How To Place A Trade With TradeStation Trading Software: Chart Trading
TradeStation's Chart Trading order-entry interface is used in conjunction with a Chart Analysis window (a price chart). The interface supports click-and-drag order-entry functionality, allowing traders to place and manage trades directly from the price chart. To open Chart Trading, click to activate the desired chart and then click the Chart Trading icon on the Chart Analysis Toolbar. Figure 2 shows an order to buy 500 shares of MHP (McGraw-Hill Companies) with an accompanying OSO order ("Exit - Brk - 1L/1S") to automatically place profit target and stop loss orders.
|Figure 2: TradeStation\'s Chart Trader order-entry interface. Note how the profit target and stop loss orders appear on the chart (shown in the yellow ellipses).|
Orders to buy and sell can be placed, edited or canceled by clicking directly on the chart or by clicking on the appropriate order-entry buttons in the Chart Trading Bar. An open position can be moved to a new price level by clicking and dragging the order lines on the price chart, or by right-clicking the Order Line and updating the Quantity and Price by using the drop-down menus, as shown in Figure 3.
Figure 3: Right-click the order line on the price chart to open the Edit Order window.
Use the order-entry buttons to place trades, or use any of the following order-entry actions by clicking directly on the price chart:
- Ctrl + Left Click (above the ask) = Buy Stop Market at selected price
- Ctrl + Left Click (below the ask) = Buy Limit at selected price
- Alt + Left Click (above the bid) = Sell Limit at select price
- Alt + Left Click (below the bid) = Sell Stop Market at selected price
- Drag and Drop Open Order Line = Cancel/Replace Price
- Right-click on Open Order Line to edit the quantity and price
- Delete key on Open Order Line to cancel the order
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