BEST Hot Key

Clients can set up a ‘Best’ hotkey for use in the Level II order entry window.  A ‘Best’ hotkey is created by selecting ‘[Best]’ for both the ‘Price’ and ‘Destination’ fields when setting up a new hotkey.  This hotkey then loads the best price currently on display in the Level II Market Maker section, with the price taken from its associated destination.  It then uses this best Bid or Ask price depending on the ‘Take/Join’ option selected by the trader.  Please note, if your hot keys are set to “load and go” then your orders will be sent – and not merely “preloaded” into the order entry screen.

 

best_hotkey_01.png

 

  1. The Sterling Trader® system will initially direct the order to the specific ‘Best’ destination as it is displayed (or highlighted) in the market-maker section of the Level II display. This ‘Best’ destination is displayed as an MMID: ARCA, BATS, EDGX, NSDQ, NQPX, etc. The trader and the trader’s account must be enabled for this destination, for the order to be directed precisely to that destination.

  2. If the trader and the trader’s account are not enabled for the specific ‘Best’ destination as it is displayed (or highlighted) in the market-maker section of the Level II display, then the order will instead be sent to that trader’s default listing exchange for the type of stock as specified by the exchange code in question. For example, exchange code ‘N’ = NYSE/ARCA-listed symbols; exchange code ‘Q’ = NASDAQ-listed symbols. The trader’s default destinations for these different exchange codes are assigned from the setup screen accessed from the main menu by clicking View >> Settings >> Global Order Entry >> Listing Exchanges.

  3. In the interest of thoroughness of explanation, we will mention here that the trader’s available list of destinations is derived directly from the “Destinations” tab just below the “Listing Exchanges” tab in the same “Global Order Entry” folder. In conclusion, this list of destinations as contained in the trader’s “Destinations” tab is the direct result of the list of destinations and routes that are assigned to that trader and the trader’s account, by the trader’s broker/manager.

  4. The row currently being displayed as ‘Best’ (including the MMID) will be highlighted with an alternate color scheme; the default is a navy-blue background with white text.

  5. Pressing the ‘Best’ hotkey again (and again) will pre-fill the Level II order entry window with a new ‘Best’ price, based upon the next row (MMID) down.

  6. There is also a Hotkey to get out of the ‘Best’ mode; it is called ‘Cxl Mode’.

  7. The ‘Best’ hotkey mode is also canceled by: switching symbols; by sending an order; by using a different hotkey; by using the ‘Clear Wind’ hotkey; or by clicking on the ‘Clr’ button located just to the right of the account field in the top of the Level II order entry window.

  8. Three subsidiary hotkeys have been added to the ‘Cxl Mode’ hotkey:  ‘Cxl Best Buys’, ‘Cxl Best Sells’, and ‘Cxl All Best’.  These will work from any of the order entry windows and will cancel all the open orders that were sent using the ‘Best’ hotkey.

Note 1:  When there are multiple “best” Buys to be canceled, they are canceled starting from the highest-priced to the lower-priced orders; the “best” Sells are canceled starting from the lowest-priced to the higher-priced orders.

Note 2:  Open MKT orders will be canceled first; then straight Limit orders will be canceled.