How To Place A Trade Using MultiCharts Trading Software: Chart Trading
The Chart Trading panel allows traders to place manual orders directly from a chart. To show or hide the Chart Trading panel, click the Chart Trading panel button at the top-right corner of any chart. The Trade Panel, shown in Figure 3, appears at the right side of the active price chart. When using the Chart Trading interface, orders can be entered by:
- Clicking the appropriate button in the Trade Panel,
- Right-clicking at the desired price level on a price chart or
- Using the drag-and-drop icons located at the bottom of the Trade Panel.
Figure 3: The Chart Trading interface appears at the right side of the active price chart.
Trading with Trade Panel Buttons
Chart Trading allows one-click order placements by using the Trade Panel buttons, shown in Figure 4. Similar to the Trade Bar, the trader must make selections for Account, Symbol, Quantity, Price and Time in Force. Once these fields have been defined, traders can enter Buy or Sell market orders by pressing the "Buy Mkt" and "Sell Mkt" buttons. The "Buy Ask," "Buy Bid," "Sell Bid" and "Sell Ask" buttons can be used to send buy and sell limit orders at ask and bid prices.
|Figure 4: One-click orders can be placed using the Trade Panel buttons.|
Trading Directly from a Price Chart
When using Chart Trading, be cautious because the price chart is cursor-sensitive, so right-clicking on the chart will generate an order at the clicked-on price level. To use this feature, hover the mouse over the appropriate price level on the price chart, right-click and select the order type and quantity from the list, as shown in Figure 5.
Figure 5: To trade directly from the chart, right-click on the appropriate price level and select the type and quantity from the list.
Different controls become active only if they are appropriate. For example, right-clicking above the price on a price chart will reveal Sell Limit and Buy Stop order options; clicking below the price will show Buy Limit and Sell Stop order options.
Trading with Drag-and-Drop Icons
Traders can also enter trades using the Place Order and Exit Strategy icons located at the bottom of the Trade Panel, shown in Figure 6. Additional icons can be viewed by clicking the scroll window button (which appears as a small arrow) above and below the Place Order or Exit Strategy icons, respectively, or by using the Expand/Collapse buttons. The icons are rearranged automatically; the most recently used icon will be displayed in the top left corner of the menu.
The Place Order and Exit Strategy icons can be applied by using one of the following methods:
- Drag-and-drop the appropriate icon to the chart,
- Right-click the appropriate icon and make a selection from the shortcut menu or
- Double-click the appropriate icon.
|Figure 6: Place Order and Exit Strategy buttons in the Trade Panel.|
SEE: The Nitty-Gritty Of Executing A Trade How To Place A Trade Using MultiCharts Trading Software: Modifying Orders
Using simulated trading to practice buying and selling securities ...
A trading account that allows an investor to review and test ...
An interface or "go-between" that enables a software program ...
The use of wireless technology in securities trading. Mobile ...
Computer programs that facilitate trading of financial products ...
Software through which investors and traders can open, close ...
Understand the difference between business intelligence and competitive intelligence. Learn why both are important for the ...
Discover the factors to consider when deciding whether to trade futures on your own or to commit your trading decisions to ...
Learn how a limit order is placed, the types of stocks it is most useful for and the specifications placed with it to suit ...
Learn about option trading with TD Ameritrade. Explore the different types of options and their possible impacts on the investors ...