Beginner's Guide To MultiCharts Trading Platform: Depth Of Market
MultiCharts DOM window displays market depth, profit and loss, current positions and pending orders. Entry and exit automation can be set up directly within the DOM window. DOM displays up to 10 levels of market depth depending on the market depth provided by the user's brokerage.
|Figure 27: Depth of market window display.|
Opening a New DOM Window
To open a new DOM window:
- Click the New DOM Window icon on the Main toolbar,
- Select File in the main menu > New > DOM Window or
- Use Ctrl + Alt + Insert key combination on the keyboard.
To select a broker, click on the arrow next to the Broker Connection button and make a selection from the broker list. This button will be yellow while MultiCharts is establishing a connection with the broker; once the connection is established, it will turn green.
Selecting an Instrument
To select an instrument:
- Type the symbol name in the Instrument Selector field and press Enter, or
- Click on the Lookup button to select the necessary symbol from the database.
To place market orders, use the "Buy Mkt" and "Sell Mkt" buttons under the price ladder. To place a limit order:
- Click on the price ladder at the appropriate price in the Bid Size column for buy orders or in the Ask Size column for sell orders,
- Drag-and-drop the limit order icon to the appropriate price level in the Bid Size column for buy orders or in the Ask Size column for sell orders or
|Figure 28: Placing market and limit orders by drag-and-drop method.|
- Hold the Ctrl (or Shift) key on the keyboard and click "Buy Bid," "Buy Ask," "Sell Bid" or "Sell Ask" buttons.
Placing Stop Orders and Stop-Limit Orders
To place a stop order:
- Click on the price ladder at the appropriate price in the Bid Size column for buy orders or in the Ask Size column for sell orders, or
- Drag-and-drop the Stop Order icon to the appropriate price level in the Bid Size column for buy orders or in the Ask Size column for sell orders.
- While holding the Ctrl + Shift buttons on the keyboard, click on the price ladder at the appropriate price in the Bid Size column for buy orders or in the Ask Size column for sell orders, or
- Drag-and-drop the Stop-Limit icon to the appropriate price level in the Bid Size column for buy orders or in the Ask Size column for sell orders.
To cancel orders, click on the "X" button on the order/strategy marker on the price ladder, or right-click the order to see the shortcut menu and select "Cancel Order." To cancel all Buy orders, click on the "Cancel" button to the left of the "Buy Mkt" button. To cancel all Sell orders, click on the "Cancel" button to the right of the "Sell Mkt" button. To close an order, click the "Close" button below the price ladder.
Traders can modify the price level and change the quantity of an active order that has not yet been filled. To modify an order price, drag-and-drop the order marker on the price ladder to the desired price level. To cancel the price adjustment, press the Esc button on the keyboard before releasing the mouse button. To change the quantity of the order, click on the order marker on the price ladder and select "Modify Quantity," or click on the volume value on the order marker and modify the quantity in the Trading Calculator.
Entry and Exit Strategies
Entry strategies are pre-designed One-Cancels-Other (OCO) order groups to enter positions. An OCO order is a combination of limit and/or stop orders. After one of the orders is filled, all remaining orders are automatically canceled. Icons for Breakout, Fade, Breakout Up/Fade and Breakout Down/Fade appear in the Trade Panel and can be applied to a chart via drag-and-drop.
|Figure 29: Icons for Breakout, Fade, Breakout Up/Fade and Breakout Down/Fade.|
Exit strategies are designed to protect against adverse price movements and close out positions at a profit. Icons for Brackets, Breakeven, Trailing Stop, Stop Loss and Profit Target appear in the Trade Panel and can be applied to existing orders using the drag-and-drop method.
|Figure 30: Icons for Brackets, Breakeven, Trailing Stop, Stop Loss and Profit Target.|
SEE: Trailing-Stop/Stop-Loss Combo Leads To Winning Trades
Checking Transaction History
The Order and Position Tracker provides a detailed summary of orders, positions and accounts. Traders can cancel or modify pending orders, or flatten entire positions, directly from the window. The information, which can be sorted and filtered to see the details, can be exported into Excel for further analysis.
|Figure 31: Order and position tracker|
To open the Order and Position Tracker Window:
- In the main menu select File > New > Order and Position Tracker Window, or
- Click on the Order and Position Tracker icon on the main toolbar.
- Accounts Tab: Profile, Account, Balance, Equity and Open P/L.
- Orders Tab: Including Generated, Filled/Canceled, Instrument and Action.
- Order Modification: To modify orders.
- Open Positions Tab: Profile, Account, Instrument, Position, Quantity, Average Price and Open P/L.
- Position Modification: To modify positions.
- Strategy Positions Tab: The positions that were opened as a result of automated trading.
- Logs Tab: The information on the trading events and messages received from the broker.
An order to buy or sell at a price set higher than the current ...
A buy order that is accompanied by a sell limit order above the ...
An order placed with a brokerage to buy or sell a set number ...
A sell order on a short sale that is accompanied (or "bracketed") ...
An order to buy or sell a security that automatically expires ...
An order placed with a broker that combines the features of stop ...
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