Note: Currently, MultiCharts allows simulated trading only for traders who use a Zen-Fire or Rithmic data feed, or those with PFGBEst demo accounts, Interactive Brokers or Mirus Futures. Otherwise, the platform can only be used to place actual trades in a live market.
Opening and Modifying Orders
Traders can choose from three methods to place orders within MultiCharts: the Trade Bar, Chart Trading and the Depth of Market (DOM) interface.
The MultiCharts Trade Bar is a standard order entry method that allows users to trade through many brokers at the same time. The Trade Bar can be opened by selecting View in the main menu > "Show Trade Bar."
|Figure 21: To start trading, open Trade Bar.|
The Trade Bar will appear at the top of the Workspace.
|Figure 22: Trade Bar|
There are tabs at the top of the Trade Bar, one for each broker profile created (in the above example, there are tabs for FXCN, IWBank Quick Trade, Interactive Brokers, Open E Cry, Trading Technologies and Zen-Fire).
To trade using the Trade Bar, choose the tab that represents the appropriate broker and then:
- Enter the trading symbol
- Select the order type
- Enter the quantity
- Type in the exact price
- Select "Buy" or "Sell"
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.
|Figure 23: Place manual orders directly with the Chart Trading panel.|
Selecting a Broker
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
The instrument that is selected in the active chart attached to the Chart Trading interface will be the instrument for which all trading activity takes place.
Chart Trading allows one-click order placements. Buy or Sell market orders can be sent by pressing the "Buy Mkt" and "Sell Mkt" buttons. The "Buy Ask," "Buy Bid," "Sell Bid" and "Sell Ask" buttons send buy and sell limit orders at ask and bid prices.
|Figure 24: Buttons for one-click order placements.|
When using Chart Trading, the price chart is cursor-sensitive so right-clicking on the chart will generate an order at the price level clicked on. Orders can also be dragged and dropped directly to a specific price on the chart. Users can send single orders and entire strategies using these methods.
The Place Order and Exit Strategy icons can be applied by drag-and-drop or by right-clicking to the individual order. The icons are rearranged automatically; the most recently used icon will be displayed in the top left corner of the menu. These icons are covered more in-depth in the Depth-of-Market section below.
|Figure 25: Drag-and-drop icons for orders.|
Orders can be canceled by any of the following methods:
- Click on the "Close" button on the order/strategy market,
- Right-click the order marker on the price chart to open the shortcut menu, and select "Cancel Order" or
- Click the appropriate button in the Chart Trading panel ("Cancel Bids," "Cancel Asks" or "Cancel All").
SEE: Understanding Order Execution
Price levels and order quantities can be modified for orders that have not yet been filled. To adjust the price level:
- Drag the order market on the price chart and drop it to the new level.
- To cancel the price level adjustment, press the Esc key on the keyboard before releasing the mouse button.
- Right-click the order market on the price chart to open the shortcut menu, select "Change Quantity" and select the quantity, or
- Click on the volume value on the order market and modify the quantity in the Trading Calculator.
|Figure 26: Changing the quantity of an order.|
Traders can close a position by using one of the following methods:
- Right-click the order marker on the price chart to open the shortcut menu and select "Close Position,"
- Click on the "Close" button on the Chart Trading Panel or
- Click on the "Close" button on the position marker on the price chart.
TradingFind out the various ways in which a broker can fill an order, which can affect costs.
InvestingA market order is the most common order used to purchase a financial security.
TradingTaking control of your portfolio means knowing what orders to use when buying or selling stocks.
InvestingA trader places an immediate-or-cancel order to immediately execute a trade in full or in part. Any part of the order that remains unfulfilled is canceled.
TradingIn this short instructional video Anton Theunissen explains what the "fill or kill" order is.
InsightsCurious about how stock quotes are compiled and what a trader should know about how? Read on.
TradingLearn how to set each type of stop and limit when trading currencies.
TradingAn in depth look at how high-frequency trading works and who the players are.