How To Place A Trade With TradeStation Trading Software: Matrix
The Matrix order-entry interface allows traders to view and trade an instrument from one window. The Matrix can be used to place orders by loading the appropriate symbol and using one of the various order selection methods. To open a Matrix window, select File from the main menu > New > Window, and click on Matrix. Figure 6 shows an example of the Matrix.
Figure 6: TradeStation\'s Matrix order-entry interface. The Bid Size and Ask Size columns are highlighted.
The right side of the Matrix contains the Trade Bar, used to specify the type and size of orders that can be placed within the Matrix. Orders can either be placed using the buttons in the Trade Bar, or by clicking in the appropriate cell of the Matrix once the fields have been selected in the Trade Bar:
Placing Buy (Cover) Orders
To place a Buy (Cover) order, click on the cell in the Bid Size column at the appropriate price level. If the order type Auto (LMT/STP) or Auto (LMT/STL) has been selected from the drop-down menu in the Matrix Trade Bar, the Matrix will automatically specify a Buy Limit, Buy Stop-Market or Buy Stop-Limit order depending on if the selected Bid Size is above or below the current price. If the order type Limit, Stop Market or Stop Limit is selected, the Buy (Cover) order will always be that type.
Placing Sell (Short) Orders
To place a Sell (Short) order, click on the cell in the Ask Size column at the appropriate price level. If the order type Auto (LMT/STP) or Auto (LMT/STL) has been selected, the Matrix will specify a Sell Limit or either a Sell Stop-Market or Sell Stop-Limit order depending on if the selected Ask Size is above or below the current price. If the order type Limit, Stop Market or Stop Limit is chosen, the Sell (Short) order will always be that type.
Canceling and Closing Orders
Click the "X Bids" button on the Matrix Trade Bar to delete open bid orders or click the "X Ofrs" button to delete any open offer orders. To cancel an open order, click on any cell in the Orders column of the Matrix that contains an open order, and the order will automatically be canceled. Clicking the "Cancel All" button in the Matrix Trade Bar cancels all open Stop and Limit orders for the symbol that is active in the Matrix window (orders for other symbols will not be effected). Click the "Close" button on the Matrix Trade Bar to exit the current position by placing the appropriate market order.
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