Managed Order Configurations

Each Managed Order type allows for the setting of safeguards. If enabled, Managed Order safeguards protect a trader's position by stopping or otherwise preventing an order from completing if a defined set of circumstances are achieved.

Spread Trader

Spread Agent

Time Slicer

Vol Trader

Hedge Agent

Vega Trader

Spread Trader Specifics:

Restart W/O Confirmation After Trade Server Reconnect—If a managed order was running and a disconnect occurred within the trading day, WTP will restart the managed order without a confirmation.

If this safeguard is not activated, WTP will ask if it should restart managed orders following a server reconnect.
Stall if Market Data Lags Exceeds _ _ _ Seconds—If checked, Spread Trader will stall if the market data feed is delayed by the number of defined seconds.
Alert When Working for More Than _ _ _ (mm:ss) Without an Execution ('Managed Order—Alert' notification req'd)—When Spread Trader is working the spread (i.e., an initial order is outstanding), an alert can be given when a specific length of time has passed without executing the spread. If the spread is not achievable or an execution occurs, the 'alert' timer automatically resets.

To define the alert notification, press the Global Notifications button. Learn how to setup global notifications here.
Stop At Time—A specific time and time zone is defined that reflects the time when Spread Trader should stop. If not activated, Spread Trader will run until the target quantities are traded, even if the spread is not achieved.
Trade Only After Both Symbols Are Open—If this safeguard is checked, Spread Trader will prevent any order from being sent until both symbols are open.
Auto-Resume After Market Data Outage—If checked, Spread Trader will continue its attempt to achieve the defined spread automatically after a data outage condition occurs. If unchecked, Spread Trader will require manual intervention in order to resume.
Stop Loss At—Once a loss is encountered that is greater than the entered value, Spread Trader will replace the hedge order. A stock hedge order will be sent with the market price type, but the spread will not be achieved.
Ignore Market Quantities—When creating an initial order, Spread Trader considers a number of values including the adjusted available hedge quantity. When Ignore Market Quantities is selected, Spread Trader will ignore the available hedge quantity when determining initial order quantity.

Spread Agent Specifics

Same safeguards as Spread Trader with these exceptions:

Hedge price type—Select From Spread or BASB (Buys the Ask or Sells the Bid) from the drop-down list (From Spread is the default value). If "BASB" is selected, a BASB order will attempt to hedge at the market price. If "From Spread" is selected, Spread Agent will hedge at a price that will achieve the spread as long as the market has not moved beyond the configured Stop Loss value.
Stop loss at x.xx, and Stop price type—Enter a value for the Stop Loss. Once a loss is encountered that is greater than the entered value, Spread Agent cancels the offending hedge order and replaces it at the Market or BASB price (depending on which one is selected from the drop-down list in the "Stop price type" field).

If the "Stop loss at" box is unchecked, a stop price type cannot be selected.

Note: These safeguards are enabled by default.

Time Slicer Specifics:

Price Boundary Check +/- _ _ _ From the Last Price—When checked, Time Slicer will stop the managed order if it's more than the configured amount away from the last price.
Maximum Open Orders—Time Slicer will stop filling the managed orders if orders haven't been filled, AND an order that's about to be placed would exceed the Maximum Open Orders value.

Vol Trader Specifics:

When Abnormal Vol Conditions Exist (Abort or Stall for 10 Sec)—When an abnormal condition is encountered, Vol Trader will either Abort or Stall for 10 seconds depending on the selection. If "Stall for 10 Sec" has been selected and a stall is in effect when a second abnormal condition is encountered, a new 10-second stall will begin. Example: Vol Trader is in a stalled state for 4 seconds when it encounters another abnormal condition. The total time of the stalled state will be increased to 14 seconds (4 seconds + 10 seconds for the second abnormal condition).
Stall on Start Until Market Data Valid—Vol Trader will run only when valid market data is received. This allows for trading before the market is open. Without valid market data, Vol Trader will remain in a stalled state.
Option Px Limit—Vol Trader will not trade if its desired option price is greater than the value in the Option Px Limit field.
Place option only after quote update—If checked, option orders will be placed only when the market has changed (e.g., if buying the option, its Ask Price or Ask Size changes) since the previous option execution. This is recommended so that the Vol Trader doesn't place option orders until the effect of its previous executions on the market have been reflected in its quotes.
Stop loss at x.xx, and Stop price type—Enter a value for the Stop Loss. Once a loss is encountered that is greater than the entered value, Vol Trader cancels the offending hedge order and replaces it at the Market or BASB price (depending on which one is selected from the drop-down list in the "Stop price type" field).

If the "Stop loss at" box is unchecked, a stop price type cannot be selected.

Hedge Agent Specifics:

Allow Hedging of—From the drop-down list, select the managed order(s) to which Hedge Agent will attempt to hedge. Also, Hedge Agent can attempt to hedge outright orders. To allow Hedge Agent to hedge all managed order applets and outright orders, select <All Types>.
Abort Hedge if Symbol Stalled for more than _ _ _ seconds—The portfolio hedge will cease if a symbol stalls for a period longer than defined.
Alert if any symbol stalls—Check this box to have WTP send an alert if any symbol should encounter a stall, regardless of the length of the stall. In order for an alert to launch, a notification must first be set in Global Configuration under the Notifications tab.

Vega Trader Specifics:

See Vol Trader Specifics for safeguard definitions.

Managed Orders can be configured to trade only when a defined set of circumstances are met.

Define Conditions:

Select a symbol from the drop-down list.
Select an expression.

The column Current Value will populate with the amount that reflects the selected expression.
Select a Condition from the drop-down list, for example greater than (>), less than (<), etc.
Enter a Target Value. When the target value meets the defined condition, the Managed Order will proceed.

Check the box in the first column to activate the Only Trade When expression. Un-check the box to disable a defined condition.

Press the Del button to delete a specific condition.

Set Ownership

Managed Orders allow for the current user to take ownership of another user's spread trade.

Open a managed order owned by someone else. See the Managed Order Console for a list of existing managed orders and their owners.
Press Other Actions.
Select Set Ownership.
The current user will be selected. Assign ownership to another user by selecting Other User and enter the user's name in the blank field. Press OK.

Note 1: There is no confirmation dialog box when selecting Set Ownership. Once selected, the change of ownership is immediate.

Note 2: Set Ownership is a permission-based feature.

Rename

Managed Order applets assign a name to each order similar to this format:

Side 1 Symbol Side 2 Symbol Applet Name (example: CSCO DELL Spread Trader).

Other applets will include its expiration date and strike price in its name: IBM IBM 0910 P 70 Vol Trader where 0910 is the expiration date and P70 is the strike price.

The name can be customized in the status field by selecting Other Actions-->Rename

Note 1: A renamed managed order will have its new name displayed in the Managed Order Console.

Note 2: Renaming an applet to a blank string will reinstate its default name.

Save As Default

The settings defined in a Managed Order applet can be saved as a default for newly created managed orders.

Enter all necessary values that will be saved as default in the Managed Order applet.
Press Other Actions.
Select Save as Default.

Clear Default

Clear Default causes all future Managed Orders to be created with only system default parameters.

Press Other Actions and select Clear Default. A confirmation dialog box will display.

Set Firm

See the Managed Order Console page for details on Set Firm.

The Activity Log is accessed by clicking the tab at the top of a Managed Order window. The log displays status messages created by the current managed order along with a timestamp for each activity.

The activities may be displayed in one of three colors:

Grey—low priority
Orange—medium priority
Red—high priority