Sterling Trader Settings Layered View

In Sterling Trader® Pro, there are four distinct layers of settings – Global, Local, Quick OE, and Hot Keys.  While these four layers are distinct from one another, they also interact with each other, in a hierarchical manner.  In the process of their interacting, some settings take precedence over others; some overwrite others; some supplement others; and some supersede others.  Understanding just how these settings can work together enables you to utilize all of them to their fullest advantage – as one unified, integrated whole.


As previously noted, Global Order Entry Settings control the default settings for ALL of your order entry windows (Level I Order Entry, Level II Order Entry, etc.).  Think of these settings as your first and primary line of defaults, as your perimeter; your first layer of “onion skin”, so to speak.  For instance, when you set up your default equity trading account in the Destinations Settings window, that account will automatically load in every order entry window you open, or every subsequent new order entry window that you will open in the future.  The same holds true of your default order destinations, set up from the Listing Exchanges screen.  These default order destinations will henceforward apply to ALL order entry windows, just as the default account does.  Please see the Destinations Settings window for more detail on setting-up default equity order destinations, including order destinations based on the specific exchange where the stock is listed.  This is essentially what the “Global Order Entry Settings” is all about – it supplies default settings that will apply globally to all of your order entry windows.


However, there is another level of controls available just beneath Global Order Entry Settings; it is the layer called Local Order Entry Settings.  You might say Local Order Entry Settings comprise the second layer of the onion skin, below that of the Global Settings. These settings apply only to the particular Level I OE or Level II OE window that you have assigned them to.  Whereas the Global Order Entry Settings are accessed from the Main Menu and assigned from there, the Local Order Entry Settings screen is reached only from the local menu of that order entry window via View a Local Order Entry Settings.  So, if you assign a different default account (assuming you have more than one) to a specific Level II Order Entry window, and different default order destinations, then these will load automatically into that specific Level II Order Entry window.  They will be different from the Global OE Settings default account and Global OE settings default order destinations; but the global default account and global default order destinations will still apply to all other order entry windows.  Please examine the illustrations below.


Global OE Settings – default account set in the Destinations screen and Listing Exchanges screen:




Global OE Settings – default account (JOSEPH) and default destination (ARCA) are assigned and “fixed” in any order entry window.





Now, you go into the Local Order Entry Settings screen reached from View a Local Order Entry Settings of that particular Level II OE window:





You change the default account from JOSEPH to TERRY; you change the default order destination from ARCA to BATS.  Then you click OK – now watch what happens:




The next level of default settings below Global and Local Order Entry Settings is called Quick OE Settings – a third-layer of automated default settings activated by one-stroke shortcut keys that instantly load specified values into your order entry window.  These values are configured from the Quick OE Settings window, which is found in the Global Order Entry Settings.  While these Quick OE Settings are configured from the Main Menu as a sort of global override or last minute adjustment tool, these Quick OE changes are always loaded locally, in a particular order entry window.  They will only change those values that are currently displayed on that selected window, whether these values originated from the Global OE or Local OE defaults.  In the example below, this Level II OE window began with Global OE Settings of JOSEPH for account and ARCA for order destination, but these values were changed to TERRY for account and BATS for order destination through changes made to the Local OE Settings for that particular Level II OE window.  Now you decide you want to change the order quantity from the default 300 shares to 700 shares; to do that you will employ the Quick OE one-stroke shortcut key of ‘7’ on your keyboard’s number pad.  When you press ‘7’, the order quantity instantly changes from 300 to 700 shares; then you quickly send the order using your “transmit” key (the Enter key on the bottom-right of your keyboard, to the right of the number pad).  Please examine the illustration below:




You have now employed a third layer of order entry setting, which in this case was in the form of a Quick OE override shortcut key increasing the order size from 300 to 700 shares, just before sending your order.  Keep in mind that, although these Quick OE values override the order size values in this particular OE window, the other default values from the Global and Local OE Settings (default account and default order destinations) still remain in place and will apply to all the other order entry windows.  Now we will examine the remaining fourth layer of override – Hot Keys.


Sterling Trader® Pro includes a broad range of Hot Key types (preset and custom, user-defined) and Hot Key actions.  Most of these Hot Key actions can and should be triggered from order entry windows; but some can be triggered from other windows, such as Stock Watch and Position Summary.


The purpose here is to show you how Hot Keys can work in conjunction with the other three layers of default settings previously mentioned.  They can replace or overwrite previous default settings entirely; they can inherit existing default settings but change only one facet or one detail of that order, then send the order.  Within the custom Hot Key setup itself, there are design methods and formats that can enable you to make a given custom Hot Key as general and universal as possible (thereby inheriting most of the previously-defined default settings); or, you can make a custom Hot Key as specific and detailed as you want it to be.  Making a custom Hot Key very specific with unique values in each and every order entry field effectively fashions that Hot Key to overwrite and supersede all previous default settings in that order entry window.  Let us illustrate this with a couple of examples:


When designing a custom Hot Key in the most generic, broadest sense, the Hot Key will inherit existing default settings or currently displayed settings, and make a slight adjustment to the order; for instance to change the order from a MKT order to a Limit order with a Price Discretion of + 0.02; notice that all other values are set to “Default”:




As a consequence of this, the Level II Order Entry window we built in the previous example of the page above will change in only one respect: the BUY order of 700 shares of SIRI, will change from a MKT order to a Limit order, with a Price Discretion of + 0.02; the result is that the Level II OE window is now staged with a Price to BUY at 2.03 (see illustration below):




On the other hand you may load a Hot Key in which the settings in every field are unique; such a custom Hot Key can change an order entirely. Please see the example below:




This is what results from the Level II Order Entry window as a result of this Hot Key; it is a completely different order:




ex_red_sm.jpg  For the purposes of display, these Hot Keys are being used in “Load” Mode, so that you may see the effects of loading them, how they change existing default settings, and how the new order will be staged.  In an actual trading environment, many users may opt to use custom Hot Keys in “Load and Go"  Mode, instead of “Load" or "Load Only" Mode.