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Firetip X: Advanced Trader

The Advanced Trader

Firetip X comes with an entirely overhauled Advanced Trader. Being that the Advanced Trader was one of the most popular tools for users of the legacy Firetip software, we’ll be putting together many comprehensive guides on the different features and uses of this tool. In this introductory guide, we’ll cover the basics of what the Advanced Trader is, how to use it to place orders, and how to customize the settings to your liking.

For those that are new to Firetip, the Advanced Trader is a tool that allows you to view the depth of market (DOM) of any requested futures, options, or spread market. You can get quotes, watch market movement, trade, and view your positions for individual markets all within the Advanced Trader window.

Features:

-Place, modify, and cancel orders with one click.

-Flatten or Reverse positions with one click.

-Track your position and P/L in the market you’re viewing.

-View the size of orders in the Bid/Ask.

-View VAP at each price level.

-Deploy custom order strategies.

-Plot custom indicators & formulas as their own columns.

Getting Started

To open a new Advanced Trader window, navigate to the Trading menu and select Advanced Trader.

Next, a contract symbol needs to be supplied to view data. There is a symbol finder built into the advanced trader, or you can type in a symbol if you already know what you’re looking for.

Functions

Now that we’re looking at a live market in the Advanced Trader, it’s a good time to go over what the various buttons you see near the top do.

Buy Market: Place a Buy Market order for the specified quantity in the specified market.

Buy Bid: Place a Buy Limit order for the specified quantity at the best Bid price.

Sell Market: Place a Sell Market order for the specified quantity in the specified market.

Sell Ask: Place a Sell Limit order for the specified quantity at the best Ask price.

QTY +/-: Raise or lower the specified order quantity.

1, 5, 25, 100: Adds the respective number to the specified order quantity.

CLR: Clears the specified order quantity field.

Reverse: This will place an order to reverse your position at the market. For example, if your current position is long 1 CL.M19, the Reverse button will trigger a Sell Market order for 2, resulting in a short 1 CL.M19 position.

Go Flat: This will place a market order to flatten the current position.

Cancel All: This will cancel all working orders in the specified market.

Settings

The Advanced Trader settings menu can be found by clicking on the gear icon at the top right of the window. Here you can add and remove columns, as well as rearrange their order. For example, some traders prefer having separate Bid and Ask columns instead of the default Price column. This can be done by un-selecting Price column and checking Bid and Ask.

Placing Orders

The Advanced Trader is the most popular way of placing orders within Firetip X. Placing orders in the Advanced Trader was designed to be intuitive & responsive. By default, “One-Click Trading” is disabled. This means that when you click to place an order in the Advanced Trader, a confirmation will pop up to make sure that you are indeed intending to place the specified order. With “One-Click Trading” is enabled, no such confirmation will generate. You will place an order immediately upon click at a certain price, or using any of the trade buttons at the top of the window.

“Hotkey”  Order Entry Guide

Buy Limit: Left click in the Bid column at any price. Left click in the Price column at the best Bid price or lower.

Sell LimitLeft click in the Ask column at any price. Left click in the Price column at the best Ask price or higher.

Buy Stop: Left/Ctrl click in the Ask column at any price. Left/Ctrl click in the price column at the best Ask price or higher.

Sell Stop: Left/Ctrl click in the Bid column at any price. Left/Ctrl click in the price column at the best Bid price or lower.

Working Order Guide

Buy Limit: Dark Blue

Buy Stop: Light Blue

Sell Limit: Dark Red

Sell Stop: Light Red

Modify Price: Click & drag order.

Cancel Order: Double-click the working order, or use the Cancel All button if you’d like to cancel all working orders in that market.

DISCLAIMER: There is a substantial risk of loss in trading commodity futures and options products. Losses in excess of your initial investment may occur. Past performance is not necessarily indicative of future results. Please contact your account representative with concerns or questions.

By |2019-06-26T13:10:20-05:00April 17th, 2019|Firetip X|2 Comments

2 Comments

  1. Avatar
    Jianing Fan July 25, 2019 at 3:10 pm - Reply

    what is VAP the tab on the left? stands for?

    thanks, and looking forward to hearing from you,

    • Ironbeam
      Ironbeam July 30, 2019 at 9:21 am - Reply

      Jianing,

      VAP stands for Volume At Price. It is traded volume at each specific price during the current trading session. Feel free to let us know if you have any other questions!

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