How To Place A Trade Using MultiCharts Trading Software: Trade Bar
The MultiCharts' Trade Bar is a standard order-entry method that allows users to trade using many brokers at the same time. The Trade Bar can be opened by clicking View in the main menu and selecting "Show Trade Bar," as shown in Figure 1, or by pressing CTRL + Shift + T on the keyboard.
Figure 1: Open the Trade Bar by clicking View in the main menu and selecting "Show Trade Bar" from the drop-down menu.
The Trade Bar will appear at the top of the Workspace (see Figure 2). Multiple tabs are located at the top of the Trade Bar, one for each broker profile created.
Figure 2: The MultiCharts Trade Bar. Image courtesy www.multicharts.com.
Placing trades using the Trade Bar is straightforward and efficient. To enter a trade, choose the tab that represents the proper broker and then enter the appropriate information within the Trade Bar:
- Account - Select the account in the Account Selector box.
- Symbol - Enter the trading symbol in the Instrument Selector field and press enter, or click on the Lookup button to select the desired symbol from the database.
- Order Type - Select the order type from the Order Type box by selecting Market, Stop, Limit or Stop Limit.
- Quantity - Enter the quantity in the Order Quantity box, or click the Trading Calculator button (within the Order Quantity box).
- Price - Type in the exact price using the Price Level Selector. Click on the arrow on the right side of the Price Level Selector to see the range of prices: the pink price at the top is the ASK; the blue price at the bottom is the BID and the green price in the middle is an average price of BID and ASK.
- Time in Force – Use the Time in Force box to select DAY (Good for one day); GTC (Good till Canceled); GTD (Good to Date) or IOC (Immediate of Cancel Order).
- Order Buttons - Select "Buy" or "Sell" to place the order.
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