JP7016927B2 - Trading tools for e-commerce - Google Patents

Description

This application claims the benefit of US Provisional Application No. 60 / 238,001 filed October 6, 2000, of US Patent Application No. 09/971,087 filed October 5, 2001. This is a continuation application of US Patent Application No. 10 / 125,894 "Trading Tools for Electronic Commerce" filed on April 19, 2002, which is a partial continuation application. US Patent Application Nos. 10 / 125,894 are US Patent Application Nos. 09 / 590,620 filed on June 9, 2000 and US Patent Application No. 09/589 filed on June 9, 2000. , 751 is also a partial continuation application, both of which claim the advantages of US Provisional Application No. 60 / 186,322 filed on March 2, 2000. U.S. Patent Application No. 10 / 125,894 also claims the benefit of U.S. Patent Application No. 60 / 325,553 filed October 1, 2001. The overall content of each of the applications referenced above is incorporated herein by reference.

The present invention relates to electronic commerce. In particular, the present invention is intended as a tool for trading products that can be bought and sold in quantity and / or price.

Many exchanges around the world rely on e-commerce to buy and sell stocks, bonds, futures, options, and other products to varying degrees. These electronic exchanges are based on three components: a mainframe computer (host), a communication server, and an exchange participant's computer (client). The host is the electronic center of a fully computerized e-commerce system. The operation of the system deals with order matching, order book and location maintenance, pricing information, and database management and updating for daytime batch runs as well as nighttime batch runs of online trading. The host also has an external interface that maintains continuous online contacts for quoting vendor systems and other pricing information systems.

Traders can link to hosts via at least three types of structures: high speed data lines, high speed communication servers or the Internet. High-speed data lines establish a direct connection between the client and the host. Another connection can also be established by configuring a high-speed network or communication server with strategic access points around the world where the trader is physically located. Data can be transmitted in both directions between the trader and the exchange via a dedicated high-speed communication line. Most exchange participants install two lines between the exchange and the client site, or between the communication server and the client site, as a safeguard against possible failures. Exchange internal computer systems are also often backed up and installed as a redundant means of protecting system availability. The third connection utilizes the Internet. Here, exchanges and traders interact via high-speed data lines connected to the Internet. This allows traders to be located wherever they can establish a connection to the Internet.

Regardless of how the connection is established, the exchange participant's computer allows the trader to enter the market. They use software that creates a specialized interactive trading screen on the trader's desktop. The trading screen allows traders to enter and execute orders, obtain market quotes and monitor their location. The range and quality of features that traders can use on their screens will vary depending on the software application being run. Installing an open interface in the creation of an exchange's electronic strategy means that users can choose the means by which they access the exchange, depending on their trading style and internal requirements.

Global stocks, bonds, futures, options, and other forex are volatile products with fast-moving prices. To make money in these markets, traders must be able to react quickly. Skilled traders with the fastest software, fastest communications, and the most precise analysis can significantly improve the net profit of the trader himself or his company. In fast-moving markets, a small speed advantage can generate significant revenue. In today's securities market, traders without technologically advanced interfaces are at a severe and competitive disadvantage.

Regardless of which interface the trader uses to place an order in the market, each market gives the same information to all traders and requests the same information from all traders. If the bids and quotes on the market make up the market data and the exchange provides it, then anyone logged on to the trade can receive this information. Similarly, all exchanges require that each order contain certain information. For example, traders must supply information such as market commodity names, quantities, limits, prices and multiple other variables. Without all of the order information, the market will not accept the order.

In existing systems, multiple elements of an order must be entered before the order is sent to the market, which is time consuming for traders. Such factors include the symbol of the market commodity, the desired price, quantity, and whether a sell order is desired or a buy order is desired. The more time it takes a trader to enter an order, the more likely it is that the trader will bid or the price he or she wants to bid will change or become unavailable in the market. The market is in flux as many traders send orders to the market at the same time. In fact, successful markets are striving for traders who want to enter an order to have a large number of transactions to quickly find a match and have it accepted, if not immediately. .. In such a fluid market, the prices of market commodities fluctuate sharply. On the trading screen, this causes abrupt changes in the price and quantity fields in the market grid. If a trader intends to enter an order at a particular price, but misses a price because the market price has moved before the trader enters the order, the trader will have hundreds, thousands, or thousands of dollars. You can lose millions of dollars. The faster a trader can buy and sell, the less likely it is that the trader will miss the price of the trader, and the more likely it is that the trader will make money.

With the advent of e-commerce, it has become even easier for large numbers of people to access to enter the market at any time. This increase in the number of potential traders has led to other changes, including more competitive markets, greater liquidity, rapidly changing prices and other changes. Due to the complexity of these changes, it is becoming increasingly important to have a system that enables the most accurate and calculated transactions in the most efficient way. Therefore, it is desirable for e-commerce systems to help traders adapt to the electronic market and provide tools to help traders trade at desired prices.

Preferred embodiments relate to systems and methods for the automatic relocation of market information within a graphic user interface.

According to the first aspect, a method for automatically arranging information about market goods on a graphic user interface is provided. The method comprises receiving market information relating to market commodities from an electronic exchange. Market information may include many items of interest related to price. The method displays an information display area with many locations, where each location is arranged to match a price level along at least a portion of the static price axis. The method also displays many indicators at the first time. Each indicator is associated with an item of interest, and each indicator is displayed in one of the locations within the information display area. The method also automatically reverts the static price axis upon detection of a given condition so that the number of locations in the information display area matches another part of the static price axis at a second time. Includes placement. In this way, the indicator is moved to a new location in the information display area that matches the price level on the static price axis associated with that indicator.

According to a second aspect, a method for automatically rearranging market information about market commodities on a graphic user interface is provided, the method of which is of interest, including market information regarding the static scale of the trading interface. Includes displaying items. At least one item of interest from the plurality of items of interest is identified as the basis for automatically arranging the plurality of items of interest. The display on the trading interface is updated as the market information changes, moving one or more of the items of interest with respect to the static scale. The method then automatically rearranges a plurality of items of interest in response to the identified items of interest.

Illustrate network connections between multiple exchanges and client sites. Illustrate a screen display showing the on-site market and the depth of the market for any market commodity being bought or sold. Illustrate an alternative display with the quantity of buy and sell orders displayed in association with the static price scale available according to a preferred embodiment. The display after a while showing the movement of the value when compared with FIG. 3 is illustrated. Illustrate a display with parameters set to illustrate the trading method. It is a flowchart which draws one process of display and buying and selling using the display of FIGS. 3 to 5. The previous trading volume marker is illustrated according to a preferred embodiment, and the color coding of the previous trading volume is illustrated. It is a figure which shows the transfer of a plurality of data feeds between an exchange and a client. It is a figure which shows the confusion in one of the data feeds shown in FIG. Illustrate a display showing the total amount of investment in the market for a user's buy and sell orders. 11A and 11B are displays showing dynamic indicators. A display that indicates an "arrow" cell that can be used to display an item of interest outside the current display. A display showing "arrow" cells that can be used to display items of interest outside the current display. A display showing an example of a thermometer indicator to illustrate the amount of interest in buying and selling in the market. A display showing an example of a thermometer indicator to illustrate the amount of interest in buying and selling in the market. 14A and 14B are displays for drawing an automatic scalper indicator. It is a display showing an embodiment in which the user can select the price level validity check function via a dialog box. It is a display showing an embodiment in which the user can select the price level validity check function via a dialog box. It is a display showing the display of the previous trading price and the on-site market for use in the automatic grid centering function of the preferred embodiment. It is a display showing how the user can select and operate the automatic grid arrangement function. It is a display showing the user's current investment selling volume and investment buying volume, and additional criteria used to realize the "drag and drop" function of the preferred embodiment. In addition to the average investment buy price and average investment selling price of the user, it is a display showing the operation amount of the user. Highlighting of the preferred embodiment This is a display showing the midpoint recentering function. The highlighting midpoint recentering feature is a sample GUI options dialog box that can be activated according to one embodiment of the invention. It is a display which shows how the blank spot is color-coded according to one embodiment. Display of a sample GUI option dialog box that allows the user to activate the color coding function of FIG. 20A. It is a display showing how the average price of the open position of the trader is shown according to one embodiment of the present invention. It is a display which shows one embodiment of the connection control icon according to a preferred embodiment.

As described with respect to the accompanying drawings, trading tools for a variety of preferred embodiments are provided, especially to facilitate fast and accurate order entry. Some of the trading tools work particularly well with trading displays that show open order volumes and / or bid and asking volumes or other market information displayed in relation to static price scales or axes. Examples of such trading displays are drawn in FIGS. 3-5. In this regard, it should be understood that static does not mean immobility, but rather fixed in a relationship. For example, with static price scales, the scales themselves may be movable, but the prices represented remain fixed with respect to each other, subject to consolidation or expansion as described below. Alternatively, a trading application may be used that produces various trading displays.

In a preferred embodiment, one or more trading tools described herein are implemented in a computer or electronic terminal. Computers can communicate either directly or indirectly (using intermediate devices) with one or more exchanges to send and receive information on markets, market commodities or trading orders. The computer or terminal can interact with the trader to create the content and characteristics of the buy / sell order sent to the exchange. The trading application allows the trader to display market data, enter and cancel buy and sell orders, and / or display orders. The scope of the invention is not limited to the type of terminal or device used and is not limited to any particular type of trading application. Rather, trading tools may be implemented in any existing or future terminal or device with the processing power to perform the functions described herein.

As used herein, the word "market goods" merely refers to what is the subject of a transaction. It includes anything that can be traded in quantity and / or price. Examples of such objects include, but are limited to, for example, funds, derivatives, and all types of financial instruments bought and sold, such as stocks, options, bonds, futures, currencies and warrants, as well as the combinations described above. It is not something that will be done. Market commodities may be either "genuine" such as objects listed by the exchange for sale or "synthesized" such as combinations of genuine commodities created by the user.

Further, the specification may refer to a single mouse click as an example of a user's single action for input and interaction with a terminal display. A preferred embodiment of a trading application responds to a mouse button press rather than waiting for an upclick, as the treatment can be taken in the shortest amount of time. This may describe a preferred mode of dialogue, but the scope of the invention is not limited to the use of a mouse as an input device or the click of a mouse button as a single action of the user. Rather, any action by the user may be considered a single action by the user, whether or not it comprises a single or multiple click of a mouse button or other input device such as a keyboard, joystick or touch screen. ..

The e-commerce system may be configured to allow trading on a single or multiple exchanges at the same time. For example, the connection of such a system is depicted in FIG. This explanatory diagram shows a plurality of host exchanges 101 to 103 connected to gateways 107 to 109 through routes 104 to 106. The plurality of client terminals 110 to 116 for use as trading stations can then buy and sell on multiple exchanges through their connection from gateways 107 to 109. Note that the trading tools of preferred embodiments are not limited to a particular network architecture, but rather may be applied with utilities on any network workstation or other client device that can be used for e-commerce. There is a need.

When an e-commerce system is configured to receive data from multiple exchanges, it is preferred to convert the data from each exchange into a format that can be displayed using a graphic user interface. In the case of the example illustrated in FIG. 1, an application program interface (“TT API” as depicted in FIG. 1) converts the format of incoming data from different exchanges into a common data format. This conversion function of the preferred embodiment may be located anywhere in the network, for example on a gateway server, on individual workstations, or both. In addition, storage elements in gateway servers, client workstations, and / or other external storage devices list the user's active orders in the market, i.e. those orders that have not been fulfilled or canceled. Historical data such as order books may be cached, buffered, or stored. Information from different exchanges can be displayed in one or more windows on the client workstation. Thus, throughout the rest of the specification, a single exchange to which a trading terminal is connected is referred to, while the scope of the invention refers to a single trading terminal according to the trading methods described herein. Includes the ability to use and buy and sell on multiple exchanges.

Commercially available trading applications that allow users to buy and sell on systems such as those illustrated in FIG. 1 are X_TRADER® from Trading Technologies International Inc. of Chicago, Illinois, Illinois. ). X_TRADER® also provides an e-commerce interface called MD_TRADER® where the quantity of operational orders and / or the quantity of bids and asking prices is displayed in relation to the static price scale scale. However, preferred embodiments are not limited to specific products that perform conversion, storage and / or display functions.

A plurality of preferred embodiments include a display of "market depth" and / or a user can display the market depth of market goods with a single input such as a click of a computer mouse button. Allows you to enter an order. The depth of the market as used herein is represented by an available order book that includes the quantity of current buy and sell orders and their associated prices. In other words, subject to the limits noted below, the market depth is the amount of open buy orders and sell orders that are entered at a particular price in addition to the "in-place market", respectively. .. For market commodities being bought and sold, the on-site market is the highest bid and the lowest asking price. Interfaces as shown in FIGS. 2 and 3 are exemplary for embodiments relating to display including market depth. Other trading applications that can display market depth are good alternatives unless otherwise noted. Further, the preferred embodiment is not limited to the electronic commerce application that displays the depth of the market, and can be utilized together with any electronic commerce application.

Generally, the exchange sends price, order and fill information from gateways 107 to 109. Trading applications such as X_TRADER® process this information and map it to the location of a theoretical grid program or other similar mapping technique for mapping data to the screen. Physical mapping of such information to the screen grid for display on client devices such as client devices 110-116 may be performed by any technique known to those of skill in the art. The present invention is not limited by the method used to map the data to the screen display.

The ability of a system to fully display the market depth depends on how much market depth the exchange provides. For example, some exchanges offer infinite market depth, while others offer no market depth at all, or offer only a few orders away from the on-site market. The user can also preferably choose how deep the market should be displayed on the trader's screen. For example, a user may only want to see the depth of the market within a given number of ticks from the on-site market.

FIG. 2 depicts the e-commerce interface described in Simultaneously Pending US Patent Application No. 09 / 589,751 incorporated above. This display and system is merely an example of a type of trading system that may incorporate one or more aspects of the invention. The display shows the on-site market and market depth of any market commodity being bought or sold. The first line shows the market for market commodities being bought and sold, which are the best (highest) bids and quantities, and the best (lowest) asking prices and quantities. The second to fifth lines represent the "market depth" of the market commodities being bought and sold. In one preferred embodiment, the display of market depth (rows 2-5) indicates the second best bid available in column 203, and the asking price at 204. The operational bids and quotes for each price level are also displayed in columns 202 and 205, respectively (in-house market-1st row). The price and quantity of the on-site market and the depth of the market are dynamically updated in real time as such information is relayed from the market.

In the screen display shown in FIG. 2, the market goods (contract) being bought and sold are represented by the character string "CDH0" on the first line. The depth column 201 displays various colors to inform the trader of the status. Yellow indicates that the program application is waiting for data. Red indicates that the depth of the market has "timed out" without receiving data from the server. Green indicates that the data has just been updated. Headings for other columns in this figure and all other figures are defined as follows: BidQty (bid Qty) in column 202: amount of each operation bid, BidPrc (bid price) in column 203: price of each operation bid, AskPrc (asking price) in column 204: each operation asking price, AskQty in column 205. (Asking price): Amount of each investment asking price, LastPrc (previous price) in column 206: Last bid and asking price matched in the market, and LastQty (previous price) in column 207: Amount bought and sold at the previous price. Total in column 208 represents the total trading volume of a given market commodity.

The configuration of the screen display itself informs the user in a more convenient and efficient way than many existing systems. Traders can see the movement of orders in the market, so they can get good taste by looking at the depth of the market. The market depth display shows the trader the interests the market has on a given market commodity at various price levels.

Another type of display system and related trading methods that may be used with the preferred embodiment are described in detail in US Application No. 09 / 590,692 filed June 9, 2000. This method ensures fast and accurate trading execution by displaying information such as market depth and open orders in relation to the static price axis or scale. One embodiment of using this type of display system displays in a vertical plane the depth of the market that logically fluctuates up and down the plane as the market price fluctuates. The present invention is not limited to any particular display-the information could be displayed in a horizontal plane, n dimensions, or any other form. This allows traders to buy and sell quickly and efficiently. An example of such a display is drawn on the screen display of FIG.

In a fast-moving market where changing price levels are traded (that is, buy and sell orders entering the market are matched at different prices), traders can quickly enter orders and display market information quickly.・ It is useful to be able to analyze. With the type of display depicted in FIG. 3, the trader can quickly enter and operate an order at a particular price level by clicking next to the static price level, which is displayed as a static column in the preferred embodiment. Information such as orders can be confirmed quickly and easily. Static prices can be displayed in any matter, including rows, any angle, or n dimensions, without departing from the invention. Also, using specific colors or other methods, display only market depth levels, open orders, or other information in relation to each other along a scale or axis that represents a specific price. Alternatively, it is possible not to display the static price value.

The display illustrated in FIG. 3 provides an ordering system, a market grid, a filling window and a summary of market orders in one simple window. Such a condensed display simplifies the trading system by efficiently entering and tracking trades. This system indicates the depth of the market logically vertically or horizontally, or in other convenient angles or shapes. For convenience, vertical fields are shown and described in the figure, but the fields could also be horizontal or diagonal, or n-dimensional. The system further accelerates the speed of buying and selling and also increases the likelihood of entering an order in a desired quantity and at a desired price. In a preferred embodiment of the invention, the display is a static vertical column of prices, and the bid and asking quantity is displayed in a vertical column beside the price column and aligned with the corresponding bid and asking price. is doing.

The quantity of buy orders is in column 300 called BidQ and the quantity of sell orders is in column 302 called AskQ. The representative price of a given market commodity is shown in column 304, the price is static and is an increment in "tick" units, and the tick is the minimum change in the price value set by the exchange for each market commodity. be. Prices can be displayed as ticks, as multiples of ticks, or in any other format. In the embodiment illustrated in FIG. 3, the column does not display the entire price (eg, 95.89), but rather only the last two digits (eg, 89). Other pricing specifications may be used instead, as long as the required pricing information is communicated to the user. In the illustrated example, cell 306 in the on-site market is 89 (best bid) at 18 (best buy order volume) and 90 (best asking price) at 20 (best sell order volume). In a preferred embodiment of the invention, these three columns 300, 302 and 304 are shown in different colors so that the trader can quickly distinguish them.

The values in the price column are static. That is, they usually do not change position unless a recentering command is received (more on this later). However, the bid sequence and the asking columns 300 and 302 are dynamic. That is, they move up and down (in the vertical example) to reflect the market depth of a given market commodity. The LTQ column 308 shows the previous trading volume of market commodities. The relative position of the quantity value with respect to the price value reflects the price at which the quantity was bought and sold. Column 310, called E / W (executed / operational), displays the current status of the trader's order. The status of each order is displayed in the price line where it was entered. For example, in cell 312, the number next to S indicates the number of lots ordered by the trader sold at the price of that particular row. The number next to W indicates the number of ordered lots of traders in the market that have been ordered but not fulfilled-that is, the system is working to fulfill the order. Blanks in this column indicate that no orders have been entered or are not functioning at that price. In cell 314, the number next to B indicates the number of lots ordered by the trader bought at the price of that particular row. The number next to W indicates the number of lots ordered by the trader in the market but not accepted-that is, the system is working to fulfill the order.

Various parameters are set and information is provided in column 316. For example, "10:48:44" in cell 318 indicates the actual time. The L and R fields of cell 320 indicate a quantity value and may be added to the entered order quantity. This process will be described later with respect to transactions under this system. Below the L and R fields of cell 322, a number representing the current market volume is displayed. This is the number of lots bought and sold for the selected market commodity. "X10" in cell 324 indicates the net quantity, i.e., the trader's current position in the selected market commodity. The number "10" indicates the purchase of the trader minus the purchase. Cell 326 is the "current quantity". This field represents the quantity of the next order that the trader will place on the market. This can be adjusted by right-clicking and left-clicking (up and down), or by clicking the button that appears below the current amount in cell 328. These buttons increase the current amount by the amount shown. For example, it increases by 10 at "10", increases by 100 at "1H", and increases by 1000 at "1K". Cell 330 is a clear button. Click this button to clear the current quantity field. Cell 332 is a quantity description. This is a pull-down menu that allows the trader to choose from three quantity descriptions. In certain embodiments, the pull-down menu is displayed when the arrow button in the window is clicked. The window contains NetPos (net position), Offset (offset), and fields that allow the trader to enter a number. Entering a number in this field sets the default purchase or sales volume. Selecting "Offset" in this field activates the L / R button in cell 320. When "NetPos (net position)" is selected in this field, the current net amount (trader's net position) is set as the next trading volume of the trader. Cell 334 is a +/- button. These buttons change the screen size-either larger (+) or smaller (-). Cell 336 is used to call net 0. Clicking this button resets the net amount (cell 332) to zero. Cell 338 is used to call a net real number. Clicking this button resets the net quantity (cell 322) to its actual position. It should be understood that preferred embodiments are not limited to trading applications displaying these particular buttons. Preferably, the displayed buttons and parameters such as the amount set by those buttons are customizable or selectable by the user.

The depth of the on-site market and the market fluctuates as the market price rises and falls. For example, FIG. 4 is a screen displaying the same market as the market of FIG. 3, but is an interval after the in-field market of cell 400 has risen by 3 ticks. Here, the market for market commodities is 92 (best bid) at 43 (best buy order volume) and 93 (best asking price) at 63 (best sell order volume). Comparing FIGS. 3 and 4, the price column remained static, but the corresponding bids and asking prices were rising in the price column.

As the market moves up or down the price column, the on-site market, open orders, previous trade prices and / or volumes, or other items that you may be interested in move up or down the price column displayed on the trader's screen. .. Traders usually want to be able to see the on-site market to evaluate future buying and selling. The system addresses this problem with a positioning function. A single click on any point in the gray zone 324 under the "Net Real Number" button in Figure 3 will cause the system to relocate the on-site market on the trader's screen. As an alternative, the positioning function may be programmed to be triggered by clicking within any area of the display. Also, when using a three-button mouse, clicking the middle mouse button will reposition the on-site market on the trader screen, regardless of the location of the mouse pointer. Alternatively, as noted above, the display may be rearranged based on other items of interest beside the on-site market.

The same information and functions can be displayed and enabled in horizontal or other fashion. The market moves left and right in a horizontal display, just as the market moves up and down the vertical scale in this preferred embodiment illustrated in FIGS. 3 and 4. It provides the same data and the same information collected from the dynamic display of the data. It is envisioned that other orientations will be used to dynamically display the data and that such orientations are intended to be within the scope of the invention.

The special features of the display embodiments as illustrated in FIGS. 3 and 4 are typical of one embodiment of the screen display that can be used with the present invention. However, the present invention is by no means limited to screen display utilizing each of these functions.

Placing a Buy / Sell Order Next, it is explained that a market commodity is bought / sold, specifically, a buy / sell order is placed using a representative display of the type shown in FIG. Using the display and trading methods, the trader initially specifies the desired market commodity and, if applicable, the default quantity. Traders can then buy and sell by arranging icons and displaying actions, for example by clicking the right or left mouse button. The term "click" may refer to a "half-click", an event that presses a button for an action according to the requirements or preferences of the user and / or the system designer.

The following formula is used by this exemplary system to create a buy / sell order and determine the quantity and price associated with the buy / sell order. The following abbreviations are used in these formulas. That is, P = price value (in tick units) of the clicked row, R = R field value, L = L field value, Q = current quantity, Q _a = equal to or better than P. Sum of all quantities in the AskQ column, Q _b = sum of all quantities in the BidQ column at a price equal to or better than P, N = current net position, Bo = buy orders sent to the market, and So. = Sell order sent to the market.

When the order BidQ field entered using the right mouse button is clicked Bo ₌ (Qa + R) P (Equation 1)
When the AskQ field is clicked So = (Q _b + R) P (Equation 2)
If the "Offset" mode is selected in the order quantity description field entered using the left mouse button,
When the BidQ field is clicked Bo = (Q _a + L) P (Equation 3)
When the AskQ field is clicked So = (Q _b + L) P (Equation 4)
If the Number mode is selected in the Quantity Description field,
Bo = QP (Equation 5)
So = QP (Equation 6)
If "NetPos" is selected in the quantity description field,
Bo = NP (Equation 7)
So = NP (Equation 8)
Orders can also be sent to the market for quantities that vary depending on the quantity available in the market, quantities preset by the trader, and which mouse button the trader clicks on. Using this feature, the trader can buy or sell all of the bids or asking prices in the market at the price chosen with one click or better than the price chosen with one click. Traders could also add or subtract a preset amount from the undetermined amount of the market. When the trader clicks in the trading cell-that is, in the BidQ or AskQ columns, the trader enters the order into the market. The parameters of the order depend on which mouse button the trader clicks on and what preset values the trader has set.

Using the screen display or display from FIG. 5, ordering a buy or sell using that display and trading method is described herein by way of example. Left-clicking on 18 in the BidQ column 500 will buy 17 lots of market items (quantity # selected in the quantity description pull-down menu cell 502) at a price of 89 (corresponding price in Prc (price) column 504). The order is sent to the market. Similarly, left-clicking on 20 in AskQ column 506 submits an order to the market that column 506 sells 17 lots at a price of 90.

For example, using the right mouse button, the order is the price in the R field 508 that is equal to or better than the price of that row to which the quantity is added, equivalent to the row that is clicked on the total order quantity in the market. Will be sent to the market at. Therefore, right-clicking in the AskQ column 506 of the 87 price row will send a sell order to the market at the price of 87 and in the quantity of 150, in which case 150 is the sum of all of the quantities 30, 97, 18 and 5. be. Quantitys 30, 97 and 18 are all of the market quantities that will meet or improve the trader's sell order price of 87. These quantities are displayed in the BidQ column 500, as this column represents the market's pending orders for purchasing market commodities at their respective corresponding prices. The quantity 5 is a quantity preset in the R field 508.

Similarly, right-clicking on the BidQ column 500 at the same price level of 87 will send a buy-restricted order of 5 at the price of 87 to the market. The amount is determined in the same way as described above. However, in this example, there is no order in the market that is equal to or improves the selected price-in AskQ column 506, there is no amount equal to or improving this price. Therefore, the sum of equal or even better quantities is zero (“0”). The total order entered by the trader is the value of R field 508, which is 5.

For example, an order entered with the "Offset" option selected by the left mouse button and the quantity description field 502 is calculated in the same way as above, but instead of the quantity in the R field 508, the quantity in the L field 510. Is added. Therefore, left-clicking on the BidQ column 500 in the 92 price row will send a buy order to the market at a price of 92 and a quantity of 96. Quantity 96 is the sum of all quantities 45, 28, 20 and 3. 45, 28, and 20 are all quantities in the market that will meet or improve the trader's buy order price of 92. Since this column represents open orders in the market for selling market commodities at their respective corresponding prices, these quantities are displayed in AskQ column 506.

The value of the L field or the R field 510,508 may be a negative number. This will effectively reduce the total amount sent to the market. In other words, in the example of right-clicking on the AskQ column 506 in the 87 price row, if the R field 508 is -5, the total amount sent to the market will be 140 (30 + 97 + 18 + (-5)).

If the trader selects the "NetPos" option in the quantity description field 502, right-clicking still works, for example as described above. For example, left-clicking will enter an order with a price that matches the clicked price line and an amount equal to the trader's current net position. The trader's net location is the trader's current location on the selected market commodity. In other words, if the trader purchased 10 more market items than the trader sold, this value would be 10. NetPos will not affect the volume of orders sent by right-clicking.

When the trader selects a number in the quantity description, a left click will send an order to the market for the current quantity selected by the trader. The default value for the current quantity is the number entered in the quantity description field, which could be changed by adjusting the number in the current quantity field 502.

According to an embodiment of the system, the trader can also delete all of his trading orders by single-clicking either the right or left mouse button somewhere in the previous trading volume (LTQ) column 512. (This functionality can be further or as an alternative to a general area of the screen). This allows the trader to close the market immediately. According to embodiments of the present invention, the trader can also remove all of his orders from the market at a particular field price level. Clicking either mouse button in the executed / operational (E / W) column 514 deletes all operational orders in the clicked cell. Therefore, if the trader considers the previously submitted orders at a particular price to be a bad buy or sell, the trader can delete those orders with a single click.

The process for placing a buy / sell order using the display and trading methods as described above is shown in the flowchart of FIG. Prior to placing a buy / sell order, the system provides preliminary fields for entering data such as customer profile, order volume, and maximum buy / sell volume options. Once these spare fields are filled in and the trader indicates his desire to place a buy / sell order, the system determines if the trader has taken the necessary actions to carry out the buy / sell. For example, the present invention determines whether the mouse pointer is hovered over a buy / sell cell when an attempt to click buy / sell is executed. If it is determined that a feasible buy or sell is required, the system creates a restricted order with a quantity and price based on preliminary set values and market prices and sends it to the exchange. The system gives the trader the opportunity to change the order quantity preset button. The default amounts for these power buttons are 1, 5, 10, 20, 50 and 100. However, in this preferred embodiment, the trader can change some or all of these default quantities by performing a right click on each particular button and manually entering another quantity.

In step 600, the trader has a display on a trading terminal screen showing a market for a given market commodity. In step 602, the parameters are set from the pull-down menu to the appropriate fields such as the L and R fields, and the current quantity field, NetPos (net position) field or Offset (offset) field. In step 604, the mouse pointer is placed on the displayed cell by the trader and clicked. In step 606, the system determines if the cell clicked is a buy / sell cell (ie, in the AskQ or BidQ columns). If it is not a buy / sell cell, the buy / sell order is not created or sent in step 608, but rather is executed based on the cell for which other quantities have been adjusted or the function has been selected. Otherwise, at step 610, the system determines whether the mouse was clicked on the left or right mouse button. If it was right, at step 612, the system uses the quantity in the R field when it determines the total quantity of the order at step 614. If the left button is clicked, in step 616 the system determines which quantity description was selected. That is, Offset (offset), NetPos (net position) or the actual number.

If Offset is selected, the system uses the L-field quantity in step 618, when it determines the total quantity of the order in step 614. When NetPos is selected, at step 620 the system determines that the total volume of the buy / sell order is the current NetPos value-the trader's net position in a given market commodity. If an actual number is used to describe the quantity, at step 622 the system determines whether the total quantity of the buy / sell order is the current quantity entered. In step 614, the system R (if step 612 is taken) where the total quantity of the buy / sell order is better than the price of the clicked row or all quantities of the market of equal price are added. It is determined to be the value of the field or (if step 618 is taken) the value of the L field. It sums up the quantity of each order in the market according to the order entered by the trader (to which the L or R value is added).

After any of steps 614, 622 or 620, the system determines in step 624 which column, BidQ or AskQ, was clicked. If AskQ is clicked, in step 626 the system sends a sell-restricted order to the market at a price corresponding to the total amount of rows already sought. If BidQ is clicked, in step 628 the system sends a buy-restricted order to the market at the price corresponding to the total amount of rows already determined. The process described above is only one embodiment, and the invention is not limited to this particular process or any process.

One commercially available product that implements the type of display screen depicted in FIGS. 2 and 3 is sold under the trademark X_TRADER® by Trading Technologies International, Inc. of Chicago, Illinois. The type of display screen depicted in FIG. 3 may be referred to herein as an MD_TRADER ™ display. However, as mentioned above, the trading tools of preferred embodiments can be used with virtually any e-commerce application unless otherwise noted.

Considering the above information on the graphic user interface for e-commerce and its use, a number of trading tools are described here. For example, one or more of these trading tools may be incorporated into a trading application to assist traders and improve the efficiency and timeliness of trading.

Previous Trading Volume Marker The "previous trading volume (LTQ) marker" according to a preferred embodiment provides a display of the previous trading volume (LTQ). In displays that include dynamic market information related to static price scales, such as the MD_TRADER ™ display, the LTQ marker may move up and down the LTQ column as the associated LTQ price changes. One form of the LTQ marker 700 is illustrated in FIG. 7, where both numerical values and colors or shading are used. In the case of continuous trading at the same price, the LTQ marker 700 can indicate, for example, either i) the cumulative amount of all continuous trading at the previous trading price, or ii) the amount of only the latest trading at the previous trading price. There is sex. Accumulation of total volume for multiple LTQ occurrences usually depends on the gateway (ie, the exchange). However, most gateways will accumulate quantities. For gateways that do not accumulate LTQ, trading applications such as the application program interface depicted in FIG. 1 may convert the LTQ to a cumulative indicator if desired.

In general, LTQ accumulates as long as the contract continues to buy and sell at the same specific price. When a contract is traded at a new price, the marker moves beside that price and the quantity is displayed inside the indicator box, reflecting only the volume of the previous trade. If the contract is traded at the price at which the previous contract was traded, the indicator will return to that price level and the indicator box will again display only its last trading volume (that is, the last marker was at this price). Do not add the newly bought or sold quantity to the quantity displayed when). The indicator located in the LTQ column 702 does not simply display the number of previous trades. Rather, the marker also indicates to the user the price at which the sale occurred by being next to the price (in the price column 704) where the previous contract was traded. The LTQ marker 700 is preferably, but not necessarily, associated with the corresponding last trading price 706. It is not necessary for the price or quantity number to be associated with the marker.

Therefore, according to a preferred embodiment, the LTQ marker 700 is a visual indicator of the previous trading volume. Any type of marker may be used as long as it is recognized by the user as an indicator of quantity. Other indicators such as color or graphic indicators such as sliding scales, thermometer scales or speedometer scales may be used as markers instead. The graphic indicator may include the associated number, but is not required to include it. However, in additional alternatives, a combination of indicators may be used to characterize items of interest such as LTQ. For example, the quantity itself may be presented numerically or graphically, and the color illustrates trends such as increasing or decreasing volume, that is, the rate of change in volume, or rising or falling prices associated with LTQ. May be used with a quantity indicator. In addition, although described as LQ markers in some of the paragraphs above, these types of markers may instead be used for any item in the user interface that may be of interest to the user. ..

In addition, when the user interface is configured to display a concatenated static price scale, for example under the heading of a concatenation control icon, the LTQ cell 708 may be subdivided into price concatenation increments, LTQ. Markers may be shown, for example, as horizontal lines within the corresponding subdivisions of LTQ cell 708. In this example, the position of the graphic indicator, which is the horizontal line in the LTQ cell 708, provides a visual indication of the price within the consolidating range in which the last trading volume was traded.

Marker Color Coding As noted above, items of interest in the user interface may be color coded or highlighted using color or grayscale shading. In a preferred embodiment, the user interface is the type illustrated in FIG. 3 with market data associated with a static price scale such as the MD_TRADER ™ interface, where the color is, for example, the price associated with the past LTQ. From the value, it is used with the LTQ marker to provide a visual distinction between the increase or decrease of the price value associated with the last trading volume (LTQ). In MD_TRADER ™, the LTQ may be presented as a highlight cell in the LTQ column 702, as illustrated in FIG. 7, which is displayed at the level corresponding to the last trading price (LTP) 706. In a preferred embodiment, the highlighted cell discolors based on market price movements. For example, the LTQ cell 710 may be displayed in a background that is one color, such as blue, when the price fluctuation associated with the LTQ is an increase from the price associated with the past LTQ708. On the other hand, the LTQ cell 712 may be displayed in another color background such as red when the price fluctuation from the past LTQ708 is reduced.

In addition, colors may provide additional information about items of interest such as LTQ. For example, if the market item in question has not yet been bought or sold during its current trading session, the LTQ column 702 may be displayed in a particular color, such as gray, in that color until the quantity is filled. You may leave it as it is. When the quantity is filled, the cell displaying the first LTQ for that session is highlighted in a specific color, such as green, which shows neither uptick nor downtick from past LTGs. Subsequent filling will highlight the LTQ cell in either blue or red if the price level does not change between one sale and another, in which case the cell will remain until the LTQ price changes. It remains green.

This is because the LTQ display and color display (s) provide a visual measure of market price movements, status or trends, thereby allowing traders to quickly absorb additional information such as the direction of market activity. It is an advantage for traders in that it allows them to do so. As a result of checking the price fluctuations of the previous trading volume, the trader can determine the market status and trends more easily, thereby improving the likelihood that the trader will enter the orders and have them accepted at a favorable price. ..

The LTQ color coding is displayed as colored cells (eg 700, 708, and 710) in the LTQ column 72 and corresponds to the price row of its trading volume. In one preferred embodiment, by default, the colored cells are displayed in blue when the LTQ ticks upwards in price from the past LTQ and red in the case where the LTQ ticks downwards in price from past LTQs. It is displayed in green in the case where the price level remains the same from one buy to the next. These preferred colors are the default settings in certain embodiments, but preferably the trading application allows the trader to change the color display according to the trader's own preferences. In addition, although specific embodiments are described with respect to the colors applied to the cell, the invention is not limited to embodiments in which the color is applied to the cell. For example, the color may be applied to any graphic indicator, such as a horizontal line, used as an LTQ marker in the previous section to depict the characteristics of the item of interest.

Overlays of various price feeds In certain embodiments, trading applications provide "overlays of various price feeds". The trading application may be X_TRADER® as referred to above, or any other commercial product adapted as described herein. In many cases, certain market commodities are bought and sold only on certain exchanges. However, in another example, market commodities may be bought and sold on multiple exchanges. This is one example when a user is interested in different price feeds, that is, simultaneous information from feeds from different exchanges for a particular market commodity. As another example, Eurex provides both an in-field market stream and a market depth stream. In-field market streams are generally faster than market depth streams. According to preferred embodiments, the various streams are used by trading applications to populate and display information about market commodities in trading windows, whether from a single exchange or from multiple exchanges. Will be done.

Many exchanges offer multiple price streams, but these exchanges often supply only those feeds that traders require. Each trader may require all streams of the amount currently available on the market, for example for a particular market commodity, known as the depth of the market, or the trader may require only the on-site market price. In this case, the on-site market is the highest purchase price and the lowest selling price, with the quantity available for that market item. It is also known as the best purchase price and the best selling price. Many traders focus on these best prices and do not want a stream of market depth. Therefore, multiple exchanges will benefit from saving bandwidth for traders who wish to receive only in-place market streams, while satisfying user preferences by offering different price feeds.

When using the "overlay" feature, the system preferably displays all of the information it receives, and the display continuously updates the cell. By having the ability to accept or accept multiple feeds or streams, the trader will continue to update market information with other feeds if one feed slows down or becomes unavailable. It gives you a greater sense of security in terms of recognizing.

8 and 9 show the transfer of data from the exchange 802 to the client terminal 804 via a parallel feed carrying the first price packet 806 and the second price packet and 808 through the router 810 and the gateway 812, respectively. The network 800 for is shown. The client terminal 804 is running a trading application such as X_TRADER® that presents the data carried by the feed to the user. When one of the feeds causes a disruption in the network called a "temporary interruption" or lost data, packets from the top feed are sent into the trader's display, as shown by 814 in Figure 9. Is hindered. Confusion is not limited to situations where data is permanently lost, as the term is used herein, but rather delays when the data is corrupted, slow, or otherwise delayed. It is used generically to cover the example when it is done. In the example of lost data, if there is no spare feed, the display will have no price and trading opportunities will be lost. In the case of slow or delayed data, if there is no spare feed, trading decisions will be made based on overdue information.

Although depicted as a mess 814 that occurs between the gateway 812 and the client terminal 804, the feed can be confused at any point from the exchange 802 to the client terminal 804. Due to the parallel feed, the display of the current information is uninterrupted regardless of the cause of the confusion. In addition, parallel feeds allow the user to take advantage of the speed difference between the two feeds, displaying the best available information to the user. It should be noted that although the stream is depicted as coming from one exchange 802, the stream can come from different exchanges instead. Further, although two feeds are usually sufficient, preferred embodiments are not thus limited and information from three or more feeds may be displayed simultaneously.

In certain embodiments of the invention, the "overlay difference price feed" is enabled by checking or unchecking "Use Inside Market Prices" in the Properties dialog box. Or it can be disabled. Other techniques that enable this feature may be used instead. When multiple feeds are monitored and displayed, the trading application may give the user the option to determine which feed's data will be displayed in cases where the data from the feeds are not the same. For example, in the case where feeds occur on different exchanges, the user may choose to display the best price from different feeds. In additional examples where feeds occur on the same exchange, information from the most recent packet may be displayed regardless of which feed carried the previously displayed packet. Other alternatives will become apparent when considering the above.

Display of Total Volume Another preferred embodiment provides the trader with a display of the total volume operated in the trader's buy and sell market. The total trading volume of the trader represents the total unfilled trading volume of all orders currently entered by the trader but not yet fulfilled in the market. For example, a trading application may display total investment purchases and sales for specific market commodities being bought or sold, and for a particular trader who has entered those quantities into the market. FIG. 10 shows, as an example, a display of a trader with separate operational sales volumes of 14, 13 and 1 (at 1000) and separate operational purchase volumes of 5, 1, 15, 3 and 1 (at 1002). .. This example utilizes an MD_TRADER ™ trading interface, but any type of trading interface may be used instead. The trading application calculates the total trading volume of the trader (14 + 13 + 1 = 28) and the total trading volume of the trader (5 + 1 + 15 + 3 + 1 = 25) and displays the total volume in cell 1004 in this example. The total operational volume may be displayed in any method or location that is useful to the user. In another variant of this embodiment, the user may directly click on either the total purchase volume display cell or the total sales volume display cell to delete the operational volume displayed in those cells.
The display of the total trader volume in cell 1004 is a plus for the trader in that it provides total exposure from the trader's volume. The display is dynamic in that the order quantity is continuously updated as new orders are entered and other orders are fulfilled, but the display of quantities at various market prices is limited by the size of the display screen. ing. Therefore, a trader may have an operational volume that the trader does not recognize at a price that does not appear in the display window. The total investment volume display helps alleviate this shortcoming by showing the trader the cumulative purchase and sales volume of the trader. If the display displays something other than zero, the trader will know that the trader has an investment volume that is not currently being met in the market.

In a preferred embodiment, a display of total operational quantities is presented to the user with buttons that may be activated by the user, as illustrated in cell 1004 of FIG. As noted above, the user may use an input device such as a mouse to click buttons 1006, 1008, thereby deleting the operational orders associated with the displayed total volume. One button 1006 displays the total purchase operation amount. The other button 1008 displays the total sales operation volume. The total displayed by each button 1006, 1008 is calculated from the untotaled operating amount as displayed in the operating amount column 1010 as illustrated in FIG. In both the operational quantity column 1010 and the total quantity buttons 1006, 1008, the purchase quantity is highlighted in a color such as blue in the preferred embodiment and the sales volume is highlighted in another color such as red in the preferred embodiment. The user preferably has the option of displaying the total amount button via the property setting window, for example in MD_TRADER ™. The volume button is displayed by default for new sessions. Needless to say, the total operational volume may be displayed by any trading application as an alternative to the display type depicted in FIG.

Dynamic Indicator Another preferred embodiment gives the user the ability to paste a dynamic indicator for display, for example with respect to a static price scale. In one embodiment, the first dynamic indicator column is displayed next to the buy order quantity column and the second dynamic indicator column is displayed next to the sell order quantity column. Dynamic indicators may be applied to dynamic indicator columns from spreadsheets such as Microsoft EXCEL, or other third party charting or analysis software, to give the user a visual indicator, such as a particular price. .. Other trading applications and trading interfaces may be used instead, but the display screen may be, for example, an MD_TRADER ™ display produced by an X_TRADER® trading application.

Dynamic indicators are preferably associated with market information. In a preferred embodiment, it may instead be associated with any other item of interest to the user, but the dynamic indicator is associated with the price. Color coding may be applied to dynamic indicators.

Dynamic indicators may be associated with a particular price as set by the trader using third party software and may be displayed with respect to the static price scale, for example when used in MD_TRADER ™ display. .. If the dynamic indicator is associated with a price that is outside the visible area of the trader's display, it will preferably be visible on the screen once the associated price is in view. Preferred embodiments of the present invention include copying and pasting into and from a spreadsheet, but other methods of transferring information may also be used.

Use of this particular embodiment is initiated when the trader enters or pastes a value into Spreadsheet 1100. For example, the value may be a specific price that the trader wants to monitor, or it may be a dynamic price that includes added calculations. Indicators are not limited to use with prices, but may instead be used for any item of interest on the trader's display. In the price example, once the price is entered in the spreadsheet, the trader copies the desired price cell (s) from the spreadsheet and the screen is dynamic as illustrated in FIG. 11A. Paste the cell (s) into one of the indicator rows 1102. When the cell (s) is pasted into the dynamic indicator column, the display marker, also called the dynamic indicator 1104, is the cell in the indicator column 1102 that corresponds to the price calculated by the spreadsheet or other software. To highlight.

The marker may be any suitable to serve as an indicator for the trader, including, for example, graphic symbols and colors. In this way, FIG. 11A shows the entire highlighted cell 1104, but the marker may be based on a highlighted or colored foreground, background, border, or part of the cell. .. It is not necessary for the dynamic indicator to occupy the entire cell. For example, in an example where the trading interface contains a static price scale and the price scales are concatenated, it may be desirable to place a dynamic indicator at a position within the cell corresponding to a particular price. In addition, the marker may mark a range of prices. The marker type is preferably selectable by the user.

Preferably, the pasted cell establishes a link to the spreadsheet 1100 from which the cell (s) is copied. The link gives the trader the ability to change the copied values in spreadsheet 1100, causing the relevant changes in the pasted values in the dynamic indicator column 1102. In one embodiment, this may be a bidirectional link between the trading interface and third party software, or a spreadsheet or other spreadsheet of market data from the trading window such as TLP or any other item of interest. You may link to third party software. Any suitable type of data exchange protocol may be used to embed information from third-party software or to link dynamic indicators to third-party software. For example, Microsoft OLE 2.0 may be used to perform these functions when using Microsoft Windows applications as third-party software. In a preferred embodiment, Microsoft OLE is utilized to provide dynamic indicators from a Microsoft EXCEL spreadsheet and links between cells. Data exchange protocols in general, especially linking and embedding techniques, are well known to those of skill in the art.

The meaning of the pasted dynamic indicator and whether or not there is any dynamic calculation added is preferably an individual trader's decision. For example, a trader may want a dynamic indicator to represent a "fair value analysis" (average price). This will calculate the average price of a particular market commodity bought and sold all day long. The trader copies the cell with the added calculation and pastes it into the dynamic display column. As the average price fluctuates with each newly adapted amount, the dynamic indicator will move up and down the indicator column with the appropriate price. When that indicator moves to a price visible on the screen, the trader can see a visual indicator of the "fair value" price, and the trader chooses to enter the quantity if so desired. Will be able to. Although illustrated with respect to "fair value" prices, it should be understood that any calculation may be used instead.

As noted above, dynamic indicators may only appear in part of a cell. The dynamic indicator may be highlighted in a different color from, for example, the rest of the cell or the surrounding cells, or it may be displayed in a color that fluctuates over time to produce a blinking effect. Dynamic indicators may be presented as highlighted or colored lines within the cell. The portion of the cell where the dynamic indicator is displayed may be selected to convey additional information, such as prices that fall between prices on the static price scale when price consolidation is leveraged. FIG. 11B depicts the dynamic indicator sequence 1102, which is displayed by the dynamic indicator highlighting only part of cell 1110.

The dynamic indicator is, for example, the trader's own specified price movement, regardless of whether the trader is of the previous trading price, "fair value" or any other specified item of interest. It is an advantage for traders in that they are given the ability to monitor. By identifying the visible dynamic indicators associated with the trader's specified item of interest, the trader has a better opportunity to enter the quantity at the desired price. In addition, the trader can paste dynamic indicators while continuing to enter other quantities throughout the trading session, which will continue to update while the session is open. Therefore, the trader will find that the desired price as indicated by the indicator is available in the market long after the trader first copies and pastes the indicator. In addition, dynamic indicators can reduce the time it takes for a user to analyze market data by giving the user a visual signal.

The highlighted dynamic indicator display is displayed in the buy and / or sell dynamic indicator column on the display, although in the example where the color is used, the color is selected by the trader, for example through the properties window. Indicators can be moved to various locations on the display. Needless to say, a plurality of dynamic indicators may be displayed in any dynamic indicator column. In one embodiment utilizing the MD_TRADER ™ display, the dynamic indicator columns are displayed to the immediate left and right of the purchase volume column and the sales volume column, respectively, by default, as illustrated in FIG. 11A. However, it is not necessary for columns, rows, or the entire display element to be dedicated to displaying dynamic indicators. Dynamic indicators may instead be applied to the display on a cell-by-cell basis, or may overlay other displayed information.

Out-of-range indicator According to a preferred embodiment, a graphic user interface for a trading application provides an indication that an item of interest is out of the visible range of the display. The trading application may be X_TRADER® as referenced above, or any other commercial product adapted as described in this section. Also preferably, the out-of-range indicator provides the user with the ability to move the display up and down so that the user can display the item of interest (s) that are outside the visible area. Examples of items of interest include, but are not limited to, information on user operational orders and market depth such as quantity and price.

In certain embodiments, the out-of-range indicator is an arrow or similar pointing icon that indicates to the user that the item of interest is outside the visible area, in order for the visible area to display the item of interest. Further indicate the direction in which you need to move. Preferably, the visible area will scroll or jump to the item of interest when the user clicks the pointing icon or otherwise activates the pointing icon. Each time the out-of-range indicator is used, the display may move to the nearest item of interest outside the visible area. Instead of jumping to the next item of interest, the display can be moved by row, column, price, or jump to a new level based on the selected item of interest.

For example, as shown in FIG. 12A, the quantity is input at the selling price of 109225, 109250, 109400, etc. (visible on the display). 109525 is the second highest price on which the quantity is entered, but if the quantity exceeds the visible area, the trader will move the display up so that the quantity is visible, in this example. You can use the out-of-range amount indicator depicted as the "up arrow" 1200 feature. The next use of each of the "up arrow" 1200 features will display the next highest price at which the quantity is entered into the market.

Continuing with this example, the same general principles apply when taking advantage of the "down arrow" 1202 feature. Specifically, in FIG. 12A, the quantity can be visually recognized on the trading screen at the purchase price of 108975, 108875, 108825, or the like. If 108650 is the next lowest purchase price the quantity is entered into the market, the trader will be able to use the "down arrow" 1202 function to display that quantity. The next use of each of the "down arrow" 1202 features will display the next lowest purchase price as the quantity entered into the market.

In this example, by using an out-of-range indicator (eg 1200, 1202) that indicates the out-of-range market volume, the trader can essentially display the entire depth of the market offered by the exchange. The display of the entire depth of the market may be limited by, for example, the size of the user's display screen, or the user's preference for the amount of market information displayed at any given time. Due to these restrictions, there may be items of interest such as market depth and operational orders that are not visible to the user. The out-of-range indicator not only warns the user of the existence of out-of-range items of interest, but all such information is visible, for example, through the "up arrow" 1200 and "down arrow" 1202 functions. Make sure that.

When the item of interest is out of the visible range, the trading application preferably has a cell with an arrow pointing up or down as appropriate, eg, at the top and / or bottom of the column associated with the item of interest. Generate. The arrow cells are preferably enabled only when the item of interest, such as the quantity entered in the market, is outside the visible area. If the item of interest does not fall outside the visible area, in one embodiment of the invention the cell is inactive and may be presented on the display in plain color without arrows. As an alternative to using buttons with pointing icons, preferred embodiments allow the user to scroll market data in the desired direction using a mouse wheel or other user input device.

As noted above, the out-of-range indicator may be used instead or even to alert the user of out-of-range operational orders. In this example, each time the indicator is used, the display moves to the user's next operational order, preferably in a market that is outside the visible area. For example, as illustrated in FIG. 12B and proved by the volume present in the volume column, the trader enters the quantity at the selling price or sell order price of 109200, 109250, and 109300 (visible on the display). .. If 109550 is the next highest price after the trader in which the quantity is entered, but the quantity exceeds the visible area, the trader will move the display up so that the quantity appears, an indicator, this example. Then, the "up sell order arrow" 1204 function can be used. The next use of each of the "Up Sell Order Arrows" 1204 features will display the highest bid price next to the trader whose quantity is entered in the market. As mentioned earlier, the display may instead move by row, column, price, or jump to a new level based on the selected item of interest.

The same general principle applies for operational purchase orders by using the "Down Buy Order Arrow" 1206 feature. For example, in FIG. 11B, the trader is visible by entering the quantity on the trading screen at the purchase price of 1090.25, 109000, 108975, 108875, and 108825, that is, the buy order price. If 108650 is the next lowest buy order value for the trader whose quantity is entered in the market, the trader may be able to use the "down buy order arrow" 1206 to display the quantity. Next, using the "Down Buy Order Arrow" 1206 function, the trader enters the quantity into the market and displays the next lowest buy order price for that trader. Regardless of which arrow is used, the screen will move to the amount the trader has entered into the market.

By using out-of-range indicators (eg, 1200, 1202, 1204 and 1206), the trader may preferably display information about all of his operational orders. This indicator ensures that all of your operational orders are revealed through the "Up Sell Order Arrows", "Up Buy Order Arrows", "Down Sell Order Arrows", and "Down Buy Order Arrows" features. This reduces the chances of being lost or forgotten or exposure. The pointing icon or arrow button described above may be located at the top and / or bottom of any column of interest, or to the left and / or right of any row of interest, for example outside the visible range. Includes data that is out of the visible range, including operational volumes. Other uses of the out-of-range indicator will be apparent to those skilled in the art after reading this detailed description. As mentioned above with reference to the pointing icon and / or arrow button, any type of indicator may be used instead, as long as it can indicate to the user that the information is outside the visible range.

"Thermometer" Indicator According to a preferred embodiment, the trading application provides the user with a display that depicts the volume of purchases and sales in a logically dynamic manner and in proportion to each other. The trading application may be X_TRADER® as referenced above, or any other commercial product adapted as described in this section. In one embodiment that is advantageously used in trading applications that display prices along a vertical axis, such as X_TRADER®, a "thermometer" indicator is as illustrated in FIGS. 13A and 13B. Generates one or more narrow vertical display columns 1300, 1302 (“thermmeter”) located in close proximity to the quantity column. The thermometers 1300 and 1302 may or may not be associated with a numerical display of the total number of buy and sell orders in the market for a particular market commodity. When there is a quantity available on the market, the thermometers 1300 and 1302 are preferably shaded to match the percentage of purchase volume to sales volume in the market. For example, if the market purchase volume is equal to the sales volume, which means that 50% of the volume is the purchase volume and 50% is the sales volume, both thermometers 1300 and 1302 are shown in FIG. 13A. It is shaded by 50%. In an alternative embodiment, the thermometer indicator may represent the relevance of two items of interest to the user. Although the illustration shows vertical bars, it must be understood that any visual indicator may be used instead, as long as the indicator can convey appropriate information to the user.

Preferably, these thermometer trains are adjustable in that the user may move the thermometer trains to various locations on the display to determine logic or user preference. One preferred position when the thermometer indicator must represent the volume of purchase volume with respect to the volume of sales volume is just to the left of the purchase volume column and to the right of the sales volume column. In this embodiment, the thermometer display may start at the midpoint of the price displayed on the screen. For example, in FIGS. 13A and 13B, the midpoint is between prices 90 and 85. The purchase volume thermometer descends from the midpoint to the lowest price displayed on the screen (45) and the sales volume thermometer extends to the highest price displayed (130).

As noted above, the two thermometers indicate the quantity available in the market, one for each purchase and sale. In the embodiment depicted, both thermometers extend from the midpoint price currently on the user's display. Purchased thermometers preferably reach the lowest price displayed, while selling thermometers preferably extend to the highest price displayed. The purchase quantity thermometer descends from the top of the thermometer as the purchase quantity percentage increases. The sales volume thermometer rises from the bottom of the thermometer as the sales volume percentage increases. If either the purchase volume or the sales volume is higher than the other, the thermometer will reflect this difference based on the indicated quantity. For example, FIG. 13B reflects a scenario in which 95% of the market volume is the purchase volume and 5% of the market volume is the sales volume. Therefore, the purchased thermometer 1304 is shaded much more than the selling thermometer 1306 to represent the disparity. Although described with reference to thermometer indicators, any type of graphic indicator may be used instead to present information to the user about the item of interest. An alternative to displaying a graphic indicator, such as a thermometer, is to express the depth of the market, such as total sales and total purchases, numerically, or as a percentage or ratio between purchases and sales.

The thermometer indicator is positive for the trader by showing the difference between purchase volume and sales volume in the market, thereby providing the trader with a tool to help determine whether to enter an order to buy or sell. .. For example, if the market has a higher percentage of purchases, more traders will want to buy, while if the market has a higher percentage of sales, more traders will want to sell. there is a possibility. Therefore, the trader can infer that with a higher percentage of purchases in the market, if the trader enters such a sell order, there may be a higher probability that the trader's sell order will be fulfilled at the desired price. Can be done. If the percentage of sales volume is higher in the market, the trader may have an even higher probability that the trader's purchase order will be fulfilled at the desired price.

Automatic Scalper According to another preferred embodiment, the trading application provides a way to automatically enter a counter-trade order. Preferably, the trading application is X_TRADER® using the MD_TRADER ™ representation. Scalping is a well-known term for trading market commodities, which refers to trading techniques that traders buy and sell for relatively small gains in a short period of time. In this embodiment, the trading application facilitates scalping by providing the user with an automatic order entry mechanism, the embodiment of which will be described further below. Preferably, automatic scalping is activated based on user input, such as by pressing the control key and scroll wheel on the user mouse at the same time to operate a set of indicator bars in the shape of horizontal lines. Other actuation mechanisms can be used instead, including using dialog boxes generated by, for example, trading applications or by activating scalping icons displayed in the user interface.

In this embodiment where mouse input is used to position parallel horizontal lines, the indicator bar is automatically populated with purchase and sales volumes when similar such quantities are manually entered and responded to. Determine the price range you will get. More specifically, this feature automatically fills in the sales volume when the trader manually enters the purchase volume. Similarly, this feature automatically fills in the purchase volume when the trader manually enters the sales volume. The indicator bar moves relative to a static scale or axis that represents the price. In a preferred embodiment, the indicator bar spans the buy, sell, and price columns, which both start together at the center point of the price displayed on the trader's display screen. In FIG. 14A, the midpoint 1400 is between the prices of 90 and 85. When the trader enables this embodiment and scrolls the wheel up on the trader's mouse, the indicator moves further away, leaving more price within the range of the indicator bar 1402. As the trader scrolls down the wheel, the indicator bars move closer together (closer to the midpoint), reducing the number of prices in the indicator row as shown in Figure 14B.

The order that is automatically entered is preferably the same amount as the previous purchase or sale of the trader. In addition, automatically filled orders are populated within the indicator bar at a particular price or price, depending on the trader's preferences and / or practices. In one embodiment, the automatically entered order will be the lowest price beyond the on-site market within the indicator bar for sell orders and the lowest price within the indicator bar for buy orders. Is. Alternatively, the automatically entered order may be one or more prices calculated according to any algorithm. For example, the quantity ordered can be evenly spread between prices above the on-site market (in the case of sell orders) or below the on-site market (in the case of buy orders) and within the range of the indicator bar. Preferable embodiments are not limited to the particular technique for determining the price of one or more prices for which an automatic order is entered. In a preferred embodiment, the user has a rule about exactly how a double one or more orders are sent (whether at the best price or some other price). Can be set.

For example, and as illustrated in FIG. 14A, the indicator bar 1402 is set at 110 for the highest price and 65 for the lowest price. The on-site market has a purchase price of 100 and a selling price of 105, as shown by the black line. When a trader using an automatic scalper enters an amount in the purchase column and the amount is met, in one embodiment the system will be in the sales column within the indicator bar at the lowest price above the on-site market. The double quantity is automatically entered, which would be a selling price of 105 in this example.

The position of the trader may be defined as the difference between the total quantity of market commodities purchased and the quantity of market commodities sold, and the trader is sold in a longer position when the quantity purchased is greater than the quantity sold. It is considered to have a short position when the quantity is greater than the quantity purchased. The more the trader owns, the longer the trader's position will be. Conversely, the higher the trader sells, the shorter the trader's position will be. At the end of the daily trading session, it may be desirable to have a position that is neither long nor short, called the closed position. The purchase volume entered into the market by the trader is met, thus giving the trader a long position, and the system closes the trader's position when acted upon by the user. Can be entered automatically. Similarly, when the sales volume entered by the trader into the market is met, the system may automatically enter a double purchase volume that closes the trader's position when accepted. The automatic scalper automatically and preferably immediately closes the trader's position when responded and enters a double purchase or sales volume that prevents the trader from having a long or short position for a long period of time. ..

In an alternative embodiment, the automatic scalper embodiment may be used to set one range for purchase volume, eg, using an indicator bar, and at the same time another range for sales volume. In the case of this embodiment, the automatic scalper automatically cites both sides (purchase and sale) within the range determined by the user. In another alternative embodiment, multiple automatic scalping ranges may be active in a single trading window using different sets of indicator bars. For this embodiment, different ranges can be distinguished, for example, by using different colors for different sets of indicator bars.

Price Level Validity Check According to another preferred embodiment, the trading application enters an order into the market at a price that is a specified number of ticks away from the previous trading price (LTP) or at a specified percentage that is different from the LTP. To prevent this, it gives the user an ability called price level validation (“PLRC”). The tick can be anything, but generally in this detailed description the price value set by the exchange for each market commodity (eg, $ .01, $ .05, $ .10 or any other value). Used as the minimum fluctuation. The trading application may be the X_TRADER® described above, or any other commercial product adapted as described in this section. PLRC can be enabled and configured by either a user such as a trader or an administrator. For systems where the administrator enables PLRC, PLRC may be applied uniformly to all client terminals on the network, or it may be tailored on a case-by-case basis, thereby taking into account, for example, the level of experience of the trader. put in.

The PLRC can preferably be enabled on a market commodity basis. For example, in FIG. 15A, the trader has entered a value of 5 to indicate the maximum number of ticks from the LTP, which the trader is ready to enter into the market. As shown in FIG. 15B, the market for market commodities being bought and sold has a tick value of 5. Thus, 90, 85, 80, 75, 70 and / or 65 if the trader chooses to sell market commodities, as determined by 90 LTP, 5 tick increments and 5 PLRC values. You can enter an order by price. As shown in FIG. 15B, 90 is the previous trading price and the prices 85, 80, 75, 70 and 65 are selling prices whose distance from LTP is less than or equal to 5 ticks. .. If a trader attempts to sell a quantity at a price of 60 or less, the trader will be restricted from doing so because the price will exceed the PLRC value of the trader. The same trader could buy market commodities at prices of 90, 95, 100, 105, 110 and / or 115. Each of these prices is within 5 ticks (PLRC value) of LTP. If a trader attempts to purchase a quantity at a price of 120 or higher, the trader will be restricted from doing so because the price will exceed the PLRC value of the trader. Instead, the PLRC feature allows traders or administrators to enter a percentage instead of ticks to specify the maximum deviation from LTP, which allows users to enter orders in the market. Can be.

In an alternative embodiment, the trading application may provide an instability-adjusted PLRC function. In this embodiment, the PLRC dynamically increases or decreases the number of ticks (or percentages) away from LTP where the user may enter orders within that range. The increase or decrease that can be set by the user or system administrator is preferably based on instability. For example, the trader may configure the trading application to dynamically increase the PLRC by a specified amount when the instability exceeds a specified amount.

The inclusion of the PLRC function limits the possibility that the trader will be able to meet its operational volume at a less desirable price. The on-site market is the price at which there is an amount available in the market that is considered the best purchase and sale price available. The best purchase price is the highest purchase price with quantity in the market, while the best selling price is the lowest selling price with quantity in the market. In general, LTP becomes or is close to the in-situ market. LTP is used as the central price at which PLRC begins, and quantities can be entered at a limited number of price levels above or below that LTP level.

In certain preferred embodiments where the trading application is X_TRADER®, PLRC is preferably shown in FIG. 15B, but after checking the "Price Level Validity Check" option box 1500. , Enabled through the "Options" display by entering a value in the adjacent box 1502 and specifying the number of ticks for which the quantity can exceed the previous trading price value. PLRC is described in terms of demarcating the permissible price of an investment, but to constrain many other trading activities such as the quantity associated with any order, or quoted by any individual user. The same technique may be used to limit the total amount. The implementation of these variants is similar to the PLRC implementation described above, and one of ordinary skill in the art can implement the variants based on detailed description.

Group Positioning and Automatic Grid Positioning According to another preferred embodiment, the trading application may rearrange the items of interest within the trading interface. In one embodiment, the trading application tracks market activity, for example by automatically centering the on-site market or last trading price (“LTP”) on the display with respect to a static axis or price scale. Preferably, any other item of interest in the trading interface may serve as the basis for locating the information within the display.

The trading application is preferably X_TRADER® using the MD_TRADER ™ representation. In a preferred embodiment, the LTP is displayed in the LTP column and is indicated by the highlighted cell immediately next to the price cell corresponding to the most recently responded quantity. The LTP cell preferably also includes an indication of the amount of recent filling. The on-site market is indicated by a line that spans both the buy and sell columns, with the highest purchase price currently in the market (best purchase price) and the lowest selling price currently in the market (best selling price). Placed between.

Preferably, the user may specify any item of interest as the basis for the positioning function so that the item of interest is moved to a predetermined position on the user's display during positioning. Automatic positioning can be triggered by a timer or by monitoring the movement of an item of interest (s) around the display. Two items of interest for many traders are the on-site market and LTP. Therefore, in one embodiment, the user may select one of these items for automatic relocation. When either the highlighted LTP cell or the market line is outside the visible area of the trader's display, or when it is more than a certain distance away from the position on the display, the LTP cell or market line is on the display. Will be automatically placed in place. In a preferred embodiment, the automatic positioning parameters may be selected by the user from the "Options" display. The user, for example, when LTP is the specified number of cells from the top or bottom of the trader's display screen, or when the on-site market is the specified number of cells from the top or bottom of the trader's display screen. , You can choose whether to rearrange the display after the specified number of seconds.

In addition, the trading application may present multiple trading windows to the user at the same time. According to a preferred embodiment, the automatic positioning tool can be applied globally to any number of open trading windows. Preferably, the dialog box or menu item can be used to allow the user to group or link any number of trading windows for rearrangement. According to one embodiment, at least one of the linked trading windows becomes the master and the other linked trading windows (s) are relocated whenever the master trading window is relocated. For example, one of the trading windows may be designated by the user as the master trading window by selecting "Place All" or any similar instruction from a menu or dialog box. This may have the effect of rearranging all open trading windows when the master trading window is rearranged. The user may choose to have one or more trading windows ignore the relocation command by selecting "Ignore" or any similar instruction from the menu or dialog box. This group relocation feature can be used with automatic relocation tools or manual relocation (such as by clicking the center mouse button or by using any input device). Other techniques for grouping trading windows will be apparent to those of skill in the art upon review of this detailed description.

In a preferred embodiment, the positioning tool serves to center the item of interest (such as LTP or on-site market) on the display. As illustrated in FIG. 16A, LTP is displayed in LTP column 1602 and is indicated by highlighted cell 1600 (its color may be specified by the trader). This cell 1600 is displayed next to the price cell 1604 corresponding to the recently adapted quantity. The on-site market is indicated by a solid line that straddles both the buy row 1608 and the sales row 1610, and is between the highest purchase price with volume in the current market and the lowest selling price with volume in the current market. FIG. 16B is a display showing how the trader can select and operate the automatic grid centering function. Although presented in FIGS. 16A and 16B as applied to scrolling vertical scales, it should be understood that preferred embodiments are not so limited. Rather, it must be understood that auto-positioning can be applied regardless of the direction of movement or the number of dimensions in which the information is displayed.

When the quantity is entered and responded to in the market, the LTP and the on-site market will change to show the price of the previous filling quantity and the best recent purchase and selling price. In volatile markets, large quantities can be accommodated in a relatively short period of time, resulting in continuous fluctuations in LTP and on-site markets. LTP and on-site markets are two indicators that traders can use to understand at what price other traders consider market commodities to be the most desirable. Traders can use automatic positioning to always have a visual measure of where the market is trading, increasing the likelihood of entering quantities and adapting those quantities at the desired price. In addition, automatic positioning can be used with manual positioning. In other words, it is preferred that enabling automatic positioning does not preclude the user from manually rearranging the display.

Highlighting Midpoints of Last Relocation According to a preferred embodiment, the trader may highlight the midpoint of the price and / or quantity entered into the market at the time of the last relocation event. Preferably, the relocation event centers the display around the on-site market, where the on-site market is the highest buy price, the lowest buy price, or an alternative to the market item being bought or sold, which is in volume in the market. In addition, the relocation event may center the display to any price and / or quantity if desired. In addition, the relocation event does not need to be centered to a particular price, but can ensure that a particular price, or other item of interest, is placed in a given position on the display or in a range of positions. ..

In a preferred embodiment, the midpoint may be indicated by a thick line straddling the columns of the display screen, or the midpoint in another embodiment may be indicated by a color, an arrow, text, or the like. Preferably, the exact position of the midpoint line is the number of price rows displayed between the best buy price row (the quantity is available) and the best ask price row during the last recentering event. Depends on. Alternatively, the position of the midpoint row may depend on some or all quantities of buy and sell orders, or some or all price and quantity combinations of buy and sell orders. In yet another embodiment, a thick line representing a particular price level may be displayed in relation to any item of interest to the user, thereby adjusting the content of the trading interface according to the user's preferred range.

Needless to say, markers other than lines can be used instead. For example, as in many of the embodiments, the marker is highlightable and a color or graphic indicator is placed on the display in the desired position. According to this embodiment, the trader can benefit from the visual representation of the discrepancy between the best bid and ask prices in the current market.

According to a preferred embodiment, when the number of price lines between the best bid price line (where the quantity is entered) and the best ask price line is even (or zero), the midpoint line is between the midpoints. Displayed, these are the highest buy (price) price and the lowest sell (ask price) price displayed in the window. For example, in FIG. 19A, the best bid price is 75 and the best ask price is 100. In this example, the product display is traded with 5 increment ticks. As a result, the prices displayed between the best bid price and the best ask price are 80, 85, 90 and 95. Since the total number of prices between the best bid and the best sell is even, the half-dotted line 1800 is displayed between the highest bid price of 85 and the lowest ask price of 90. Alternatively, other methods can be used to determine the midpoint of even rows, cells or columns.

Further, according to a preferred embodiment, if the number of price lines between the best bid price (where the quantity is entered) and the best sell price is odd, the intermediate dotted line is the best bid price and the best ask price. Displayed at the top of the cell, which means the mid-price value of the price displayed between. For example, in FIG. 19B, the best bid price is 85 and the best ask price is 105. The display of the products being bought and sold ticks in increments of 5. As a result, the prices displayed between the best bid and the best ask price are 90, 95 and 100. Since the total number of prices between the best bid and the best ask price is odd, the intermediate dotted line means that 95 means the middle price value of the price displayed between the best bid price and the best ask price. 1902 appears at the top of the price line 95. It must be understood that the mid-dotted line 1902 can be displayed at the bottom or middle of the price line 95 to indicate the mid-price value. Alternatively, other methods may be used to determine the midpoint of odd rows, cells or columns.

A preferred embodiment utilizes an MD_TRADER ™ display with a vertical static price axis or scale, but this trading tool provides a static scale of prices with market information such as bids, asking prices and / or operational orders. Or it can be used with any display that is displayed in relation to the axis. The scale or axis need not be vertical or even two-dimensional. Rather, market information can be displayed horizontally, diagonally, in n dimensions, or in any other format.

The display of the mid-dotted line, an example of which is illustrated in Figure 19C, is displayed as "Options" by clicking on the box 1906 just to the left of the "Highlight midpoint of previous recentering" option. Can be effective through. Other techniques known to those of skill in the art, such as selecting this tool from a menu, may be used instead. Also, highlighting midpoints can be applied to a wide variety of applications where the trader wants to highlight midpoints corresponding to prices and / or quantities, or any other item of interest. ..

Drag and Drop of Investment Volume According to another preferred embodiment, a trading application allows a trader to drag and drop an investment volume from one price level to another with respect to a static price scale or axis. You will be able to change the operation order of. The trading application is preferably X_TRADER® using the MD_TRADER ™ representation. When using the MD_TRADER ™ display to drag and drop operational orders, in certain embodiments, the trader clicks on the active cell in the operational quantity column. This activates the drag-and-drop function, allowing the trader to manipulate the cell by moving the cell on the trader's trading screen. Such an operation is commonly referred to as "drag" the selected data. Before releasing the mouse button, the trader drags the trade order by moving the cursor to a new cell in the trade volume column. The trader then releases, or "drops," the data into a new cell. In a preferred embodiment, the ability to drag and drop operational orders as described herein is an option that can be turned on or off by the user for each individual trading window.

At the time the data is dropped, the past quantity may be removed from the original price and the new quantity may be entered at the price associated with the cell in which the new investment was dropped. The quantity displayed in either the buy or sell column corresponding to the trader's operational volume also moves to the newly selected price level when the drag and drop function is executed. Any technique may be used to change the user's operational order. For example, instead of causing the deletion of an existing operation order and the entry of a new operation order, a single cancellation and exchange as known to those skilled in the art may be used to modify a user's operation order.

The ability to drag and drop investment volumes, as shown in the investment volume column, is available to traders who are not satisfied with the current price at which such quantities are entered in the market. Traders are given the ability to change the price level at which a trader's quantity is entered without having to delete and re-enter the quantity, resulting in saving valuable time by simply dragging and dropping that quantity. Become.

Preferably, the drag-and-drop feature allows the trader to move the entire volume of a single cell from one cell in the volume column to another when the volume actually consists of multiple orders. become. For example, if the trading volume of a trader is 30 at a price of 102.54 (1700) as illustrated in FIG. 17, the quantity may actually consist of three separate orders for 10 lots. Lots consist of multiple quantities that are bought and sold together. If the trader drags and drops its operational volume to the price of 102.57, the total volume of 30 (all three lots) will move in combination with the new price level. The quantities were entered separately, but once entered, they are treated as a cohesive whole.

The ability to drag and drop an entire quantity is an advantage for traders in that the trader does not have to constantly change the trader's quantity settings, regardless of the number of orders associated with that quantity. Also, the trader does not have to repeat the drag-and-drop operation for each order. For example, a trader may buy and sell in quantities of 10, so every time a trader enters a quantity in the market, the trader enters an order for 10 lots. If the trader wants to enter a quantity of 30, the trader either changes the quantity setting or clicks the appropriate cell three times, thus entering three separate 10 lot orders into the market. can do. If the trader chooses to drag and drop an investment from one price level to another, the cell where the drag and drop will be performed and all the operations associated with the price level will be moved to the new price level. .. As a result, traders do not have to perform three separate drag-and-drop operations, saving valuable time and helping to ensure that quantities are entered and responded to at their intended price.

The trader's operational volume display is displayed in the operational volume column in the cell corresponding to the price in which the volume is entered. The trader's volume display remains visible on the trading screen until the entered volume is fully met, at which point that particular volume display is removed from the volume column or the order is placed. Canceled or deleted. In one embodiment of the invention, the cell displaying the operational quantity comprises a "W" followed by a value indicating the quantity currently in operation in the market. The cell also includes a "B" or "S" followed by a value indicating how much the original operational purchase or sales volume was purchased or sold. Although described with respect to the operational quantity column, embodiments are not limited to trading interfaces that display the operational quantity within the column, rather the teachings of this section may apply to any kind of display of the operational quantity.

In a preferred embodiment of drag and drop, nothing changes with respect to the user's pending operational order until the user releases the mouse button, keypad or other input device over the desired position on the trading interface. This feature allows users to keep their place in the trading queue for initially entered orders. In an alternative embodiment, a new order is entered as soon as the mouse icon stops in the appropriate area of the trading interface.

Another alternative embodiment allows for operational volume drag and drop once price linkage is enabled. Any suitable algorithm may be used to allocate a new order (s) on the consolidated price range. In the case of this embodiment, the user can preferably select the desired allocation algorithm, such as by using a dialog box. For example, all "dropped" orders are entered at one price, such as the price shown on the consolidation scale, or the volume is equal in the consolidation range associated with the position where the order is dropped. Either distributed to or each volume can be moved incrementally on the consolidated price scale between its original position and the position where the order is dropped.

Yet another alternative gives the user the ability to automatically modify the quantity of orders entered at the location where the operational order is dropped. For example, as noted above, operational orders may remain operational until the input device (eg, mouse button) is released. In this case, operational orders can be fulfilled or partially fulfilled during the drag-and-drop process. Preferably, the user may choose to occur in a "dropped" order in this situation, for example through a dialog box. For example, if an operational order is fulfilled during drag and drop, the user may wish that no new order is entered at the new price. Also, if the operational volume is partially available, the user may prefer to enter only the remaining volume at the new price. In this way, "dropped" orders can be automatically modified according to the user's preference.

Average Price of Investment Volume According to a preferred embodiment, the display shows the average price of investment purchase volume and sales volume of the trader entered in the market. The trader's volume represents the unfilled quantity of all orders currently entered by the trader but not fulfilled in the market. Preferably, the indication indicates the average price of the total investment purchases and the average price of the total investment sales of the particular market commodities being bought and sold, and of the particular trader who entered those quantities. For this embodiment, the average operating price is displayed using, for example, a highlight, a color, or a graphic indicator associated with the static price scale or axis when such a scale or axis is displayed. obtain. The indication may or may not include the actual value of the average price.

In the alternative embodiment, the price distribution of the trader's operational purchase volume and / or sales volume entered into the market is displayed. In this alternative embodiment, the average price may also be displayed in or around the displayed price distribution. The average price and / or price distribution may be displayed in text format, may be displayed in color format (eg using a color indicator), and may be displayed in graphic format (eg using text and color). Good also needs to be understood.

For example, FIG. 18 shows a screen for a trader with two investment purchases at a market price of 96, eight investment purchases at a price of 95, and two investment purchases at a price of 94 (1800). show. Preferably, the average price of those investment purchases is calculated by dividing the investment volume price from the total quantity, the average of which is displayed as described below. In a preferred embodiment, the average price of operational purchases (although the average price may be calculated using other known types of statistical and / or numerical analysis) is calculated as follows.

Total price of investment purchase amount / Total purchase amount = Average price of investment purchase amount ((2 × 96) + (8 × 95) + (2 × 94)) / (2 + 8 + 2) = 95
(192 + 760 + 188) / 12 = 95
1140/12 = 94
Preferably, the same calculation is used to find the average price of operational sales. Using an example from the above example, FIG. 18 shows four separate operational sales volumes at a market price of 101, two operational sales volumes at a price of 100, and four operational sales volumes at a price of 99 (1802). It also displays a screen for the trader to have. The average price of investment volume is displayed as described herein and the price is calculated as follows:

Total price of investment sales volume / Total sales volume = Average price of investment sales volume ((4 × 101) + (2 × 100) + (4 × 99)) / (4 + 2 + 4) = 100
(404 + 200 + 396) / 10 = 100
3005/10 = 100
Preferably, the calculation of the average price of the investment volume is a contract unit, which means that a separate average price is calculated and displayed for each different market commodity for which the trader inputs the investment volume.

Preferably, the display of the average price and / or price distribution of the trader's operational purchase volume and sales volume compares the average price of the trader entered into the market for market commodities to all other current purchase and sales volumes. Can be used to This feature benefits traders by trying to ensure that they are buying and selling at the most desirable price.

In a preferred embodiment, the display of the average trading volume of the trader is displayed as two separate cells in the display-one displaying the average purchase price of the trading volume of the trader 1804 and the other displaying the trading volume of the trader. Display the other average selling price 1806 for the quantity. In a preferred embodiment, the average purchase price is displayed at the bottom of the operational volume column and the average selling price 1806 is displayed at the top of the column as illustrated in FIG. Further, in a preferred embodiment, the price in the average selling price cell is highlighted in red and the price in the average purchase price cell is highlighted in blue. However, it is understood that the average selling price and average purchase price can be displayed anywhere on the screen, and the average selling price and average purchase price can be displayed in text, in any color, in both text and color, etc. There is a need.

Color coding of blank spots According to a preferred embodiment, the cells in the buy and sell columns of the display corresponding to the price with no quantity entered in the market are visually with those cells in which such quantity is entered. Distinguished. The purchase price level and the selling price level with no corresponding quantity are called "blank spots" 2000, and in a preferred embodiment, a better visual of where the market is trading, as illustrated in FIG. 20A. As a means of providing a clear expression, it is displayed in a shade different from that of a dense cell. Sky blue spots 2000 may appear in different colors, with lighter or darker shades than dense cells, or with different textures, such as shading from those cells that have an amount of input. Preferably, the sky blue spot 2000 changes accordingly as new quantities are entered into the market and existing quantities are responded to and removed from the market. In addition, it is preferred that the user can choose how the sky blue spots are displayed.

According to certain embodiments, the visual difference between a buy and sell cell with a quantity and a cell without a quantity makes it even easier for the trader to quickly recognize if the quantity is available in the market at a particular price. It may have an advantage in that it will be easier. Therefore, traders interested in purchase volume have an expanded display that allows such quantities to be used, and traders interested in sales volume can further see where other traders are selling market commodities. It can be easily measured.

In a preferred embodiment, the color coding may be displayed in the buy and sell columns displayed at a price level that is currently not in quantity on the market. The buy and sell cells corresponding to these price levels are displayed visually different from those cells in which such quantities are entered. Color coding can be enabled through the "Color-coded Sky Blue Spot" field of the "Options" display illustrated in FIG. 20B by checking the box 2002 just to the left of the sky blue spot option.

In another preferred embodiment, color coding and / or shading can be applied not only to cells without quantity, but also to cells with quantity below the threshold. Preferably, the threshold may be set by the user or administrator. In addition, the user may set different thresholds either within one trading window or across multiple trading windows. When different threshold levels are utilized, it is preferred that each threshold be assigned a different color so that the user can quickly recognize the meaning of the color coding.

Display of Net Price in Open Position According to a preferred embodiment, the trader is provided with a display of the net price of operational buy and sell orders. Visual indicators, such as text, colors, text and color combinations, or graphic indicators are used to highlight the net price of operational buy and sell orders to the trader. The graphic indicator may take any shape, including lines or colored pixels.

In certain embodiments, it may be useful to display the net price open position, where the position is the difference between the number of orders purchased (long position) and the number of orders sold (short position). The position of the trader is open when the number of orders purchased or sold is not equal. If these orders are equal, the trader position is considered closed. When an order is bought or sold on an exchange, the trader may receive multiple fillings for multiple quantities and at different price levels for the quantities that make up the trader's order. This feature incorporates the price level of these multiple fillings to determine the net price at which the filling occurred. Traders can then use this net price to determine if a transaction from a position results in a profit, loss, or scratch (neither profit nor loss).

To determine the net price of the trader's open position, this embodiment divides the total price of the responded quantity by the total price of either the purchase or the sale (also known as the trader's current position). For example, a trader who has purchased 10 contracts for a market commodity (4 for 99, 2 for 100, and 4 for 101) has a long 10 position and the trader has to close the trader's position. This means that you need to sell 10 contracts. The net price of the ordered quantity of the trader will be 100 and will be calculated as follows.

Total price of the amount responded / current position = net price of open position (4 @ (at) 99 + 2 @ (at) 100 + 4 @ (at) 101) / 10 = 100
(396 = 200 = 404) / 10 = 100
(1000) / 10 = 100
Based on the above calculation, the value 100 is displayed as the net price of the trader in the open position of the trader. The net price is a box 2100 per net price level cell as illustrated in FIG. 21, another column for displaying the net price, a box for the entire net price level, or a feature for the net price. It can be displayed by one of a plurality of methods including, but not limited to, a specific color. If a particular trader has a long position as a result of purchasing the quantity, the additional quantity purchased will recalculate the net price of the trader's open position. Preferably, if the trader sells a quantity, the position of the trader will change, but the net price displayed will remain constant. Any additional purchases will substantially change both the trader's position and the net price at that position, but all subsequent sales volumes will only adjust the trader's position and only until the position is closed. Will do. If the trader starts a trading session in a short position as a result of the sales volume (s) being met, then if such a sales volume is met, the subsequent sales volume of the trader will be the position and the trader's open position. Will change both of the net prices of. The amount of purchases received does not change the net price, but instead affects only the location, only until the location is closed. As a result, when the net price of the trader's long position is only allowed to increase as the position increases, and when the net price of the short position is only allowed to increase as the position gets shorter. It is even easier to measure where (at what price) a trader needs to buy or sell.

Traders have a visual representation of the net price of the trader's open position when prices can fluctuate repeatedly in response to market volatility, reducing the need to intelligently calculate such prices. Or gain the advantage in eliminating. A trader with a continuous purchase quantity will have a long position and will see an indication of the net price at that long position. Any sales volume that can be accommodated cannot be calculated into its net price. Similarly, a trader that can accommodate continuous sales volumes will have a short position and will see an indication that means the net price at that short position. Any purchases that can be made are not included in the net price. Traders have an advantage from these features in that the trader always has a display of the net price of the trader's primary position (either all of the trader's purchases or all of the trader's sales). It will give the trader a better indication of the price level at which the trader needs to buy or sell additional quantities to make a profit and close the position. Alternatively, the average price of the trader's open position can be calculated based on both buy and sell orders received.

The marker indicating the net price may be any suitable to serve as an indicator for the trader, including, for example, graphic symbols, numbers and / or colors. Thus, FIG. 21 shows a cell 2100 surrounded by a colored, shaded or highlighted box, but the marker may instead be displayed graphically or numerically somewhere in the user interface. It is not necessary for the marker to occupy the entire cell. For example, in an example where the trading interface contains a static price scale and the price scales are concatenated, it may be desirable to place the marker at a position within the cell that matches a particular price. The marker type is preferably selectable by the user.

Concatenated Control Icon According to a preferred embodiment, the trader may concatenate price information or other useful information with a control icon displayed to the user on the same interface used for the transaction. The consolidation of pricing information is described in US Patent Application No. 09/971,087 incorporated above. In the embodiments described herein, the control icon is preferably presented to the user on the same screen used for the transaction, thereby allowing the user to market information as the control icon is adjusted. To be able to maintain your own visibility.

In a preferred embodiment, the control icon is a slide control 2200 that can be dragged from left to right or right to left as shown in FIG. 22, whereas in an alternative embodiment, a dial that can be rotated clockwise or counterclockwise. Alternatively, it may include any other control icon that can be activated through the graphic user interface of the trading application. According to a preferred embodiment in which price information can be linked through the slide control 2200, when the slide control 2200 is dragged to the left edge, the display presents a number in one tick, i.e., an unabbreviated progression. Price information may be displayed in other ways than ticks (such as currency), depending on how each exchange provides price information and user preferences. As the slide control 2200 moves to the right, the control concatenates prices and other related values (eg bid / asking quantity, open orders, etc.), thereby gradually moving further to the right as the slide control 2200 moves further to the right. Display the values that will be concatenated, resulting in the display of prices in multiples of ticks. Preferably, each increment of the control icon may be selected by the user, such as by a dialog box or any other means known to those of skill in the art.

Although the vertical price scale to be concatenated is described, the preferred embodiment is not limited to concatenating the price scales, nor is it limited to concatenating the vertical display elements. Rather, any numerical sequence is subject to concatenation, regardless of its orientation or number of dimensions. A preferred embodiment allows user selectable concatenation via an icon presented in the user interface.

Concatenation of price information by adjusting the control icon is an advantage for traders in that it allows them to quickly display related values such as a large number of prices and / or bids / quotes as well as operational orders at any time. Become. Therefore, traders not only have a greater opportunity to see the majority, but not all of the quantities entered at those prices, but also have a larger spectrum of prices entered for the traders themselves.

CONCLUSIONS It should be understood that the above description of preferred embodiments, alternative embodiments and specific embodiments is illustrated by way of illustration rather than limitation. For example, the features described herein could be incorporated into a wide variety of representations. Many changes and variants within the scope of this embodiment may be made without departing from the spirit, and the invention includes all forms of such modifications and variants.

Claims (22)

A step in which a computer displays an input order indicator that displays multiple input orders entered by the user on an electronic exchange of goods, where multiple input orders are placed and entered for the first price level product. The order indicator is displayed in the first position aligned with the axis corresponding to the first price level,
A step in which the computer receives a user command to move the input order indicator to a second position aligned on the axis.
A step in which a computer receives market data indicating that at least a portion of the order quantity of multiple input orders has been filled while receiving a command to move the input order indicator.
A computer-based change in the order quantity of at least one new order based on the market information received,
A step in which the computer determines the second price level based on the second position aligned on the axis in response to receiving a command to move the input order indicator.
In response to receiving a command to move the input order indicator, a computer sends a delete command to the electronic exchange to delete multiple input orders for goods at the first price level,
In response to receiving a command to move the input order indicator, a computer with an input command to the electronic exchange to enter at least one order of goods based on the changed order quantity at the determined second price level. Steps to send by,
Including, how. The method of claim 1, wherein the axis is a static axis. The method according to claim 1, wherein the axis is a numerical axis. The method according to claim 3, wherein the axis is a price axis. The axis is the consolidated price axis,
The consolidated price axis contains multiple consolidated price levels
The second price level is one of several consolidated price levels,
Each consolidated price level is associated with multiple price levels of goods,
The method according to claim 4. The method of claim 5, wherein the input command divides the modified order quantity of at least one new order among the plurality of price levels of the goods associated with the consolidated price level corresponding to the second position. In addition,
A step of displaying an order entry area containing multiple order entry positions by a computer, where each order entry position corresponds to a price level along the axis and each order entry position can be selected by a user input device. Receive a command to send an order message to enter an order for an item at the price level corresponding to the selected order entry position.
The method according to any one of claims 1 to 6. The method of claim 7, wherein the command to send the order message is received from a single operation of the user input device. In addition,
Multiple input of goods A step to display the current status of an order by computer,
Including
The current status includes the total quantity of multiple input orders for the goods currently valid at the first price level.
The total quantity is dynamically updated based on the market information of the received goods,
The method according to any one of claims 1 to 8. The method of claim 9, wherein the current status is displayed as part of the input order indicator. The current status includes the filled quantity of multiple input orders for goods bought or sold since at least one input order was entered.
The filled quantity is dynamically updated based on the market information of the received goods,
The method according to claim 9 or 10. The method of any one of claims 1-11, wherein the command to move the input order indicator is received as a result of a drag and drop operation by the user. The commands to move the input order indicator are mouse click-down on the input order indicator, move the input order indicator to the second position during mouse click-down, and release the input order indicator at the second position. The method of any one of claims 1-12, comprising the click-up of. Any of claims 1-12, the command to move the input order indicator includes clicking down the mouse on the input order indicator and moving the input order indicator to a second position during the click down of the mouse. The method described in paragraph 1. The method according to any one of claims 1 to 14, wherein the delete command and the input command are transmitted as separate commands. The method according to any one of claims 1 to 14, wherein the delete command and the input command are transmitted as a single command. 16. The method of claim 16, wherein the single command is a command that cancels and replaces. The method of any one of claims 1-17, wherein the at least one new order for the goods is a single new order for the goods. The method of any one of claims 1-17, wherein the at least one new order of goods comprises a new order corresponding to each of the plurality of input orders. A computer-readable recording medium on which a program for causing a computer to execute the method according to any one of claims 1 to 19 is recorded. A program for causing a computer to execute the method according to any one of claims 1 to 19. Equipped with a computer
The computer is configured to perform the method according to any one of claims 1-19.

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