Level II Order Entry

 

Like Level I Order Entry, you can point and click to enter orders or use hot keys.  Unlike Level I OE, you don’t have a Side button.  When you place an order, you will click the actual Buy, Sell, or SHRT (Sell Short) button.

 

LVL2_OE_01.png

 


 

 

SINGLE-CLICKING IN LEVEL II You can configure the Level II OE window to update the price and/or destination in the order entry screen when you click on a price or destination in the Level II quote depth.

 

By default, the Level II window is set up to update for prices on single-click.  You can, however, disable that functionality in the Global Order Entry settings for Level II OE.  You also can enable updating the destination by single-click in the Global Order Entry settings.  This screenshot is a partial from the Global Order Entry settings for Level II OE:

 

image7.jpg

 


 

STOP ORDERS IN LEVEL II OE – A special note on stop orders from the Level II OE window.  To place a stop limit, you must select STP or S-STP as the Time-In-Force.  If you want a stop market, place the stop trigger price in the price field. If you want a stop-limit, place the stop trigger price in the price field and your limit price in the field to the right of the Time-In-Force field.

 

lvl2_stops_03.png

 


 

ORDER BUTTON DEFINITIONS – Level II OE includes some order entry buttons that require explanation.

 

Using this screenshot as a template, here is review of the buttons and other fields

 

image8.jpg

 

 

image1.gif  - The Account the trade is taking place in. (If multiple accounts are being traded)

 image17.gif   - Clear.  Resets to your order entry defaults. (It can also be set to clear all fields in Global Order Entry settings)

image2.gif  - Price field.  The up/down arrows will change the price or add a price delta.

image3.gif  - Time-In-Force.  What session or how long the order should be good for.

image4.gif  - Cancel most recent order in the selected symbol.

image6.gif  - Total order quantity

image7.gif - If you select a stop order as the Time-In-Force, Enter your stop trigger price in this field.

 image18.gif - Changes quantity to match your current position. (If your defaults do not do so already)

image8.gif- Short sell, Sell, and Buy

image9.gif - For NYSE stocks, locks destination in place so it doesn’t change when clicking in market depth.

image10.gif- Destination to route order to.

image11.gif- Amount to show for a Reserve Order. (Not to be confused with total order quantity above)

image12.gif- We have no idea what this does.

image13.gif- Trader ID.   (Only valid for administrators)

 


 

CANCELLING OPEN ORDERS IN LEVEL II – If you checked “Include Open Orders in Level II Display” in the Level II settings (View – Settings – Level II tab), you will see your open orders in the market depth pane.

 

LVL2_OE_05.png

 

The open order has a red Destination.  To cancel that order, click on the red Destination.

 

You can also cancel you most recent order showing in Level II with the other image19.gif button shown above.