Beginner's Guide To MultiCharts Trading Platform: Trading
  1. Beginner's Guide To MultiCharts Trading Platform: Introduction
  2. Beginner's Guide To MultiCharts Trading Platform: Software Installation
  3. Beginner's Guide To MultiCharts Trading Platform: MultiCharts Application Window
  4. Beginner's Guide To MultiCharts Trading Platform: Charts And Settings
  5. Beginner's Guide To MultiCharts Trading Platform: Trading
  6. Beginner's Guide To MultiCharts Trading Platform: Depth Of Market
  7. Beginner's Guide To MultiCharts Trading Platform: Advanced Features
  8. Beginner's Guide To MultiCharts Trading Platform: Conclusion

Beginner's Guide To MultiCharts Trading Platform: Trading

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.

Trade Bar
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
Source: www.multicharts.com


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"
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.

Figure 23: Place manual orders directly with the Chart Trading panel.
Source: www.multicharts.com

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.

Placing Orders
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.
Source: www.multicharts.com


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.
Source: www.multicharts.com


Canceling 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").
Note: The "Cancel Asks" button cancels all pending buy orders. The "Cancel Bids" button cancels all pending sell orders. The "Cancel All" button cancels all pending orders.

SEE: Understanding Order Execution

Modifying Orders
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.
To change the quantity of an order:

  • 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.
Source: www.multicharts.com

Closing Orders
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.
Beginner's Guide To MultiCharts Trading Platform: Depth Of Market

  1. Beginner's Guide To MultiCharts Trading Platform: Introduction
  2. Beginner's Guide To MultiCharts Trading Platform: Software Installation
  3. Beginner's Guide To MultiCharts Trading Platform: MultiCharts Application Window
  4. Beginner's Guide To MultiCharts Trading Platform: Charts And Settings
  5. Beginner's Guide To MultiCharts Trading Platform: Trading
  6. Beginner's Guide To MultiCharts Trading Platform: Depth Of Market
  7. Beginner's Guide To MultiCharts Trading Platform: Advanced Features
  8. Beginner's Guide To MultiCharts Trading Platform: Conclusion
RELATED TERMS
  1. Day Order

    An order to buy or sell a security that automatically expires ...
  2. Canceled Order

    1. A previously submitted order to purchase or sell a security ...
  3. Immediate Or Cancel Order - IOC

    An order to buy or sell a security that if not immediately filled, ...
  4. Good This Month - GTM

    A limit order to buy or sell a security that remains in effect ...
  5. Market-With-Protection Order

    A type of market order that is canceled and re-submitted as a ...
  6. Limit Order

    An order placed with a brokerage to buy or sell a set number ...
RELATED FAQS
  1. How do I place a limit order online?

    Learn how a limit order is placed, the types of stocks it is most useful for and the specifications placed with it to suit ... Read Answer >>
  2. At what point in the ordering process does a broker charge commission?

    When placing a market order for a security through a broker, there will be a commission accompanying the service. The fee ... Read Answer >>
  3. How can I use a buy limit order to buy a stock?

    Learn how a buy limit order is used by an investor who wants to buy a stock at a certain price, and understand how limit ... Read Answer >>
  4. How do you know if a trade placed to a broker is confirmed?

    Learn how to check if trades placed with brokers online or over the telephone have been filled and confirmed. Explore different ... Read Answer >>
  5. How do I place an order to buy or sell shares?

    Read a brief overview of how to open a brokerage account, how to buy and sell stock, and the different kinds of trade orders ... Read Answer >>
  6. What's the difference between a market order and a limit order?

    Buy and sell trades with market orders at the present stock price and execute limit orders if the stock price falls within ... Read Answer >>

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