You can make the basic order you entered on the General tab into a scale order by completing the Scale tab. The following values that you enter on the General tab will affect how your scale order is processed: Side (Buy, Sell, etc.), Symbol, Quantity, and Price.
Complete the General tab with the following in mind:
If you are entering a buy order, enter the Price that will be the highest price in your scale.
If you are entering a sell order, enter the Price that will be the lowest price in your scale.
Enter the Quantity you want to buy/sell at each level of the scale.
The Side field displays the Side you selected on the General tab.
Click the Scale tab. You can modify your basic buy/sell order on the Scale tab so that it is executed on a tiered price/quantity basis. By completing the required fields, you determine the incremental change in price for each tier of the scale, and optionally, the incremental change in the quantity bought/sold. The From and To fields (together) indicate the price range of the scale; when you first access the Scale tab, they both reflect the Price entered on the General tab.
The Scale tab is refreshed whenever you navigate to another Order Entry dialog box tab in order to guard against the possibility that a scale order will be submitted and processed in error. Therefore, when submitting a scale order, make the necessary modifications to values on the other Order Entry dialog box tabs (e.g., General, Advanced, Special, Memo, and Exec Instr) before completing the Scale tab and submitting your order.
Enter the incremental change in price for each tier of the scale in the By field. When you create tiers by adjusting the value in the To field, the price will change by the increment you enter. For example:
|
Field |
Value |
|
Side |
Buy |
|
From |
116.40 (buy order – the highest price in the scale) |
|
By |
0.01 |
|
Price (tiers created) |
116.40, 116.39, 116.38, 116.37, etc. |
|
Field |
Value |
|
Side |
Sell |
|
From |
116.40 (sell order – the lowest price in the scale) |
|
By |
0.05 |
|
Price (tiers created) |
116.40, 116.45, 116.50, 116.55, etc. |
Click the arrows
to the right
of the To field to adjust the price range of
the scale, and add or remove tiers in the Price
Quantity list box.
The Quantity for each tier of the scale order reflects the Quantity entered on the General tab, and the Total Qty is displayed on the left. You can incrementally change the Quantity bought/sold for each tier of the scale order in the Scale % field. Enter the percentage that you want to increase the quantity bought/sold, and the Quantity will reflect the change. The percentage is based on the original Quantity entered on the General tab.
When necessary, values in the tier Quantity column will be rounded down to the nearest increment of 100. For example:
|
Field |
Value |
|
Quantity (on the General tab) |
1000 |
|
Scale % |
0 (10% of 1000 = 100) |
|
Quantity (tiers) |
1000, 1100, 1200, 1300, etc. |
|
Field |
Value |
|
Quantity (on the General tab) |
1000 |
|
Scale % |
25 (25% of 1000 = 250) |
|
Quantity (tiers) |
1000, 1200, 1500, 1700, etc. |
If CALC was entered in the Quantity field on the General tab, the Quantity for each tier of the scale order reflects the Quantity default value. See the Modifying Order Entry Dialog Box Defaults topic for more information.
When you have completed the Scale tab, click [Submit] to submit the order.
Do not navigate to another Order Entry dialog box tab, or the Scale tab will be refreshed. This safety measure helps to limit the possibility that a scale order will be submitted and processed in error. Make the necessary modifications to values on the other Order Entry dialog box tabs (e.g., General, Advanced, Special, Memo, and/or Exec Instr) before completing the Scale tab and submitting your order.