TradeStation Help

About Matrix Orders

TradeStation clients can use the Matrix window to rapidly place or change orders without the Order Bar. The matrix can be used to directly place orders for Stocks, Futures, Forex, and Options (Equities & Index) by simply loading the appropriate symbol and using one of the following order selection methods.

Buy (Cover) Orders - Auto Order Type or Limit & Stop

Example: If you are buying below the last price, it will be a buy limit order.

To quickly place a Buy (Cover) order using the current order settings (Order Type, Quantity, Duration, etc.), click on the cell in the Bid Size column that corresponds to the price at which you want to buy (cover). If the order type Auto (LMT/STP) or Auto (LMT/STL) has been selected, the Matrix will automatically specify a Buy Limit or Buy Stop-Market or Buy Stop-Limit order based on whether the selected Bid Size is above or below the current price. If the order type Limit, Stop Market, or Stop Limit is selected, the Buy (Cover) order will always be of that type.

Sell (Short) Orders - Auto Order Type or Limit & Stop

Example: If you are selling stocks you don't own.  

To quickly place a Sell (Short) order using the current order settings (Order Type, Quantity, Duration, etc.), click on the cell in the Ask Size column that corresponds to the price at which you want to sell (short).  If the order type Auto (LMT/STP) or Auto (LMT/STL) has been selected, the Matrix will automatically specify a Sell Limit or either a Sell Stop-Market or Sell Stop-Limit order based on whether the selected Ask Size is above or below the current price. If the order type Limit, Stop Market, or Stop Limit is selected, the Sell (Short) order will always be of that type.

Changing the Order Type for Buy and Sell Orders

In the Order Settings section, use the Order Type drop-down list on the Matrix Trade Bar and Advanced Orders portion of the Matrix window to change the order type to one of the following:

• Auto (LMT/STP) - Specifies the automatic selection of a Limit or Stop-Market order depending on whether the selected cell is above or below the current price in the Bid Size or Ask Size column.  
• Auto (LMT/STL) - Specifies the automatic selection of a Limit or Stop-Limit order depending on whether the selected cell is above or below the current price in the Bid Size or Ask Size column.  
• Limit - Specifies that a Limit order will be placed using the selected Bid Size or Ask Size cell as the Limit price.
• Stop Market - Specifies that a Stop-Market order will be placed using the selected Bid Size or Ask Size cell as the Stop price.
• Stop Limit - Specifies that a Stop-Limit order will be placed using the first selected Bid Size or Ask Size cell as the Stop price and the second selected cell as the Limit price.

Buy and Sell Market Orders

Clicking the Buy Mkt or Short Mkt button in the Place Order section, allows you to select the type of market order to be placed using the default quantity. You'll be asked to confirm the order values and, when filled, you should see the resulting position reflected in the Matrix P/L column.

Buy and Sell Trailing Stop Orders

Clicking the Buy Trl Stop or Short Trl Stp button in the Place Order section, allows you to select the type of trailing stop order to be placed using the default quantity. You can choose a trailing stop price based on either a number of points (Pts) or a percentage (%), with a specific value specified in the Amt field. You'll be asked to confirm the order values and, when filled, you should see the resulting position reflected in the Matrix P/L column.

Attach OSO Order

Check Attach OSO and select an OSO Order template (from the OSO drop-down list). The order specified in the OSO template will be sent when you place an order from the Matrix window. These secondary OSO orders will become active when the primary matrix order is filled.To change settings for a selected OSO template, click . For more information, see About OCO and OSO Templates or Order Cancels Order & Order Sends Order - Order Bar.

Place OCO Order

To place an OCO order, select an the desired OCO template (from the OCO drop-down list) and click the Place OCO Order button. To change settings for a selected OCO template, click .

Managing Orders

Selecting on the following options will immediately perform the following cancel or close action for the active symbol:

• Canceling Open Bids or Offers - Click the X Bids button on the Matrix Trade Bar to delete open bid orders. Similarly, click the X Ofrs button on the Matrix Trade Bar to delete open offer orders.
• Cancel/Replace Open Orders - To quickly cancel an open order, click on any cell in the Orders column containing an open order - the selected order will be immediately canceled.  In addition, you can also replace an open order by simply holding and dragging the order from its initial cell in the Orders column to a new price level in the same column - any unfilled position of the order will be moved to the new price level.  While dragging, the value of change at each price increment between the original and new price level will be displayed to show the effect the change will have on the order.
• Canceling All Open Orders - Clicking the Cancel All button on the Matrix Trade Bar will cancel all open Stop and Limit orders only for the current symbol in the active Matrix window. Open orders for other symbols will not be canceled.
• Reversing a Position - Clicking the Reverse button on the Matrix Trade Bar will reverse the current position (Equities, Futures, and Forex). For example, if you're long 5 contracts your position will be reversed to be short 5 contracts in one action. It will work the same way when going from short to long, for example a position that is short 500 shares will be reversed to be long 500 shares. Equity symbols that are not 'shortable', the long position will be canceled resulting in a flat position.
• Closing a Position Immediately - Clicking the Close button on the Matrix Trade Bar will immediately exit the current position by placing the appropriate market order. You can also click on a cell in the P/L column to instantly place a limit or stop market order at the corresponding price - if there is an existing open order to sell any portion of the position, then that order will be canceled and replaced with a new order to close the entire position.

Advanced Order Bar Settings

From the shortcut menu, select View Advanced Order Bar to access the advanced order settings such as activation rules, if touched (mit & lit), and others. For more information, see About Advanced Orders.

Confirm Dialog

To quickly cancel an open order, click on any cell in the Orders column containing an open order - the selected order will be immediately canceled. In addition, you can also replace an open order by simply holding and dragging the order from its initial cell in the Orders column to a new price level in the same column - any unfilled position of the order will be moved to the new price level.