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Saturday, June 28, 2014

Think Or Swim's "Active Trader" software

Those of you who got interested in scalping futures with me know (from earlier posts) that I use the "Active Trader" on the TOS platform. I thought I would review it today as well as the chart and indicators I'm using in my everyday trades.

Here is the whole page, as I have it set up. You have many other options (for ex. you could put TWO charts instead of one, and even reduce the size of the ladder (on the right) and have a bigger chart beneath it, all the way across. But this is the way I like to see my information. Simple, simple, simple.

On the left I have a chart and two indicator/oscillators (MACD and RSI) and on the right the "Active Trader" ladder. Note that I have circled the little box at the top that says "Auto Send." That means I can just click next to the price I want (on the ladder) and register my order without a verification box opening and waiting to be clicked to place the order. I.E. it makes for very quick buys/sells with one click of the mouse. (so be careful and leave that unchecked until you are confident with the software). Using it, you can use your mouse to just slide your order up or down to a higher/lower price by just dragging the mouse. VERY nifty.

In this freeze shot I have NO trades on, and no open orders. So this is just a picture of it off hours.

The left side of the AT ladder, a green colored column is the "Buy" side used to purchase a long contract. The right side, colored red, is what you'd click on to "Sell" or short a contract. When you have a fill, the price on the ladder will be marked with little arrows, so you can see where your contract sits. The golden color that sits on the price shows you the current price. That little gold highlight moves up and down rapidly reflecting the activity of the traders. So you can see the price of /CL at the time I took this photo was $105.74 --that shows in the upper right corner as well as on the golden rung of the ladder. You will note that there are 11 contracts open at $105.88, but the rest of the open contracts (showing in this photo) are just 1 contract for each rung.

I took this snapshot after hours and you can see there are VERY few overnight contracts open. Those little yellow numbers highlighting the green and red rungs of the ladder are the number of contracts open for that price level. When you make a trade, you will see your contract(s) increase that number as it fills.

I can't say enough how much I love this ladder software which makes quick daytrading just a dream, in terms of input. Slide that little mouse around and trade!

In tomorrow's post I'll go over, in detail, the setup of this chart.

Weekends are no fun with a closed market.

Here's another little shot (on a separate occasion) which shows that I purchased a long contract for $104.02 (surrounded by arrows to indicate my contract); and I have an open order to sell it at $104.12 (a .10 profit x $10 each rung = $100). And I have a stop order in for $103.99. (that's too close; I'd get stopped out if this was real, but this was just an example I set up in paper money). Those open orders are the ones I can slide up and down to different prices with my mouse, as I change my mind watching the market move. I don't have to cancel and set up a new order...just slide those red icons (with the little x's which are used if you want to cancel the order altogether, and not just move it) up and down. Easy peasy.

1 comment:

  1. What is the difference between Active Trader and Level 2 trading? I am trying to learn more about finance, daytrading, etc.