How To Place A Trade With TradeStation Trading Software: Order Bar
The Order Bar allows traders to place market, limit, stop market and stop limit orders directly into the market. Multiple tabbed sections represent equities, options, futures and forex orders. Each tabbed section has input fields and controls that are specific to the selected order type. To open the Order Bar, click View in the main menu and select Order Bar, or click the Order Bar icon within the Main toolbar. Figure 1 shows the Order Bar with the Equities tab selected.
|Figure 1: The TradeStation Order Bar, showing the fields and controls for the Equities tab.|
The upper area of the Order Bar contains fields where traders enter information about the order (similar fields appear in the other order-entry interfaces), including:
- Symbol: The ticker symbol for the desired trading instrument.
- # or $: Specifies if the quantity field refers to the number of shares or contracts or to a dollar amount.
- Quantity: The amount to be bought or sold, in terms of number of shares or contracts or a dollar amount.
- P: Position; the P button fills the Quantity box with the entire available position for the symbol.
- Limit Price: The limit price for the trade.
- Stop Price: The stop price for stop limit and stop market orders.
- Order Type: The type of order for the trade. Available order types are limit, market, stop market and stop limit.
- Route: The execution path for the order, including intelligent order route, and ECN or a market maker (all order routes offered by TradeStation are direct access routes).
- Duration: How long the order will remain in the market.
- Account No.: The account to be used in the settlement of the order.
To place an order using the Order Bar:
- Enter the symbol in the Symbol box.
- Click # or $ to specify if the quantity field refers to a number of shares or contracts or a dollar amount.
- Input the number of shares or contracts or dollar amount in the Quantity box.
- Select Limit, Market, Stop Market or Stop Limit from the Order Type drop-down list.
- Enter the limit and/or stop price for orders other than Market.
- Select the desired routing method from the Route drop-down list.
- Select the desired length of time that the order will be valid from the Duration drop-down list.
- Select the desired account from the Account No. drop-down list.
- Click the appropriate order entry button depending on the action desired (Buy, Buy to Cover, Sell or Sell Short).
- Confirm the details of the order when the Confirm Window appears:
- Click Yes to place the order.
- Click No to not place the order.
- Click Details to view an explanation of any Advanced order settings selected.
To close an open position, traders can enter an opposite trade (for example, to close a Buy order, traders would Sell the same instrument and same number of shares or contracts), or select the Cancel button and choose the appropriate action from the drop-down list.
SEE: Understanding Order Execution
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