Level 2 OE Settings

This settings category affects only the Level II OE window.  This screen has the same defaults found in Level I OE, but also provides additional settings for directing and specifying the more detailed controls built into the Level II data screen.

 

Level_2_settings_01.png

 

After Sending Order Set Focus To The: This defines which field in the Level II OE window your cursor will jump to after sending an order.

 


 

ex_red_sm.jpgLevel II OE windows are automatically set up to populate the order entry screen with the Price and side (Buy, Sell, Short) you select by left-clicking in the Level II bid/ask data panel.  To disable the left-clicking features, simply check the appropriate boxes:

 

 

disable_02.png

 


Single-Click Routing...

 

To disable left-click update of the destination, UN-CHECK “Enable single-click routing”.

 

single_click_03.png

 

Please note the "Route to ECN if Available" button.  When single-click routing is checked, the Level II OE screen will populate the destination field with the MMID clicked on if that ID is also an available destination, such as ARCA or BATS.  Note also that although ARCA and BATS are now exchanges instead of ECNs, it doesn’t affect the way those order destinations are selected and “loaded” just prior to sending an order.   Alternatively, you can select "Custom Routing" instead of the "Route to ECN if Available".  If you select custom routing, a window pops up that allows you to select which destination to populate when you click on a specific MMID in the Level II window.

 

custom_routing_03.png

 

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 image16.gif button to pop up the Custom Routing screen.

  3. Click the “Add” button to pop up the Add Route screen.

  4. Select an MMID from the pull-down list and then select a destination to route to.  In the example above, MMID ‘BATS’ routes the order to ‘ARCA’.

  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 Misc... Button (Miscellaneous):

 

If you click the Misc... button on the lower right, the miscellaneous settings window pops up.  Many of these settings are self-explanatory.  Settings that need additional detail are discussed below.

 

Level_2_settings_02.png

 

Display Sizes in Hundreds  - Shows bid/ask sizes in round lots of ‘100’ instead of whole numbers; e.g., 6700 shares display as 67. If there is a “mixed lot” such as ‘14525’, it will display as the actual number, but also with an asterisk (*) to the right of the number, such as ‘ 14525* ’. The asterisk signifies either “mixed-lot” or “odd-lot”.  

 

Round the Bid (down) and Ask (up) Prices to Current Precision - Rounds to the selected decimal places.

 

Open a Time & Sales Window and a Chart Window Upon Startup - If you check the “Open a Time And Sales window…” box, a Time and Sales window and a Chart will open automatically any time you open a new Level II OE window.  You can also select to auto-link those windows.

 

Use Level II BBO for ‘Bid’ and ‘Ask’ when using the 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.

 

Display the Pre-Opening Bid/Ask Prices - Shows pre-market activity.

 

"Best" Row Colors (back/text) - When using the "Best" price/destination hot keys in the load and go mode the current best price/destination will be highlighted.

 

TAB ORDER:

 

This button on the main Level II OE settings screen opens a window that lets you decide which fields in the Level 2 OE window your cursor will cycle through and in what order when you press the TAB key.  For instance, if you want, you may set your Tab Order so that you only tab between the Symbol and Price, or Symbol, Price and Destination fields. Therefore, if all of your other OE fields are prefilled and you generally don’t change them before loading an order, you can use such a “short and quick” tabbing method to make last-second changes to an order before sending it off.

 

tab_order_01.png

 

ex_red_sm.jpg There are a lot of order entry settings in the various windows in Sterling Trader® Pro.  Please see the Sterling Trader® Settings "Layered View" documentation for a reference to how these settings interact with each other.