Fixed Dollar transaction value when chart trading

[TraderTLV]

Hi,

New user here...

Is there a way to configure a fixed dollar value, say $5,000 when Buying and Selling on a chart? i.e. each buy or sell will be rounded to a fixed dollar amount?

Thanks

[Jerry Medved]

you can set up a hotkey to send BUY orders at the ASK for $5000 and either assign a keyboard shortcut to it or flag it as a saved order and show it as a button.

[TraderTLV]

Thanks Jerry.

I created a hotkey ALT+5, see attached.

Can't figure out:

1. How to create a button on a chart.

2. How to calculate $5000 into rounded number of shares as Quantity appears to be number of shares. I am guessing it is something to do with using variables? Can you please explain or point me to documentation or a video?

 

[Jerry Medved]

Button - you have it set to show a button with text "Buy 5K".  on the chart, go to TRADING tab. Click on Trading Settings and select to show Order Types/Saved Orders

If you don't want the order types shown and just want the saved orders, you can right click on the order types and unselect everything except the saved orders

Now as far as Quantity, you can enter expressions in the "Quantity" field.   so for $5000 at ASK  you can enter:
round(5000/Ask)

 

[TraderTLV]

Jerry, incredible product and amazing service!

One more question:

My hotkey and button "Buy 5K" is defined as "Buy Limit @ ASK".

If I select "Market" to the left of the "Buy 5K" button will this override the "Buy Limit @ ASK" setting or do the hotkey definitions always prevail in which case I should create a second hotkey and button called "Buy 5K Market" for use when I want to place a market order?

Thanks

 

[Jerry Medved]

whatever is in the hotkey would override. You can of course omit the order type in the hotkey, in which case the default would be used. Also note that in the example, I have it set to Drop=true, send=false. So it will fill in the trade ticket but not send the order. If you just want the order sent, reverse those. 

[TraderTLV]

I don't see an option to omit the order type in the hotkey.

[Jerry Medved]

Oops, sorry, you are right. Order type is required in the ORDER action.  If you just want to change the quantity and limit price, you can remove the default ORDER action and add a CHANGE ORDER action instead - bottom left.

[TraderTLV]

I created a hotkey as described to Buy $5000 LMT at the ASK. Works great see screenshot.

I can't however figure out how to add a conditional Limit Sell (Take Profit full position) which is +0.5% above the Buy entry point.

[Jerry Medved]

Assuming your broker supports conditional orders, you can set the conditional type to OTA (One Triggers Another). Then set the 2nd leg to be LIMIT SELL offset(Ask*0.05).  I multiplied the price you set in the first order by 0.005 which is 0.5%. offset command just indicates that it is an offset from the price in the first leg

If you were to use a more complex expression for the price in the first leg, then would want to use a variable for it.