67
CHAPTER 7 – TRADINGMONITORS ___ 70
CHAPTER 8 – LOCATE MONITOR ___ 74
CHAPTER 9 – POSITION SUMMARY ___ 75
Columns ___ 75
Viewing Positions ___ 76
CHAPTER 10 – LINKING WINDOWS ___ 77
CHAPTER 11 – ALLOCATION TOOL ___ 80
CHAPTER 12 – EVERYTHING ELSE ___ 84
Activity Log ___ 84
Notification Log ___ 84
Messenger ___ 84
Clock ___ 84
The End ___ 84
EXHIBIT A – Smart SWIPE ___ 85
EXHIBIT B – Best Hot Key ___ 86
EXHIBIT C – Creating a Text File to Import to Basket ___ 87
EXHIBIT D – Multi-Currency ___ 89
5 STERLING TRADER® PRO – Logging on To log on to Sterling Trader® Pro, click on the desktop shortcut to bring up the log in screen. Simply type in your Trader name and password, click on the login button and you are in! Please note, the Trader name can be set to populate automatically. Contact Support for details. Passwords are case sensitive. Check your Caps Lock key before logging in. EXITING THE PLATFORM From the Main Menu (see Chapter 1) left-click the “Actions” menu and select Exit. Or, click the X button on the top right in the Main Menu.
6 CHAPTER 1 – STERLING TRADER® PRO – MAIN MENU INTRODUCTION – All windows in Sterling Trader® Pro are floating windows.
The Main Menu is no exception. From this window you open new instances of all the other windows in the platform. Do this from the “Windows” menu or by left-clicking the appropriate icon on the task bar. For example, the green pig icon opens the Position Summary window. 2 You also manage layouts and system settings from this window. The following is a rundown of the Menu options available in the Main Menu. ACTIONS MENU – MANAGING LAYOUTS Left-click on the “Actions” menu and you will find the following options to manage layouts: CREATE BACKUP of Sterling Trader® Pro. From the above menu you can create a backup of all your Sterling Trader® Pro files.
1- In the Actions menu click on “Create Backup...” 2- A menu will pop up requesting you select a folder to save the backup to. 3- Select the folder and click OK. A backup of all your Sterling Trader® Pro files will be added to that folder. 2 Would Orwell find that funny? Restore – All windows in your layout from their minimized position Minimize – All open windows Close – All windows Load Layout – Click Load Layout to select from your list of saved layouts Save Layout – To save updates to your current layout Save Layout As – To save your current layout under a new name or to save a new layout There is also a setting to automatically load a layout upon login that is discussed in chapter 2.
7 SWITCH TO FOCUS WINDOW – In Sterling Trader® Pro, a window, such as Level II Order Entry, can be designated the “Focus” window. In certain windows, such as Stock Watch, a trader can set the action of double-clicking to automatically switch to the focus window. See Chapter 4 – Stock watch. VIEW MENU – MANAGING SETTINGS Left-clicking on the “View” menu will give you the option to adjust your Global Order Entry settings for the various order entry windows (see Chapter 2). From the “View” menu you can also check your server information and create your own equity and option spreads to view in a Stock Watch window (Chapter 4).
Server Info is generally used if you experience data problems and need to call tech support. WINDOWS MENU – OPENING NEW DATA WINDOWS Left-clicking on the “Windows” menu brings up all your options for data and trading windows within Sterling Trader® Pro. Clicking on any link will open that window. The windows are all discussed in detail in later chapters. Global order entry settings
8 CHAPTER 2 – GLOBAL ORDER ENTRY SETTINGS INTRODUCTION – Global Order Entry settings control the default settings for your order entry windows (Level I Order Entry, Level II Order Entry, etc.).
You will also configure hot keys and trade notification settings from this window. There are a lot of options to choose from, so this will be a large chapter. 3 You should familiarize yourself with these settings because they control many aspects of the platform and you will come back to them often. To access the Global settings, in the Main Menu click on “View” and “Settings”. This screen will pop up. In the left panel, you will see two folders, General and Global Order Entry, and the list of categories under each folder that you can affect settings for. We’ll go through them in order, except for Hot Keys, which will have its’ own chapter.
The right panel shows the settings you can adjust for each category.
Some Global Order Entry settings affect specific order windows that also have local order entry settings (Level I OE, Level II OE, Options OE, etc.). The local order entry settings will be discussed in chapter 6 for each order entry window. 3 And we spent a long time writing it. Don’t disrespect us by not reading it.
- Load layout to load upon logging in. Lets you choose which of your saved layouts to load up first after logging in.
- Load the settings in place at your last shutdown. If your system goes down unexpectedly, this setting will reload the layout as it was when you lost connection. It does not save the layout, but reloads the previous settings.
- Save layout on exit – Check “Save settings to current layout file” to automatically save the layout upon exiting.
- Display a confirmation box when exiting the platform. You can confirm open orders, open positions, both, or simply request a confirmation every time you exit.
- Unrealized Profit/Loss – Calculate Unrealized P/L for stocks and options. For Stocks (Non-options), calculate unrealized P/L using Last Price or current Bid/Ask Price. If you select Last Price, you can opt to use the previous day’s closing price. For Options, select the current Bid/Ask or the Mid-point of the current Bid/Ask
- Options Daily P/L price – For overnight options positions, select which price to use for calculating intraday P/L.
- Click/drag behavior – This setting affects only the Stock Watch and Position Summary windows. When leftclicking and dragging, select to either drag the selected symbol or to highlight the selected row.
- Set decimal places to see for average price fields.
Unrealized P/L Set decimal places for average prices Click and drag behavior Confirm open orders and/or positions on exit
- Displaying quote size in hundreds, negative prices in parentheses, and other visual choices.
- Setting your pricing model for Greeks on options (choices are between Black Scholes and Binomial).
- Setting how many decimal places you will see in your quote windows. NOTIFICATIONS – From this screen you will set up which order entry notifications you want to see, if any. For example, you can elect to display a message when an order is executed or an order is rejected, or you can play a sound. These are general notifications. More detailed notifications are available in the Messages screen in the Global Order Entry settings.
DESK applies to staged orders only Select customized sound files for notifications Quote view choices Nothing Greeks pricing
11 GLOBAL ORDER ENTRY FOLDER The Global Order Entry folder has fourteen categories (including Hot Keys). Level I OE, Level II OE, Futures OE, Options OE, and Basket settings affect only those order entry windows. The remaining categories affect all the order entry windows EQUITIES – Set your defaults to pre-fill order entry screens with a specified quantity, or set to pre-fill your current position quantity. You can also set your default price (Bid, Ask, MKT, etc.).
To set your price defaults for regular and pre-market: 1- Check the “Price” box.
2- For “If buying” and “If selling”, select from the pull down box. Choices include Bid, Ask, Mkt, and Last. 3- If desired, select STP in the second pull-down box to pre-fill orders as stop orders. 4- Repeat for Pre-market settings. PREFILL QUANTITY BASED ON SYMBOL – Checking this box will prefill the quantity field with the quantity used in the last order. For example, a trader holds 1700 IBM long. Their last order in IBM was to buy 200. If they bring up IBM in an order entry window, the quantity will prefill 200.
MULTI DESTINATION – In Sterling Trader® Pro, you can configure the destination MULTI to send an order simultaneously to multiple exchanges.
MULTI is configured in the Equities Global Order Entry settings screen. To configure MULTI: 1- Click on the “Configure...” button. The [Multi] Configuration window will pop up. 2- Click on Destination to get a pull down list of available destinations 3- Select the destination of your choice by clicking on it. 4- Click on the “Add” button and the destination will fill in. Do this for each destination you want added. To default the order entry screens to 100 shares for new positions, fill in 100 in the “Qty to open position”. Or fill in whatever size you would like To default quantity to your current position: 1.
Enter 100% in “Qty if closing position” AND 2. In the “When pre-filling use” box, select “Qty if closing pos”
12 5- Click OK and your [Multi] route is now configured (please see illustrations below). LISTING EXCHANGES – This window can be confusing. It gives you the option of specifying a default exchange by security type – equities, options, or futures. When you bring the window up, you will see some of the available boxes are gray. The gray boxes can’t be updated, but Dest (destination) and CoverDest can be. To set a default destination for security type Equity: 1. Double click in the Dest box.
You will get a pull-down menu of available routes 2. Select your route 3. Repeat for Futures and Options if necessary (Forex is not tradable on Sterling Trader® Pro) 4.
You can follow the same process for CoverDest. CoverDest is a default for closing existing positions from the Position Summary window (see page 63)
13 You can set further defaults for equities by dividing by listing exchange (NYSE, NASDAQ, or OTC-BB). That means you can default a different destination for NYSE, a different destination for NASDAQ, etc. 1- Click the “Add” button. A new line for Equity will appear. 2- In the ListExch column, double click to get a cursor and type in the letter N (NYSE), or Q (NASDAQ), or T (OTCBB). 3- Following the model above, double-click in the Dest column to select an exchange. If you set a Local Order Entry setting in an order entry window (such as Level II Order Entry) to default that window to a specific exchange, it will override the Global setting in the Listing Exchanges above.
DESTINATIONS – At first glance, this can be a confusing screen. Keep in mind that these screens are all about setting order entry defaults and pre-filling the order entry windows.
4 Destinations lets you pre-fill the order entry windows based on which route you select. You also set pegging defaults from this screen. In the example above, the Destination ARCA is defaulted to Account JETEST1, Tif (Time-In-Force) DAY, and Display Quantity of 100 (if it’s a reserve order). So, if I select ARCA in an order entry window, the order entry fields will update to these defaults. The MinQty column should be left as Any, since it is no longer a supported function by the exchanges. You can go down the list of exchanges and set these for each one. If you do not want route selection to pre-fill other defaults, there is no need to fill these defaults out.
ALLDisc and KeepOnBook columns – these are the last columns in the Destinations window and they have special functions should you check the boxes. ALLDisc – Checking this will cause all orders to be sent with the Discretion field set to the value in the PriceDisc column. KeepOnBook – Adds an order instruction to the order that is defined as ‘Participate, Don’t Initiate’. Keeps the order on the book of the selected destination. 4 At least, that’s what the voices tell us... Set defaults to pre-fill based on route selection in an order entry window
- Primary – Pegs same side of NBBO
- Market – Pegs the opposite side of the NBBO
- Mid-market – Pegs the midpoint of the NBBO
- Best – Pegs same side of NBBO You can set Peg Difference, Peg Limit, as well as Price Discretion. Simply double click each field you want to update for that destination, or use the pull-down arrow if one is present.
LEVEL I OE – Level I Order Entry in the Global Order Entry settings provides some additional options to the defaults selected in the Equities category of the Global Order Entry settings screen. These settings dictate what will happen when you manually update fields in the Level I OE window or after you send orders. Here are your options: Tab Order button – you can select in what order your cursor will tab through the order entry fields when using the Tab key on your keyboard You can initialize or clear some or all fields in the order entry screen, or leave fields unchanged
15 If you check the “Open a Time And Sales window...” box shown on previous page, a Time and Sales window and a Chart will open automatically any time you open a new Level I OE window.
You can also select to auto-link those windows. LEVEL II OE – This category affects only the Level II OE window. This screen has the same defaults as Level I OE above, but also introduces additional settings for the level II data screen. Level II OE windows are automatically set up to populate the order entry screen with whichever price and destination you left-click on in the Level II bid/ask data panel.
To disable the left-clicking features, simply check the appropriate boxes shown above To disable left-click update of the destination, UN-CHECK “Enable single-click routing”. To set up default destinations for specific MMIDs: 1- In the Level II OE settings screen above, check “Enable Single-click routing” and select Custom routing. 2- Click the button to pop up the Custom Routing screen (see following page). 3- Click the “Add” button to pop up the Add Route screen. 4- Type in an MMID and select a destination to route to. 5- Click OK. You will see the MMID and associated route in the Customer Routing screen.
6- Repeat for each desired MMID. Or, you can click Pre-fill ECNs, which will populate all the destinations as MMID with routing to that same destination. From there you can edit them individually. The boxes to check or un-check for how you see data, such as “Left align volume field” and “Display sizes in hundreds”, are mostly self-explanatory. The exception is the “Use Level II BBO for Bid and Ask when using default prices”. If you set default prices in the Equities settings category to Bid or Ask, you can further decide which Bid and Ask to use. For example, if you check “Use Level II BBO...” and you check the two boxes just below it, the default Bid or Ask price that populates will be the BBO of the default destination.
If BATS is your default destination, the Bid or Ask will populate with BATS BBO, even if it’s worse than the current inside market.
Same as Level I OE – You can initialize or clear some or all fields in the order entry screen, or leave fields unchanged when manually updating fields Disable selections for left clicking Options for viewing data
- 16 FUTURES OE – This settings category has only two defaults available: 5
- You can default a quantity
- You can choose to refill that default after sending an order. OPTIONS OE – This screen has a number of order entry and viewing defaults, including a MULTI route for options (see page 11-12 to set up MULTI). From this screen you can set you default quantity, configure MULTI, set your left-click behavior (prefill Price, Destination, and Quantity if clicked on), highlight open orders, and select visual options such as sorting by exchange or highlighting row border when you click on a row.
Like Level I and Level II OE, you can also choose to automatically open Time and Sales and a Chart when you open a new Options OE window. 5 And they are relatively pointless. Custom Routing. In this example we set up clicking on CHX to populate the route BATS
17 BASKET – This screen allows you to set defaults to help expedite setting up your basket orders. All stock in your basket will default to these pre-filled fields unless overwritten in the Basket window. QUICK OE – In this screen you will see preset keystrokes to assist in quickly filling in your order entry screen.
These are automatically in effect as-is if you have Quick OE enabled Auto-enable Quick OE here, or in the KEYBOARD category (discussed next) Please note there is an additional Basket setting in the Messages setting screen shown on page 19.
- 18 There are a handful of configurable settings on this page, but most are fixed.
- You can opt to use CTRL, SHIFT, and/or ALT + a number on your keypad to fill in your quantity. For example, if you check the “ALT + [number]” box, pressing ALT + 5 will set 500 shares as the desired quantity on the order entry screen. With SHIFT + 5 you would see 5000 shares. CTRL + 5 would pre-fill 5 shares exactly.
- You can create quick keystrokes to select a destination. 1- In the Destination section, click the “Add” button. 2- The Add Destination Key screen will pop up.
3- Select a Key and a corresponding destination and click OK.
4- The key and destination are now listed in the Destination section. Order entry screens already default destinations selection by the first letter in the destination name. Use these destination keys only if you want to change which letter corresponds to which destination. KEYBOARD – This screen allows you to set your increments when using the arrows right of the quantity or price selection box in the order entry screens, and also when using the arrows on your keyboard. You also enable Quick OE from here. In the “Other” section of the Keyboard screen there are options to enable transmitting an order by hitting the enter key and/or the enter key on the number pad.
Be alert when using these.
Select a Key and Destination. Enable Quick OE Send order using “Enter” key.
19 LIQUIDITY – The Liquidity screen allows you to reject orders that would remove liquidity. This is only available on a handful of destinations. You can choose to automatically cancel orders, or display a message that gives you the opportunity to send the order anyway if you choose. Please see below: MESSAGES – Messages offers options for order notifications in addition to those offered in the “Notifications” screen. The last item, displaying a message when “Sending a Sell Long order would result in multiple open Sell Long orders”, can be an effective tool to guard against accidentally taking on short positions.
Check here to be given the option to send an order that removes liquidity These destinations will allow an order reject for removing liquidity Allow Sterling Trader® Pro to reject orders that remove liquidity from the ARCA book These Basket confirmations available in the Messages screen. Selecting these will cause the Basket window to generate a confirmation message before sending a basket if the Multiplier or Delta are greater than the selected number
20 You can also elect to receive a warning message if your order is a certain amount above or below the Bid/Ask or the last price by dollar amount or percentage. You can do this for equities (non-options) and options. MISCELLANEOUS – This category lives up to its’ name. 6 In this screen you can set up automatic Trailing Stops, Smart SWIPE destinations, and have fun with various other unrelated items (see next page for screenshot). AUTOMATIC TRAILING STOPS from the Miscellaneous screen – Available for equities only. Trailing Stops are a serverside function. Sterling Trader, Inc. takes no financial responsibility for a malfunction of the system.
Use at your own risk. To set up a Trailing Stop that will automatically be sent after an order to open a stock position is executed: 1- Select the Trailing Amount you want 2- Select the Trailing Increment. 3- Check the “Attach auto T-STP order to very order” A trailing stop will now be sent out with the preset specifications for every opening order. The Trailing Increment is how far the stock has to move before your trail amount will adjust itself. For example, if XYZ stock is trading at 35.00 and you enter a trailing stop with a trail amount of 1.00 and a trailing increment of 0.25, the stop out price would be 34.00 to begin (1.00 below 35.00).
If the stock goes up to 35.20, the stop out price is still 34.00. If the stock goes to 35.25, the stop out price now becomes 34.25.
If you don’t want to include a stop order on every order, or, if you want to adjust the specifications for an individual order, you can press ALT+R in an order entry window (Level I or Level II) to bring up the Order Attributes window (see page 51). Check or uncheck the Auto T-STP Order and adjust your trail amount and increment. 6 “Miscellaneous” in the ancient Alanic language means “Where the heck does this go?” Though scholars are quick to point out it could also mean “Who programmed this?” Price differential warnings for Equities Price differential warnings for Options NYSE rule violation warnings
21 SMART SWIPE destinations – Smart SWIPE allows you to spray markets that you select for the best price. See page 58 for using SWIPE from Level II. See Exhibit A at the end of this guide for additional details on SWIPE functionality. To set up Smart SWIPE: 1- In the Smart SWIPE section, click on the “Destination Lists...” button. The Destination lists will pop up. 2- In the Destinations list click the Add button to create a SWIPE list. Trailing Stop settings Smart Swipe destinations This “Display account...” setting affects the Level II OE window only Linking – when two windows of the same type (such as two Level II windows) are in the same link group, changing the symbol in one will NOT change it in the other.
This can be beneficial if both windows are also linked to the same Chart or Stock Watch.
22 3- Name your SWIPE list. 4- To add a destination, click the Destination button and select one. 5- Click the Add button. Do this for each destination you want in the SWIPE list. 6- Click OK. 7- Back in the Destination list, right click under the Def column, to the left of the SWIPE list name and set it as the default. This will now be the destination list used when you use the SWIPE order feature. Select Destinations Name Swipe list
- Cancelling Orders (Cxl All, Cxl All Buy, etc.)
- Covering Orders (Cvr All, Cvr All short, etc.)
- Miscellaneous, such as Minimize All windows, Restore All, and Toggle filter. To change or add a key for a preset hotkey: 1- Double left click on the action you want to update (or highlight it and click the “Edit...” button). The Edit Special Hot Key box will pop up (see following page).
2- To set the new hot key, press the desired combination on your keyboard and the window will fill in the new hot key for you. 3- You can, instead, press delete if you want to disable that hot key action. 4- Once done, press OK.
24 CUSTOM HOT KEYS To create a custom hot key from Hot Keys Global Order Entry screen: 1- Click on the Add button located at the top right of the screen. The “Add Hot Key” window pops up. 2- Click on each desired field to select the data you want in the hot key. For Quantity, you can type in a specific amount. For example, to buy 500 shares @ MKT on ARCA, with DAY as the Time-In-Force: 3- Click in the Hot Key field and press the desired combination on your keyboard.
4- Name your hot key (this is important when using the Hot Button Bar, see page 54). 5- Click the “Add” button. Your new hot key will now show up on the Hot Key list. In the above example, we filled in Side, Quantity, Price, Account, Destination, and Time in force. The Account field reads “Current”. If you have multiple accounts, selecting “Current” means the hot key will affect the account currently listed in the order entry screen.
Keystroke selected will show here
25 Below, the new hot key is highlighted in Blue. Make sure you check the “Enable” box at the top of the window to enable the hot keys. Please note: The “Mode” setting in the screenshot below. There is “Load” and “Load and Go”. Load pre-fills the order entry screen. Load and Go sends orders. So, if you want hot keys to send orders, select Load and Go. Check Enable to use Hot Keys New Hot Key – “Buy 500 @ MKT...” Print your hot key list
26 CHAPTER 4 – MARKET DATA INTRODUCTION – Real-time market data can be accessed from most of the windows in Sterling Trader® Pro in one form or another.
In this chapter we’ll take you through Stock Watch, Level II, Time and Sales, Top 10, Fundamental Data, News, Alerts, and Exchange Alerts. We’ll also show you how to create spreads to compare the price difference between two stock or option symbols. STOCK WATCH Stock Watch is the list of stocks you are actively watching. Stock Watch provides level I quotes for stocks, options, and futures, with 50 possible columns of data available.
To open a Stock Watch window, go to the main menu. In the “Windows” menu select Stock Watch. You will get a blank Stock Watch window with default columns. CREATING A WATCH LIST – To begin creating your list: 1. Click on the “Actions” menu and select “New List” from the pull down. 2. The first line of the Stock Watch will now be available. Type in your symbol and hit the Enter key. 3. The next line will be available. Type in your next symbol and hit Enter. 4. Repeat for all the desired symbols.
5. If you choose to add additional symbols later on, you can do so by right clicking in the next available space.
From the pop-up menu select “Edit Symbol”. You will be able to type in the new symbol.
27 INSTERTING LABELS AND BLANK ROWS – You can organize your watch list by adding labels or blank spaces to separate groups of symbols. To add labels or blank spaces: 1. Right click on the symbol you want to place your label or blank space ABOVE. 2. In the pop-up menu select Insert – Label... (or Blank Row). 3. If you selected Blank Row, a blank row will be added above the symbol. 4. If you selected Label, a new row will appear above the symbol, with a cursor for typing the label name. 5. Type in the desired label name and hit enter. The label will be in yellow text.
28 You can sort columns by left clicking on the column header.
Any labels and blank rows will be sorted as well, which can undo the organization of your list. If you have saved your list, you can easily recall it. To save your Stock Watch list: 1- Click on the Actions menu. 2- Click on Save List. 3- If it’s a brand new list, name the list and save it. To load a saved list: 1. Click on the Actions menu. 2. Click on Load List. 3. Select the list you want from the save items and click Open. To delete a row, simply highlight the desired row and hit the Delete key on your keyboard. MANAGING THE DATA COLUMNS – You will find the available columns in the View menu under Settings.
To add or remove a column, simply check or uncheck the box next to the column name. If you are unsure what data a column provides, please contact Sterling Trader support or visit the support page of our website, www.sterlingtrader.com. Once your columns are selected, you can set their order on the screen from the Stock Watch window. To change the order of your columns: 1- Left click and hold the column heading. 2- Drag the column heading to the desired spot in the order. Customize colors for your Stock Watch window Update all open Stock Watches with your new settings Add and remove columns Preset colors
29 3- Release the mouse button to drop the column into place. You can also move individual rows up and down. 1- Right click on the row you want to move. 2- In the pop-up menu, select Move Row Up or Move Row Down. 3- That’s it. The row will move one space up or down, depending on what you chose. LAST TREND / QUOTE TREND – A special note on the columns Last Trend and Quote Trend: Last Trend shows the direction of the last ten trades in a stock, either up, down, or “no change” from previous trade price. Up is green, down is red, and “no change” is the same color as the preceding trend box. Quote Trend shows the direction of the last ten Bids and the last ten Offers.
The indicator boxes are split in two with the top half representing bids and the bottom representing offers. Up price is green, down is red, and “no change” is the same color as the preceding trend box.
ALERTS COLUMN – If you use the Alerts column, there is an Alert Legend explaining the alerts symbols. Go to the View menu in the Stock Watch window and select “Alert Legend”. The alert symbols populate in the Stock Watch window under the alerts column. To access the alert messages, double click on an alerts symbol when it appears in the Stock Watch will bring up an Exchange Alerts window with the information corresponding to the alert. MOVING ROWS – In the Stock Watch window you can easily move a symbol up or down by holding down the ALT key, left-clicking the mouse, and dragging and dropping the symbol to the new location.
Highlighting begins on the next page...
30 HIGHLIGHTING – There are a number of row highlighting options within the Stock Watch window. To access the choices, click the View menu – Settings, then click the Miscellaneous tab of the settings window. To configure highlighting: 1- In the Stock Watch Settings window, Miscellaneous tab, select to highlight row or column. 2- Select a duration for the highlight to last (duration in seconds, or you can choose infinite). 3- Select if you want highlighting for all symbols or specific symbols. 4- Finally, select if you want the symbols to highlight based on Last price, Change, or Change from open.
If you selected to highlight only specific symbols, there are extra steps. 1- In the Stock Watch window, right click on a symbol you want to highlight (or use the Symbols menu). 2- In the pop-up menu, select Specific Highlighting.
3- The symbol will now highlight when updates occur. Do this for each symbol you want to have highlight. Please note: Order entry is possible from a Stock Watch window. This is discussed in Chapter 6. DOUBLE CLICK SETTINGS – Double clicking on a symbol in the Stock Watch can have one of several effects that you set up in the Settings window, under the Miscellaneous tab. Edit Symbol – Double clicking will let you type in a new symbol Set Link Symbol – Double clicking on a symbol in the Stock Watch window will populate that symbol into the other windows in your group of linked windows (linking discussed in a later chapter) Check these boxes to highlight rows when Market-onClose, Intraday, and Opening buy/sell imbalances occur Check this box to highlight a row where a symbol reaches its’ high or low for the day Basic highlighting options – select Type (row or column), Style, Duration, and whether you want to apply to all symbols
31 Switch to Focus Window – Double clicking will switch the current window to the designated focus window. For example, if Level II OE was the focus window, double clicking on a symbol would switch to Level II OE and populate the Level II OE window with the symbol that was clicked on, making placing an order from Level II OE faster. Open Level I, Open Level II, Open Mini, Open Chart, Open Exchange Alerts – Double clicking opens those windows. LEVEL II OE This window is called Level II Order Entry, but order entry functions will be discussed in chapter 7. The Level II window shows you the depth of the market bids and offers in an easy to follow format with market makers and ECN identifiers on the left, followed by price, volume, and time.
In the Settings window you will be able to choose what data you see.
Double Click Options Level I quote bar Ask depth with price, size, and time Bid depth with price, size, and time
- To change colors for the price tiers in Level II, you can select a preset styles, or select a color for each level.
- To change what columns you see in Level II, simply check or uncheck the appropriate box.
- You can also configure which, if any, of the Level 1 quote bar boxes you want to highlight on update. The Level II tab of the settings window will let you control what data you see in the Level II window (see next page). You can:
- Select which books to see.
- De-select Level II and see only books.
- Filter out odd-lots.
- Highlight market makers.
- Show your open orders in Level II.
- Display time in seconds.
- “Price Level” can be set to “Top of Book” to show only the top of each ECN book. Preset styles Customizable levels Checking these will cause the Level 1 quote bar to highlight on updates Check these boxes to see columns
33 To highlight specific market makers: 1- Check the “Highlight specific market makers box. 2- Click the “Makers...” button. The “Highlighted Makers” screen pops up. 3- Type in a symbol, or symbols, and the market makers you would like highlighted.
4- Click the “Add” button to populate the list. 5- Click OK when done. Books to view Display orders and highlighting choices Market Maker viewing options Price Level – can be set to top only
34 6- In the Level II window, you will now see the maker highlighted: To view only or hide a specific market maker: 1- In Settings, Level II tab, check the “View/hide specific market makers box. 2- Click the “Filters...” button. “Market Maker Filters” pops up. 3- Click “Add”. “Add Market Maker Filter” pops up. [see right] 4- Name the filter, select if you want to view or hide the market makers. 5- Enter a market maker ID and click “Add”. Do this for each maker.
6- Click “OK”. 7- Highlight the filter you created. Click “Activate”. 8- Click “OK” in the Level II Settings and your filter is now applied TIME AND SALES Follow each trade for a specific stock.
Time and Sales shows you each trade as it is reported, what price, time, size, and market. You can also expand you selection to see Bid/Ask data. HISTORICAL DATA – Intraday To query intraday historical data prior to the time the Time and Sales window was opened, check the box to the right of the symbol field and enter a time. Historical data from prior days is not available. Check box for historical intraday data
- Select columns to display.
- Choose to display only trades, only quotes, or both (if you display quotes, you can see bid/ask).
- Filter out trades by size
- Choose to display only trades in certain markets. From the Colors tab, you can customize the colors in Time and Sales: Filters Display multiple symbols
36 TOP TEN Top Ten is a market scanning tool that closely resembles a Stock Watch.
Press space bar or go to the Actions menu to select the desired scans. You can view the following scans by exchange: In the Settings menu (click on View – Settings) you can select data columns to view as well as customize your colors and highlighting options. FUNDAMENTAL DATA This window will give you a quick snapshot of a company’s fundamental data. Simply type in the symbol and hit enter. The only customization available is colors. Data fields are fixed.
37 NEWS Like Time and Sales and Top Ten, News is a simple window with a specific function. You watch headlines as they come in and you can expand them to read the stories. To view stories for a specific symbol type in the symbol in the symbol box. To view all stories regardless of symbol leave the symbol box blank. To read a story, double left click on the headline, or right click the headline and select open story. To go back to the headlines, double click in the story window. The Settings window, found under View-Settings, is where you can select your columns and colors.
38 ALERTS You can set up custom alerts in Sterling Trader® Pro from the Alerts window.
There are a number of options that allow you to monitor the market by watching where a stock or index prices go. This is an Alerts window. Customized alerts are in the top pane. Executed alters populate the lower pane. To set up new alerts: 1- Click on the Alerts menu and select Add. The Add Alert screen pops up. 2- Type in a symbol you want to set an alert for. The Comment line below symbol is strictly a text line for whatever notes you want to add. Uncheck this to allow an alert to recur without needing to re-enable it
39 3- In the Conditions section, select whether you want the alert based off of Last Price, Bid, or Ask. 4- In the next box, select what has to happen with that price (Less than or equal to, Greater than or equal to, Gain, Loses, Hits a New...). 5- In the next box select High. Low, 52wk High, 52wk Low, or type in a number of your choosing. Using these boxes you could come up with a number of combinations. For example, Last Price >= 52wk High. 6- If you choose, you can check the AND box and select additional price criteria for your alert. 7- Choose how to receive notification of the alert by select “Play a sound”, “Beep”, or “Display Notification Message”.
8- Click on the Add button. You can now set up another alter or close the Add Alert screen. If you close the screen, you will see your new alert in the Alerts window. Check or uncheck E to enable or disable the alert. EXCHANGE ALERTS The Exchange Alerts window shows you if a specific stock has an opening or closing imbalance, if there is a halt or delayed opening, or what the opening indication is. You can view messages for all stocks or for specific exchanges. To select a specific stock, type the symbol in the symbol box. To see all stocks, leave the symbol box blank. You may also select a specific time range to view messages in by checking the boxes and selecting the times.
There is limited customization of columns and colors available in the View – Settings menu.
40 SPREADS You can create spreads between two symbols using the Spreads tool. The spreads calculate the difference between the current price of two symbols. You can set up spreads for equity or for options. These spreads can be viewed in a stock watch window or a chart. To create a spread: 1- In the Main Menu, click on View – Spreads. The following screen pops up with a handful of preset spreads: 2- Click the Add... button to bring up the “Add Spread” window: Select to Subtract, Add, Multiply, or Divide the two symbol prices
41 3- Type in the desired symbols.
4- Select “Data 1”, which is Last, Bid, Ask, High, Low, Open, or Close. 5- Select “Operator 1”, which is to Minus, Plus, Times, or Divide by the next field. 6- Type in a number for the next field, “Constant 1”. If you don’t want the prices to be modified, leave “Operator 1” as Times and “Constant 1” as 1. 7- In the “Operator” filed between the two symbols, select if you want to Minus, Add, Multiply, or Divide the chosen prices.
8- In the Symbol 2 section, repeat the steps you did for Symbol 1. 9- To modify the results further, you can select “Take the result and:” field and combine it with the Constant field next to it. For example, you could Add 4 to the result. 7 10- Click OK. Your new spread will now show up in the Spreads window and be available to add to Stock Watch or Chart. To create a spread for two option symbols, the steps are the same, but you must add “.O” to the end of each option symbol for the spread to return data in the Stock Watch. You can’t chart options or option spreads at this time. OPTIONS CHAIN The Options Chain window provides a listing of the put and call option contracts available on a particular stock.
The chain provides level I quote data on each of the contracts and is customizable. Market depth for options can be found in the Options OE window discussed in Chapter 7. Here is a sample options chain for symbol WMT: Call options are on the left and Put options on the right. The strike prices are listed in the middle by month and can expand or collapse. You can decide how many strikes to see for each month, or see all strikes. There is a level 1 quote bar on top and a box to enter your symbol.
A quick note on options symbology. Our system uses the following: the underlying symbol followed by a space, followed by the expiration date (yymmdd), C or P (for Call or Put), and the strike (there are always three characters after the decimal place. So a strike of 130 is shown as 130000. 12.50 is shown as 12500). Example: IBM Jan 2011 125.00 Calls = IBM 110122C125000 7 Did you know that in bowling lingo, the 4-6-7-10 split is called the “Big Four”? Did we just ruin our street cred? Previously viewed symbols for easy review Calls Puts
42 To add Greeks or other data columns: 1- Click on the View menu, select Settings.
2- The options chain settings screen pops up with your column choices. You can select different columns for puts and calls. Both puts and calls have Greeks available. These include Gamma, Theta, and Vega. You can also select Rho, Theoretical Price, and Implied Volatility. In the Miscellaneous tab of the Options Chain Settings, you set up number of contracts to view and highlighting. There is a special function to highlight In-The-Money Options.
In the above screenshot, there is setting to trigger Greeks calculations based on underlying price movement. In addition to this setting, you can force a calculation by clicking on the “Update Greeks” button in the Options Chain main window. Double-click choices Number of strikes to view Highlighting choices Highlight ITM Option contracts
43 CHAPTER 5 – CHART INTRODUCTION – Sterling Trader® Pro features a comprehensive charting package that includes major studies, customizable trend lines, candlestick charting, and tick charting. CREATING A NEW CHART – To open a chart, click Windows – Chart in the Main Menu.
A Create New Chart screen pops up. You will see three tabs to choose from, depending on what chart type you want: Tick, Bar, or Day chart. The Axis Type is available on all charts and is either the Absolute value or the Percentage Change of the symbol you are charting.
TICK CHART – Shows each tick of the selected symbol in realtime. You have the choice to view ticks going back 5, 10, 30 minutes, 1 hour, 4 hours, or Full Day. You can also see a previous day’s ticks. BAR CHART – Charts symbol like the tick chart, but bars are in intervals ranging from 1 minute to 1 hour and going back as far as three days. Bar types are Open High Low Close (OHLC), Candlestick, Open Close, and Line. You can also chart specific date ranges.
44 Once you have selected your chart settings and typed in the symbol, click Ok to view your chart.
In this example we have selected IBM on a 3 minute candlestick chart with Axis Type as absolute, going back a full day. This is the basic candlestick chart that is created. You can change these settings in the Actions menu by selecting “Edit Chart”. The candles are every 3 minutes, with red for ending down, green for up. You’ll be able to adjust the look in settings. But first, we’ll go over the tool bar on the top of the chart.
DAY CHART – A bar chart where each bar interval is a full day, full week, or full month Bar types are OHLC, Candlestick, Open Close, and Line You can chart up to the last 5 years or you can select a specific date range Last price in Axis Time period
45 TOOLBAR – Quickly change the chart type, add trend lines, select studies, or zoom in on data. Please note, these options are available through the View and Charting menu as well. To change the chart type: 1- Click the pull-down menu that currently shows Bar Chart in the example above. 2- Select the new chart type, Tick or Day.
3- Enjoy. To add a horizontal line: 1- Click on the Insert Horizontal Line button, . 2- The mouse cursor will now drag a horizontal line that you can drop anywhere in the chart. 3- Repeat for additional horizontal lines.
To draw a trend line: 1- Click on the Insert Drawing Line button, . 2- The mouse cursor will change to a pen. 3- Left click and hold to draw in your line with the mouse. 4- Repeat for additional lines. To zoom in or out of the chart data, click on the magnifying glasses, To zoom in on a specific range of data: 1- Click on the left-hand magnifying glass (it has a dotted line around it), 2- The mouse cursor will now show “Select Zoom” underneath it. 3- Left click on the chart and hold to drag across the section you wish to zoom in on. 4- Release. The chart will zoom in on the selection.
To scroll through the chart data without zooming out, click the left of right arrow buttons, The button with a line on the right, , will skip to the front of the chart (the current updating data).