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Minetoo

Chart Based Order Entry

By Minetoo, in Tools of the Trade

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Minetoo    10

Minetoo
Posted

Does anyone have any experience with chart-based order entry software and would you care to share it here? To the best of my knowledge OEC (http://tr.im/FBht), Sierra Charts (http://tr.im/FBiA) and Ninja Trader (http://tr.im/FBjN) are the only companies to offer this functionality. Reviews, good - bad or indifferent would be much appreciated.

 

Lately, I am finding myself with a disconnect when switching between my charts and the DOM. :confused:

Trades that are so clear on the chart get lost on the DOM resulting in missed opportunity.

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brownsfan019    17

brownsfan019
Posted

OEC has it, but I don't use it. I'm the opposite of you - I like the control the DOM offers and since that's what I've been using for so long, that's what I'm comfortable with. I've played with the chart trading on the demo and it's nice, just not for me. Get a demo and try it out.

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diablo272    10

diablo272
Posted

I use the Chart Trader on Ninja, and I really like it. It has some minor annoyances in terms of its visual design, for example, the entry/pending order markers on the chart can obscure the area where your P/L is shown. But otherwise I really like it. You can go to their forum or read the 6.5 manual if you want to get a better idea of its features.

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Kiwi    16

Kiwi
Posted

I've been using Chart trading on Sierra Chart since it was in beta. Its very good.

 

I now combine automatic and chart trading so I guess its flexible too :)

 

There is also chart dom which midknight seems to like (no disconnect from the chart) but I've never looked at it because one of the reasons I was going to chart trading was to abandon the extra noise of the dom.

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BlowFish    10

BlowFish
Posted
I use the Chart Trader on Ninja, and I really like it. It has some minor annoyances in terms of its visual design, for example, the entry/pending order markers on the chart can obscure the area where your P/L is shown. But otherwise I really like it. You can go to their forum or read the 6.5 manual if you want to get a better idea of its features.

 

Hey Diablo I guess you already know you can turn markers and price labels on and off....and perhaps more usefully extend the order lines so the labels at the end are further to the left of the chart? I know what you mean though the issues are when you zoom the chart that you took entries on in or out.

 

Where chart trading shines (for me) is adjusting stops...if you want to snug up a stop over a new swing you just drag and drop it.

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diablo272    10

diablo272
Posted
Hey Diablo I guess you already know you can turn markers and price labels on and off....and perhaps more usefully extend the order lines so the labels at the end are further to the left of the chart? I know what you mean though the issues are when you zoom the chart that you took entries on in or out.

 

Where chart trading shines (for me) is adjusting stops...if you want to snug up a stop over a new swing you just drag and drop it.

 

BlowFish, thanks for the info about that, I actually didn't know you could do that. I knew you could turn off the markers that show up and mark the price where you entered and exited, but I didn't know you could adjust the length of the lines on the chart trader itself. I thought that I remembered reading a thread on the NT forums where someone was complaining about that exact thing, and one of the CS reps said there was nothing that could be done about it. I could very well be remembering that wrong though, so I'll check it out in the morning. I'd check now but I'm just about to head to bed.

 

And also, I agree about how chart trading is good for adjusting stops, or targets for that matter. It's a great tool, though perhaps not as versatile as others methods of order management.

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TrueBalance    10

TrueBalance
Posted (edited)

Don't forget to check how the chart trading functionality is implemented (client side, server side or a mix). With other words, where are the orders that show on your chart? Make sure to check for the combination of broker/charting software that you intend to use.

Edited by TrueBalance
grammar

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