Are you the type of trader who can't trade without your favorite technical indicator? Or maybe you only look at charts occasionally to view where the market traded over the last few hours? Maybe you don't use charts at all? Regardless of the type of trader you are or what tools you use, I think you'll find the new TT Charts extremely useful no matter how or what you trade.
TT has recently introduced the ability to place, view and modify orders directly in the chart widget. We've taken what we’ve learned over the past 22 years about futures execution and adapted it to the chart.
The first thing you'll notice is how familiar the interface feels compared to MD Trader®. We've added the buy and sell columns just inside the price axis and highlighted the bids and offers so you can easily identify the inside market. To place an order ,you simply single click in the column just like you would in MD Trader. Modifying orders is as easy as dragging and dropping a working order from one price to another.
The order pane, located on the right side of the chart, is also very familiar. This allows you to navigate accounts, select order types, including TT order types, change quantity and set defaults. As you place orders, you will see them appear on the chart as lines with order flags to indicate quantity and order type. The length of the line lets you know when you placed the order.
By far the most powerful aspect of chart trading is how easy it is to visualize the trade and the ability to execute it right on the chart. No need to divert your attention from your analysis to another interface to place your order. If you're using technical analysis to guide your trading decisions, you'll quickly recognize if you're sticking to your plan or deviating from it. This allows you to easily fine tune your strategy on the fly.
Just because you don’t point and click to place trades doesn’t mean you can’t benefit from these new features. If you are trading with algos, the charts are the perfect place to visualize the execution. You can gauge algo performance by watching them fire in real time on the chart. Watch your fills appear in relation to your entry and exit targets, giving you full control of your algo orders visually on the chart. Or perhaps you want to launch an Order Management Algo (OMA) on an existing order. From the chart, left click on your working order to expose the Floating Order Book (FOB), select the green Algo button and choose your favorite OMA from the list.
If you’re using Autospreader, you can load up your favorite spread and outright charts to monitor your spread and leg orders working in the market. Monitor leg orders across multiple markets to quickly see when a leg is unhedged or being managed by one of your rules. You’re able to place and manage spread and leg orders or simply use the chart as a monitoring tool.
Check out the Chart Trading video to learn more. Visit www.tryttnow.com for your free trial.