live on the web

Transcription

live on the web

tsbooks_strategy_trading:live on the web
7/21/2011
3:53 PM
Page 1
Getting Started with TradeStation
SESSION 1
Trading and the TradeStation Desktop
20110801-A
®
TradeStation
Getting Started with TradeStation – Session 1
IMPORTANT DISCLOSURES
THE FOLLOWING INFORMATION IS IMPORTANT AND SHOULD BE UNDERSTOOD IN THE
CONTEXT OF THE FOLLOWING PRESENTATION, AND FOR ANY TRADING IN WHICH YOU MIGHT
THEREAFTER ENGAGE.

Risk Capital. TradeStation, through its affiliates, TradeStation Securities, Inc. and TradeStation
Forex, Inc., seeks to serve institutional and active traders. Please be advised that active trading is
generally not appropriate for someone of limited resources, limited investment or trading
experience, or low risk tolerance, or who is not willing to risk at least $50,000 of capital.

The Presentation. Each speaker, who is not a TradeStation employee, acts independently, and
no speaking topic, session, or content (including opinions or comments) is affiliated with, or
approved, sponsored or endorsed by any TradeStation affiliate. Topics and sessions are solely
for educational purposes. The speaker roster and session content are subject to change without
notice. No investment, trading or tax advice regarding any security, group of securities, market
segment or market is intended or shall be given. Any examples used in sessions or speaking
topics are for illustrative purposes only — they should never be construed as recommendations
or endorsements of any kind. No particular trading strategy, technique, method or approach
discussed will guarantee profits, increased profits or the minimization of losses. Past
performance, whether actual or indicated by simulated historical tests, is no guarantee of future
performance or success. Supporting documentation for any topic, session or content will be
supplied upon request.

Educational Content. This presentation is for educational purposes only, it may discuss in detail
how TradeStation is designed to help you develop, test and implement trading strategies.
However, TradeStation does not provide or suggest trading strategies. We also do not
recommend or solicit the purchase or sale of any particular securities or derivative products. Any
symbols referenced or trading ideas discussed are used only for the purposes of the
demonstration, as an example ---- not a recommendation or endorsement.

Automated Order Placement and Execution. This presentation may discuss automated
electronic order placement and execution. Even though TradeStation has been designed to
automate your trading strategies and deliver timely order placement, routing and execution, these
things, as well as access to the system itself, may at times be delayed or even fail due to market
volatility, quote delays, system and software errors, Internet traffic, outages and other factors.

Asset Classes and Fees. Every investment involves risks depending upon, among other things,
the size, nature, leverage, diversification, transaction costs and time horizon for your investment.
Risks associated with certain asset classes are generally described below:
Options. Options trading carries a high degree of risk and is not suitable for all investors.
Purchasers and sellers of options should familiarize themselves with options trading theory
and pricing, and all associated risk factors. Please read the Characteristics and Risks or
Standardized Options available from the Options Clearing Corporation website:
http://www.optionsclearing.com/publications/risks/riskstoc.pdf or by writing TradeStation
Securities, 8050 SW 10th Street, Suite 2000, Plantation, FL 33324.
20110801-A
Forex. Off-Exchange Foreign Currency (forex) transactions involve the leveraged trading
of contracts denominated in foreign currency conducted with a futures commission
merchant or a retail foreign exchange dealer as your counterparty. Because of the
leverage and other risks disclosed on the TradeStation website, you can rapidly lose all of
the funds you deposit for such trading and you may lose more than you deposit.
Exchange Traded Funds (ETFs). ETFs are subject to risks similar to the underlying
securities, including, but not limited to market, sector, or industry risks. Please read the
ETF prospectus carefully before investing.
Futures and Security Futures. Transactions in futures and security futures carry a high
degree of risk. The amount of initial margin is small relative to the value of the futures
contract so that transactions are leveraged or geared. A relatively small market movement
will have a proportionately larger impact on the funds you have deposited or will have to
deposit: this may work against you as well as for you. Futures trading involves other risks
that are disclosed on the TradeStation website.

Transaction Costs. The trading of any asset class through your TradeStation platform will
obligate you to pay transaction costs including but not limited to commissions (fixed or variable
per share or contract) and forex percentage-in-points (pips). You also will likely have to
subscribe to one or more exchange real-time data feeds and pay other exchange-related fees.

Account Protection. Equities and equities options accounts are covered by Securities Investor
Protection Corporation (SIPC) insurance. Futures and forex accounts do not afford any such
protection.
All proprietary technology in TradeStation is owned by TradeStation Technologies, Inc., an affiliate of both
TradeStation Securities, Inc., a broker-dealer and futures commission merchant registered with the SEC
and the CFTC respectively and a member of various self regulatory organizations including NYSE, FINRA
and NFA, and TradeStation Forex, Inc., a retail foreign exchange dealer registered with the CFTC and a
member of NFA. © 2011 TradeStation. All rights reserved.
20110801-A
Table of Contents
TradeStation Desktop ................................................................................................................................. 1
Live Trading vs. Simulated Trading .......................................................................................................... 1
Desktop Components ............................................................................................................................... 2
Workspaces and Windows ....................................................................................................................... 3
Copying and Pasting Windows ................................................................................................................. 4
Managing Windows in a Workspace ........................................................................................................ 4
Multiple Desktops and Multiple Monitors .................................................................................................. 5
Manual Order Placement ............................................................................................................................ 7
TradeStation Order Bar ............................................................................................................................ 7
Order Information Fields ....................................................................................................................... 7
Order Placement Buttons ..................................................................................................................... 8
Market Information and Messages ....................................................................................................... 8
Advanced Order Features .................................................................................................................... 9
Market Depth Window ............................................................................................................................ 10
Matrix ...................................................................................................................................................... 11
Matrix Window Geography ................................................................................................................. 12
Placing Orders from the Matrix Window ............................................................................................. 13
OCO/OSO Orders ................................................................................................................................... 14
Setting Order Entry Preferences............................................................................................................. 15
Stop/If Touched Trigger Types ............................................................................................................... 16
Order and Account Management ............................................................................................................ 17
Position Graph Bar ................................................................................................................................. 17
TradeManager ........................................................................................................................................ 18
Account Orders and Positions in Charting .............................................................................................. 19
TradeManager Analysis .......................................................................................................................... 21
Macros ........................................................................................................................................................ 22
Command Line and Order Entry Macros ................................................................................................ 22
Hot Keys and Toolbar Icons ................................................................................................................... 23
TradeStation Support Resources ............................................................................................................ 24
The TradeStation Platform Help ............................................................................................................. 24
Using the TradeStation Support Center ................................................................................................. 25
Tutorials, Seminars and Books ............................................................................................................... 26
20110801-A
TradeStation Desktop
Live Trading vs. Simulated Trading
The TradeStation Network Logon dialog allows you to choose whether to trade in your actual brokerage
accounts or on a trading simulator. The Live Trading button will log you in to your real funded brokerage
accounts; trades will be real and profit and losses will affect your funds. To practice trading with
simulated accounts, click on the Simulated Trading button; any orders placed will not be real nor will any
profits or losses be real.
When logging on to Simulated Trading, the confirmation window below is displayed.
The Status Bar displays ―Trading: SIM‖ in light blue to confirm you are using simulated trading. Your
account numbers should start with the letters ―SIM‖ to confirm that you are using simulated accounts.
To switch from Simulated Trading to Live
Trading or vice versa, double-click on the
―Trading‖ or ―Data‖ indicators on the Status
Bar to log off the TradeStation Network. Double-click again to return to the Logon dialog. When logged
on to Live Trading, the Status Bar shows ―Trading: Live‖ in green.
1
Desktop Components
Menu Bar
Tool Bar
Order Bar
Position
Graph Bar
Shortcut
Bar
Workspace
Area
Status Bar
Menu Bar
Drop-down menus to access general program features and features
related to the currently selected window.
Toolbar
Buttons for accessing tools specific to the currently selected window.
Order Bar
Used for manually placing orders in your TradeStation brokerage
accounts.
Position Graph Bar
Displays the status of positions in your TradeStation brokerage accounts.
Tools
Add windows to your workspace.
Help
Access support resources.
Shortcut Bar
Status Bar
Current summary of your brokerage account as well as network
connection status; lock and unlock manual order-entry tools.
Workspace Area
Desktop area for creating and displaying windows: charts, quotes, etc.
Note: Desktop elements may be removed or enabled using the View Menu.
2
Workspaces and Windows
Workspaces are groups of TradeStation windows that you want to view, save and re-open as a group. In
fact, each workspace is a file containing the windows you have placed in it.
Create your workspaces so that they help you organize your trading ideas. You can create workspaces
with any variety of windows for a single stock, a group of stocks, an industry, futures, forex or any other
information that you want to view together. TradeStation includes sample workspaces so you can get an
idea of how they look.
When you first create a workspace, it is blank. You then add windows to the workspace—Chart Analysis,
RadarScreen, Matrix, and so on. When you want to analyze other stocks, industries, or markets, and
want to keep your ideas separate, you can create additional workspaces.
Workspace tabs
TradeStation displays a tab for each open workspace. You may click these tabs to switch between them.
To create a New Workspace click on File – New – Workspace menu sequence. Other useful functions
from the File menu are: Open Workspace, Save Workspace, Save Workspace As…, Save All
Workspaces, and Move Workspace.
Right-click menu
Right-click on any of the workspace tabs
and use the shortcut menu to create,
save, close, and move workspaces.
You may also click-and-drag workspace
tabs to change their order.
Note: For an Alert to be triggered or Strategy Automation to be active, the workspace containing the
window with the Alert or Strategy must be open.
3
Copying and Pasting Windows
You may copy and paste windows within a workspace or from one workspace to another. The Copy
Window command makes an exact duplicate of any TradeStation window including symbol settings,
applied Analysis Techniques or columns, and any window formatting settings. The Paste Window
command will place that window into the active workspace. The copy is fully functional and may be edited
or saved in the same ways as any other window.
These commands are available from both the Edit menu and right mouse-button shortcut menu for each
window.
Note: Strategy Automation is automatically disabled in a Chart Analysis window that is being pasted.
Managing Windows in a Workspace
Resize Windows
All windows in TradeStation are created using a default size. You may click and drag any of the side
borders of a window to resize it; clicking and dragging the corners of the window will resize the width and
height of the window simultaneously.
Move Windows
Click and drag the title bar of a window to move it to another location within the workspace.
Maximize and Minimize Windows
To maximize a window click the Maximize button on the top right corner of the window. Maximized
windows cover the whole workspace area and other open windows are behind it. To restore the window
to its original size, click the second (lower) Restore Down button at the top right corner of the
TradeStation Desktop.
Minimized windows appear as icons at the bottom of the workspace, right above the Workspace tabs.
Click on Window from the menu bar to see a list of windows in the workspace; click on any of them to
restore it and make it the active window.
Arrange Windows
Click on Window – Arrange All menu sequence to evenly resize all open windows and arrange them to
fill the whole workspace area. Other options in this menu are: Arrange Horizontally, Arrange
Vertically, and Cascade.
4
Multiple Desktops and Multiple Monitors
TradeStation allows you to create multiple instances of the TradeStation desktop. Each desktop is a
complete version of TradeStation with access to all of its features. Each TradeStation desktop may then
be placed on any of the monitors connected to your computer.
When you first install TradeStation, the installation process will recognize all monitors connected to your
computer and will prompt you to select how many monitors to use for TradeStation. Once installation is
complete, TradeStation should open a new desktop on each of the monitors selected.
To create an additional TradeStation Desktop, click on File – New – Desktop menu sequence. The new
desktop should automatically open on any available monitor. If it opens on the incorrect monitor, click on
the ―Restore Down‖
button located between the ―Minimize‖
and ―Close‖
buttons on the top
right corner of the desktop, and then click the desktop‘s title bar and drag it to the desired monitor.
You may open as many additional desktops as needed.
Desktops may also be saved, each with its associated workspaces, so that you can retrieve the desktops
when needed. Use these menu sequences:
File - Save Desktop
File - Save Desktop As…, or
File - Save All Desktops.
To open a saved desktop, click on File – Open Desktop menu sequence. All workspaces associated
with this desktop will open. To close a desktop, click on File – Close Desktop menu sequence or click
on the ―Close‖
button on the top right corner of the desktop.
5
Backup / Restore
The TradeStation backup feature makes it easy to save all of the changes you may have made while
working with workspaces, templates, and dialogs into a single archive file. This is useful to save custom
configurations and to efficiently move settings between computers or to a newer installed version.
Backup archive files may be created as needed or they may be generated automatically on a regular
schedule. To create a backup, use the File – Backup/Restore TradeStation menu sequence and
choose the Backup TradeStation… sub-menu. From the TradeStation Backup dialog, place a check
mark next to those components that you want to include in a specific archive.
The archive file name is made up of the backup configuration name selected from the drop-down at the
top of the dialog, the TradeStation version number, and the date and time. For example, an archive file
named ―Monthly (9.00.00.8732 – 2011-07-06 0910)‖ means that it was created using the Monthly backup
configuration, using TradeStation version 9.0, and created on July 6, 2011 at 9:10 am.
The archive file is stored by default in C:\Program Files\TradeStation Archives directory. You may
choose a different location by clicking on the Browse… button.
To restore saved data, choose the Restore TradeStation Archive… option from the File –
Backup/Restore TradeStation menu sequence. Browse to find the name of the archive file you would
like to restore. A checkmark next to each component indicates that it will be restored.
Note: TradeStation stops updating during a backup or restore cycle and automatically reconnects when
completed. Therefore, it is recommended that you not perform backups and restores during your regular
trading hours.
6
Manual Order Placement
TradeStation Order Bar
Order Information Fields
Stock, option, futures or forex symbol.
Use to change quantity from shares/contracts (#) to currency ($).
Number of shares or contracts for the order; use the
decrease the quantity incrementally.
or
buttons to increase or
(Position) fills the Quantity box with your current open position for the selected
symbol.
Limit price for Limit and Stop Limit orders; use the
decrease the limit price incrementally.
or
buttons to increase or
Automatically sets limit price to settings such as join, improve, or split.
Stop price for Stop Limit and Stop Market orders.
Automatically sets stop price to settings such as join, improve, or split.
The four basic order types are Limit, Market, Stop Limit and Stop Market.
Path of execution for an order; all order routes offered by TradeStation are directaccess routes.
Intelligent order routing is TradeStation's proprietary, direct-access order routing
technology. It is designed to simplify your order placement by examining all
available order routes, based on your order conditions, and selecting the most
viable route for each order.
Length of time the order will remain valid in the market.
Account for which the order is entered.
Notes: Order information fields will vary for equities, options, futures and forex. Some combinations of
orders, routes, advanced order settings and durations may be mutually exclusive. The Options tab of the
Order Bar includes access to spread orders.
7
Order Placement Buttons
Sends a buy order (to establish long position).
Sends a sell order (to liquidate a long position).
Sends an order to sell short (establish a short position).
Sends an order to buy to cover (cover a short position).
Creates an Order Cancels Order or Order Sends Order from an OCO/OSO template or
using custom parameters.
Stages an order in the TradeManager for later use.
Displays a drop-down list that allows you to cancel as well as cancel/replace orders;
also used to view all open orders.
Sets the Quantity, Order Type, Route, and Duration fields back to their default values.
Displays TradeStation‘s Advanced order settings such as Trailing Stop, Show Only, and
Peg.
Notes: The Futures and Forex tabs of the Order Bar have only Buy and Sell order-placement buttons.
The Options tab of the Order Bar has Buy to Open, Sell to Close, Sell to Open, and Buy to Close orderplacement buttons.
Market Information and Messages
Current Bid for selected symbol; click to populate Limit and Stop price fields.
Current Last trade price for selected symbol; click to populate Limit and Stop price Fields.
Current Ask for selected symbol; click to populate Limit and Stop price fields.
Last message regarding orders sent/received to/from the TradeStation network.
8
Advanced Order Features
ECN Advanced Order Features (Requires the use of Limit or Stop Limit for Order Type)

Show Only (a.k.a Reserve): displays only the specified number of shares at a time out of the total
number of shares in the order.

ECN Sweep: routes limit orders to ECNs only, bypassing all market makers; orders are matched with
the ARCA book or immediately routed for execution to a select group of market participants.

Non-display: order will not be reflected in either the Market Depth display or ECN books; instead,
order is held until a counterparty bids or offers to match or beat your offer or bid.

Discretionary: adds or subtracts the specified amount to or from the limit for a buy or sell order;
allows the reflection of a lower Bid price or a higher Ask price than you might ultimately be willing to
accept.

Peg: creates a dynamic Limit order pegged to the best displayed bid/ask or the mid price between
them; limit price will never exceed the user specified limit in the limit price field.
TradeStation Advanced Order Features

Activation Rule: allows you to determine when an order will become active based on specified Time
and/or Price conditions.

All or None (options only): order will be filled in its entirety or not at all.

Trailing Stop: Used with a Stop Market order type to set a trailing stop of a specified number of
points or percentage from the current price.

If Touched: lets you specify a price that, if touched, will place the selected type of order. This is only
available for Market and Limit orders.
Notes: Advanced options will change based on your order route. Selecting “Intelligent” route allows
TradeStation to automatically choose the route that offers the options you selected.
Advanced orders on the Options, Futures and Forex tabs of the Order Bar contain a subset of those
features found under Equities.
9
Market Depth Window
Quote Bar
Summary
Pane
Detail
Pane
Trade Bar
Advanced
Order Bar

Quote Bar: shows basic price and order information for specified symbol.

Summary Pane:
Left: lists the Bid and Ask for each price level.
Right: graph of the relative size or depth of Bid and Ask for each level.

Detail Pane: displays Bid prices (left) and Ask prices (right) grouped by price level. Your open
positions and open orders for this symbol will be highlighted at the appropriate price row in the Detail
Pane.

Trade Bar: order-entry tools for the current symbol in the window.

Advanced Order Bar: advanced order settings for orders placed via the Trade Bar.
Notes: Detail pane may be formatted to sort by Best Market and Time or Best Market and Size then
Time. Market Depth is available for stocks, electronic futures and options, depending on your data
subscriptions.
10
Matrix
The Matrix window combines market information from the Market Depth window, TradeManager
information about your orders and positions, and all the features and advanced features of the Order Bar.
The Matrix also displays the day‘s price information and includes Volume at price and VWAP (Volume
Weighted Average Price).
You may place, cancel and cancel/replace orders directly in the Matrix window.
Matrix is automatically tied in to the TradeManager reflecting any open positions or active orders for the
symbol, placed by any means (Order Bar, Market Depth window, automated strategies, etc.) in addition to
those placed through the Matrix.
Quote Bar
Order
Status Bar
Detail Pane
Trade Bar
Advanced
Order Bar
11
Getting Started with Trading and the TradeStation Desktop
Matrix Window Geography
Quote Bar
The Quote Bar displays basic price and order information for the specified symbol.
Detail Pane
Default columns displaying data at each price level:








P/L (USD): displays a scale consisting of the position's break-even point with profit and loss
values in the currency of the account; values are displayed only when there is an open position
in the symbol.
Orders: displays all open orders in the symbol; buy orders will be preceded by a ‗B‘ and sell
orders by an ‗S’; each open order cell displays two numbers: the number of shares/contracts
filled followed by the number of shares/contracts still working on the order.
Bid Size: displays current Bid Size for each price level; depth is shown in parentheses.
Price: a column of prices, in minimum increments for the symbol, e.g. .01 for stocks; colorcoded cells identify traded prices between the high and low of the day.
o Open, High and Low: noted with green lines at the appropriate price cells.
o Last: noted with a yellow background in the price cell; includes the share/contract volume
of the last trade.
o VWAP: VWAP (Volume Weighted Average Price) is noted with a small ‗v‘ in the Price
column.
Ask Size: displays current Ask Size for each price level; depth is shown in parentheses.
Vol Bars: color-shaded bars indicate volume at each price level during each of the day‘s 30minute time periods. The darker the shade, the earlier in the day the volume occurred.
Vol: number of shares/contracts traded at each price level.
Position (Avg Price): average price of the open position is highlighted across all columns;
position size is displayed in the Quote Bar.
Order Status Bar
Displays the last message sent or received for an order.
Trade Bar
Order-entry tools for the current symbol in the window.
Advanced Order Bar
Advanced order settings for orders placed via the Trade Bar.
Notes: The Matrix Quote Bar and Detail Pane may be customized using the Format – Columns menu
sequence for each section.
P/L in Symbol Currency is also available as an additional column in the Detail Pane.
12
Placing Orders from the Matrix Window
Placing orders through the Matrix is as simple as clicking in the Bid Size or Ask Size column for the price
at which you want to buy or sell on Stop, Limit, or Stop Limit.
Buy and Sell orders
To place a Buy order, click in a Bid Size cell to place a Buy order at the price level for that row. To Place
a Sell order, click in an Ask Size cell to place a Sell order at the price level for that row.
Cancel/Replace orders
To cancel-replace an order, click and drag an active open order in the Order column from its current Limit
or Stop price to the new Limit or Stop price.
Market orders
To place a Market order, click on Buy Mkt or Short Mkt buttons from the
Trade Bar.
Trailing Stops
To place a Trailing Stop on an open position, specify the trail amount by
Pts or % and enter the amount in the Amt field, then click the Sell Trl
Stp button for Long positions or the Cover Trl Stp button for Short
positions.
Order Cancels Order - Multiple exit orders
To place Profit Targets and Stops on open positions, select the number
of targets and stops from the drop-down menu under the Place OCO Order button. Click the ellipsis
button to adjust the target and stop amounts, then click on the Place OCO Order button to place your
orders. See following page for additional information on OCO orders.
Order Sends Order – Entry order with attached exit(s) orders
To automatically send your profit targets and stops with your entry order,
put a check mark in the checkbox for Attach OSO. In the drop-down
menu select the type of exit orders you wish to attach, click the ellipsis
button to adjust the quantities for your exits, and then proceed to place
your entry order. Once the entry order is placed, it will have the specified exits automatically attached to
it. See following page for additional information on OSO orders.
Cancel orders
To Cancel an Order, click on any active order in the Orders column to cancel it. Orders may also be
cancelled using one of the three Cancel buttons in the Manage Order(s)/Position section of the Trade
Bar: Cancel All Bids, Cancel All Offers, and Cancel All Orders.
Reverse position
Click on the Reverse button to reverse your current position from Long to
Short, and vice versa.
Close position
Click the Close button to immediately exit the current position by placing
the appropriate market order.
13
OCO/OSO Orders
OCO (Order Cancels Order), Bracket OCO, and OSO (Order Sends Order) are types of conditional orders that can
be placed from the TradeStation Order Bar, Market Depth or Matrix using pre-formatted OCO/OSO Templates or by
defining custom order segments.

Order Cancels Order (OCO) - An OCO order consists of a group of two or more orders that are linked so
that if one of the orders is filled, partially or in full, then all of the other orders are cancelled.

Bracket OCO - A Bracket OCO consists of two or more exit orders for the same symbol. When one of the
orders is filled, the other order is cancelled. If one of the orders is filled only partially, the quantity of the
other order is automatically decremented by the same amount. For example, if you have a sell limit order for
1000 shares and a sell stop order for 1000 shares, and the limit order is partially filled for 500 shares, the
stop remains open and automatically decrements to 500 shares to match the remaining open position.

Order Sends Order (OSO) - An OSO order consists of a primary order that will send one or more secondary
orders when the primary order is filled.
The Order Cancels Order & Order Sends Order – Order Bar is available from the TradeStation Order Bar by
clicking the OCO/OSO button, and clicking Custom OCO/OSO Order. Each row in the grid represents an order
segment and the indent level indicates that segments are controlled by the next higher level. Rows are color coded
to specify their type, where yellow rows are OCO segments, blue rows are Bracket OCO segments, and white are
individual OSO segments.
14
Setting Order Entry Preferences
Default order entry settings may be customized in the Order Entry Preferences dialog. It may be
accessed using the File – Preferences menu sequence or from the shortcut menu by right-clicking in the
Order Bar, Matrix, or Market Depth windows.
Select Validations & Confirms on the
left navigation pane for each asset class
to disable confirmation windows that
appear when placing orders from the
Matrix, Order Bar, Market Depth, or
Order Entry Macros.
Validations will generate a warning
message only if your order is outside the
specified range of values. You may
uncheck any of these options to disable
these warning messages.
15
Stop/If Touched Trigger Types
The trigger type allows you to specify the type, number, and pattern of ticks that will trigger the activation
of a stop or if touched order. These settings may be accessed using the Triggers link for each asset
class in the Order Entry Preferences dialog.
Type
Description
Single Trade Tick (STT)
One trade tick must print within your stop price to trigger your stop.
Single Trade Tick within
NBBO (STTN)
One trade tick within the National Best Bid or Offer must print within your stop price to
trigger your stop.
Single Bid/Ask Tick (SBA)
Buy/Cover Orders: One Ask tick must print within your stop price to trigger your stop.
Sell/Short Orders: One Bid tick must print within your stop price to trigger your stop.
Single Ask/Bid Tick (SAB)
Buy/Cover Orders: One Bid tick must print within your stop price to trigger your stop.
Sell/Short Orders: One Ask tick must print within your stop price to trigger your stop.
Double Trade Tick (DTT)
Two consecutive trade ticks must print within your stop price to trigger your stop.
Double Trade Tick within
NBBO (DTTN)
Two consecutive trade ticks within the National Best Bid or Offer must print within your
stop price to trigger your stop.
Double Bid/Ask Tick (DBA)
Buy/Cover Orders: Two consecutive Ask ticks must print within your stop price to
trigger your stop.
Sell/Short Orders: Two consecutive Bid ticks must print within your stop price to trigger
your stop
Double Ask/Bid Tick (DAB)
Buy/Cover Orders: Two consecutive Bid ticks must print within your stop price to
trigger your stop.
Sell/Short Orders: Two consecutive Ask ticks must print within your stop price to
trigger your stop.
Twice Trade Tick (TTT)
Two trade ticks must print within your stop price to trigger your stop.
Twice Trade Tick (TTTN)
Two trade ticks within the National Best Bid or Offer must print within your stop price
to trigger your stop.
Twice Bid/Ask Tick (TBA)
Buy/Cover Orders: Two Ask ticks must print within your stop price to trigger your stop.
Sell/Short Orders: Two Bid ticks must print within your stop price to trigger your stop.
Twice Ask/Bid Tick (TAB)
Buy/Cover Orders: Two Bid ticks must print within your stop price to trigger your stop.
Sell/Short Orders: Two Ask ticks must print within your stop price to trigger your stop.
Note: Double refers to two consecutive ticks and Twice refers to two non-consecutive ticks in the same
day.
16
Order and Account Management
Position Graph Bar
The Position Graph Bar appears below the Order Bar by default. Displayed are the last and net change
for a customizable list of symbols and Position Graphs illustrating the current profit or loss status of each
of your open positions.
The plus sign ―+‖ to the left of the symbol indicates Long positions, whereas a minus sign ―-― indicates
Short positions. The numbers to either side of the Position Graphs display the maximum Run-up and
Draw-down since the position was opened, or the last time you logged on to TradeStation, whichever
occurred last.
Allowing the mouse pointer to hover over the Position Graph will generate a data tip of information about
that position. A right mouse-button click on a Position Graph opens a menu which includes selections to
close the position.
To customize the list of symbols displayed and the settings for the display of open positions, right-click in
the background of the Position Graph Bar, and from the menu click on Format Position Graph Bar.
17
TradeManager
The TradeManager window displays all your trade and account activity, real-time and in a single window.
In addition, Staged Orders may be sent, open orders cancelled, and current positions closed directly from
the TradeManager.
The TradeManager information is displayed on nine pages, tabbed at the bottom of the TradeManager
window.

Orders: the day‘s orders and their status; allows retrieval of historical orders.

Average Price: average prices of the day‘s filled orders; allows retrieval of historical average price
information.

Staged Orders: orders that you have prepared for placement but remain staged until you decide to
place them; these may be edited directly in the TradeManager.

Open Positions: all your open positions and their status.

Strategy Orders: actual and hypothetical orders generated by strategies with automation enabled.

Strategy Positions: actual and hypothetical positions generated by strategies with automation
enabled.

Balances: real-time account-balance information.

Messages: a log of all the day‘s order-related messages, as displayed individually in the message
line of the Order Bar, Market Depth or Matrix.
18
Account Orders and Positions in Charting
Account Orders and Positions displays your orders, open, filled and cancelled, in a Chart Analysis
window. Position entries show up as blue (long) or red (short) entry arrows and white arrows show where
the positions were closed.
Active and cancelled orders are marked with horizontal lines indicating the period during which they were
active, an initial for the order type, such as ‗L‘ for limit order, and the order quantity.
To disable the display of Account Orders and Positions, right-click on the background of the Chart
Analysis window and from the menu click on Format Account Orders and Positions…. On the Data
tab uncheck the checkbox under the Status column. To disable this feature on all new Chart Analysis
windows, uncheck the option to Automatically enable Account Orders & Positions on new Chart
Analysis windows and for new data series at the bottom of the dialog.
19
The Format Account Orders & Positions dialog is accessible from the Format menu and from the right
mouse-button shortcut menu. You may also select which orders to display on Chart Analysis windows,
and the style and color in which they are displayed.
20
TradeManager Analysis
TradeStation also uses the information from the TradeManager to generate a detailed analysis of your
actual trades. Click on the TradeManager Analysis icon from the Tools section of the Shortcut Bar to
create the report.
You may select the date range and the symbols (equities, options, futures and forex) to include or remove
from the analysis.
21
Macros
Command Line and Order Entry Macros
A Command Line Macro is a group of commands that are executed in sequence once the Macro is run.
There are over 200 different commands that allow you to create and modify TradeStation windows. You
can create a Command Line Macro employing one or more of these commands.
An Order Entry Macro contains order instructions that can be sent either directly to the market, bypassing
the Order Bar, or can populate the Order Bar with the order information.
To access the Macros dialog, click on View – Macros… menu sequence.
The Macros dialog will list built-in Command Line Macros and Order Entry Macros. Click on any of these
Macros and the Description box will display the command or sequence of commands that it executes.
To run a Macro once it is selected, click on the Run button on the right of the dialog.
To create your own custom Macro, click on the Create… button and the Create Macro wizard will guide
you through the steps.
For additional information on setting up custom Command Line Macros or Order Entry Macros click on
Help – TradeStation Help. Macros are listed under TradeStation Desktop on the Contents tab. Also
refer to Command Line Rules for information on how to use commands.
22
Hot Keys and Toolbar Icons
Macros can be run from the Command Line, Macros dialog, EasyLanguage, or they can be assigned to a
Toolbar button or Hot Key to increase the speed of performing a function or entering an order.
From the Macros dialog, click on Toolbars…
or Hot Keys… to assign a shortcut to the
Macro.
Hot Keys are keys that execute a single
command or Macro. Many common
commands have already been assigned to
Hot Keys. To see these pre-assigned hot
keys, click on Help – TradeStation Help
menu sequence. Look for TradeStation
Desktop – Hot Keys – Default TradeStation
Layout.
You may re-assign these if you choose, and
you may also assign your favorite Command
Line Macro or Order Entry Macro to Hot Keys.
To assign a Hot Key to a Macro, find and click
the Macro to highlight it, click inside the Press
new Hot Key: box, press the desired Hot Key
on the keyboard, and then click Assign at the
bottom of the dialog.
Toolbar buttons can also be used to run Macros. Click on the Toolbars… button from the Macros dialog
to access the Customize toolbar dialog.
All built-in and custom Macros will be listed in
this dialog; they will be assigned the default
Macro button. You may select a different
button by clicking on Modify Button…. Once
the desired button is selected, click-and-drag
the button from the Commands box into any
toolbar.
You may add and/or remove other buttons
from the toolbars displayed while the
Customize dialog is open.
23
TradeStation Support Resources
The TradeStation Platform Help
The TradeStation Platform Help is accessible from the Help
menu, and from the Help section of the Shortcut Bar.
The TradeStation Help is your ready reference to descriptions
of product features and detailed procedural instructions on
their use.
TradeStation Help provides you with multiple ways to locate TradeStation information.
Contents: This tab groups help topics by category. Click the + to the left of the purple books to expand a
category. Click the – to collapse a category. Click on a topic name to view the related topic.
Index: The Index tab lists keywords and phrases to help guide you to related topics within the Help.
Type a keyword or select it from the list, then click Display to view the related topic.
Search: Use this tab to find occurrences of word(s) within help topics. Once a list of topics is displayed,
you may click on any of the column headers to sort the list.
24
Using the TradeStation Support Center
The TradeStation Support Center offers a variety of account and platform support resources. The
navigation bar on the left has the following sections:

Account Services: Provides you the ability to open and manage accounts, including
access to balances, positions, activity, and other account services.

TradeStation Platform: Download a new version or reinstall TradeStation, change
features and services in your account, and find out what is new in TradeStation as
new versions are released.

Tutorials, Seminars and Books: See next page.

Trading Strategy Resources: The EasyLanguage Library and other analysis
resources.

Support: Discussion forums, FAQs, and more.
The Help section of the Shortcut bar (shown on the right), and the Help menu, contain links to sections of
the Support Center, such as TradeStation Training, Support Forums, and Account Services. These links
will take you directly to those pages, bypassing the main Support Center page.
25
Tutorials, Seminars and Books
This section of the Support Center provides access to a range of TradeStation training resources for
everyone from the new user to the experienced trader.
Tutorials are short audio-visual presentations designed to familiarize you with TradeStation's features:
order entry, market analysis, and the TradeStation environment.
To start a tutorial, click the Tutorials header on the left navigation page in the Support Center and click
the Play button to the right of any tutorial title. To enhance your learning experience, we encourage you to
listen to the audio narration along with the video.
Note: Tutorials use a Flash plug-in and require that a properly configured version be installed on your
system.
26
TradeStation QuickTips offer an easy way to learn about the many advanced features of TradeStation.
Each QuickTip is a short, narrated video demonstration of a spotlighted feature. To view a QuickTip,
click on the Play button to the right of its description.
The LiveOnTheWeb header provides access to web-based classes on a variety of topics. Other
presentations cover a range of topics from basic uses of TradeStation to more advanced concepts and
EasyLanguage. Some include conversations with noted guests: traders, authors, analysts, etc. Click
Schedule to see the list of upcoming presentations and register to attend.
In the On-Demand Catalog you will find archived LiveOnTheWeb classes.
They are organized onto tabs labeled: Essential Tools, Market Analysis,
Strategy Trading, EasyLanguage, and Spotlight On.
Note: Seminars require that a properly configured version of the Microsoft Media Player be installed on
your system.
27
Live Classes and Events are held in our own offices and in major cities across the country. The
purpose of these classes and special events is to help you take full advantage of TradeStation features
including advanced analysis and order execution capabilities, as well as strategy backtesting and
automation. Here you will find descriptions of the classes, class calendar, and registration information.
TradeStation Books displays a variety of books, in hard copy and digital formats, on using TradeStation,
EasyLanguage, and on market topics.
All support, education and training services and materials on the TradeStation Securities Web site are for
informational purposes and to help customers learn more about how to use the power of TradeStation
software and services and to help provide other customer support. No type of trading or investment
recommendation, advice or strategy is being made, given or in any manner provided by TradeStation
Securities or its affiliates.
28

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