Click based trading with intuitive grid display of market depth

• US 10,210,572 B2
• Filed: 01/13/2014
• Issued: 02/19/2019
• Est. Priority Date: 03/02/2000
• Status: Expired due to Fees

• Current Assignee: Trading Technologies International, Inc.
• Original Assignee: Trading Technologies International, Inc.
• Inventors: Kemp, II, Gary Allan, Schluetter, Jens-Uwe, Brumfield, Harris
• Primary Examiner(s): Robinson, Kito R
• Assistant Examiner(s): Tibljas, Shacole C
• Application Number:
  US14/153,216
• Publication Number:
  US 20140129413A1
• Time in Patent Office: 1,863 Days
• Field of Search: 705 35- 38
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A method and system for reducing the time it takes for a trader to place a trade when electronically trading on an exchange, thus increasing the likelihood that the trader will have orders filled at desirable prices and quantities. The “Mercury” display and trading method of the present invention ensure fast and accurate execution of trades by displaying market depth on a vertical or horizontal plane, which fluctuates logically up or down, left or right across the plane as the market prices fluctuates. This allows the trader to trade quickly and efficiently.

Claims

1. A method comprising:

receiving by a computing device market data for a commodity, the market data comprising a highest bid price, a lowest ask price, and a last traded price;

displaying by the computing device a first indicator in one of a plurality of locations, the first indicator corresponding to the highest bid price, each location of the plurality of locations corresponding to a price level of a plurality of price levels along a price axis;

moving by the computing device the first indicator relative to the price axis to a different location of the plurality of locations in response to receiving a new highest bid price, the different location of the first indicator corresponding to the new highest bid price;

displaying by the computing device a second indicator in one of the plurality of locations, the second indicator corresponding to the lowest ask price;

moving by the computing device the second indicator relative to the price axis to a different location of the plurality of locations in response to receiving a new lowest ask price, the different location of the second indicator corresponding to the new lowest ask price;

displaying by the computing device a third indicator in one of the plurality of locations, the third indicator corresponding to the last traded price;

moving by the computing device the third indicator relative to the price axis to a different location of the plurality of locations in response to receiving a new last traded price, the different location of the third indicator corresponding to the new last traded price;

providing by the computing device an order entry region comprising a plurality of locations, each location in the order entry region corresponding to a price level along the price axis, each location in the order entry region configured to be selected by a single action of a user input device to both (i) set a plurality of parameters for a trade order and (ii) send the trade order to an electronic exchange; and

receiving by the computing device a selection of a location in the order entry region by a single action of the user input device to both (i) set the plurality of parameters for a trade order and (ii) send the trade order to the electronic exchange.

2. The method of claim 1, wherein the plurality of price levels does not change position except in response to receiving a manual repositioning command.

3. The method of claim 1, further comprising:

receiving by the computing device a manual repositioning command.

4. The method of claim 3, further comprising:

displaying by the computing device the first and second indicators substantially at the center of a window comprising the plurality of locations in response to the manual repositioning command.

5. The method of claim 3, wherein the manual repositioning command comprises a single action of the user input device.

6. The method of claim 5, wherein the single action of the user input device consists of a single click of the user input device.

7. The method of claim 5, wherein the single action of the user input device consists of a double-click of the user input device.

8. The method of claim 1, further comprising:

displaying by the computing device the first indicator in a bid display region comprising a first plurality of locations, each location of the first plurality of locations corresponding to a price level along the price axis; and

displaying by the computing device the second indicator in an ask display region comprising a second plurality of locations, each location of the second plurality of locations corresponding to a price level along the price axis.

9. The method of claim 8, wherein the order entry region comprises:

a bid order entry region comprising a plurality of locations configured to be selected to send buy trade orders, each location in the bid order entry region corresponding to a price level along the price axis; and

an ask order entry region comprising a plurality of locations configured to be selected to send sell trade orders, each location in the ask order entry region corresponding to a price level along the price axis.

10. The method of claim 9, wherein the bid order entry region overlaps with the bid display region, and wherein the ask order entry region overlaps with the ask display region.

11. The method of claim 10, wherein the overlapping of the bid order entry region with the bid display region allows a user to send trade orders to buy the commodity by positioning a cursor over the first indicator and selecting a location in the plurality of locations corresponding to the current highest bid price, and wherein overlapping of the ask order entry region with the ask display region allows the user to send trade orders to sell the commodity by positioning the cursor over the second indicator and selecting a location in the plurality of locations corresponding to the current lowest ask price.

12. The method of claim 1, wherein the trade order is an order to buy the commodity if the position of a cursor at the time of the single action is within a bid order entry region, and wherein the trade order is an order to sell the commodity if the position of the cursor at the time of the single action is within an ask order entry region.

13. The method of claim 1, wherein the first indicator represents a quantity associated with at least one order to buy the commodity at the highest bid price, and wherein the second indicator represents a quantity associated with at least one order to sell the commodity at the lowest ask price.

14. The method of claim 1, wherein the third indicator represents a quantity associated with a last traded quantity for the commodity.

15. The method of claim 1, wherein the plurality of locations are displayed in a grid.

16. The method of claim 1, wherein the single action of the user input device consists of a single click of the user input device.

17. The method of claim 1, wherein the single action of the user input device consists of a double-click of the user input device.

18. The method of claim 1, wherein setting the plurality of parameters for the trade order comprises setting a price corresponding to the selected location.

19. The method of claim 1, wherein setting the plurality of parameters for the trade order comprises setting whether the trade order is a buy or a sell.

20. The method of claim 1, wherein a default quantity is designated to be used for the trade order.

21. The method of claim 1, wherein a default quantity is designated to be used for a plurality of trade orders.

22. The method of claim 1, further comprising:

receiving by the computing device an input from a user that designates a default quantity to be used for a plurality of trade orders; and

receiving by the computing device a plurality of consecutive single action commands from a user input device, each single action command sending a trade order to the electronic exchange, each trade order having an order quantity based on the default quantity without the user designating the default quantity between the single action commands.

23. The method of claim 22, wherein the plurality of trade orders comprises a combination of trade orders to buy and sell the commodity.

24. The method of claim 1, further comprising:

displaying by the computing device a working order indicator in one of the plurality of locations, the working order indicator representing a trade order to buy or sell the commodity pending at the electronic exchange at a price corresponding to the one of the plurality of locations associated with the working order indicator.

25. The method of claim 24, further comprising:

receiving by the computing device a command to delete the trade order pending at the electronic exchange in response to receiving a selection of the working order indicator through a single action of the user input device with a pointer of the user input device positioned over the working order indicator.

26. The method of claim 25, wherein the single action that selects the working order indicator consists of a single click of the user input device.

27. The method of claim 25, wherein the single action that selects the working order indicator consists of a double-click of the user input device.

28. The method of claim 1, further comprising:

displaying by the computing device price levels along the price axis.

29. A non-transitory computer readable medium having stored therein instructions executable by a processor, wherein the instructions are executable to:

receive market data for a commodity, the market data comprising a highest bid price, a lowest ask price, and a last traded price;

display a first indicator in one of a plurality of locations, the first indicator corresponding to the highest bid price, each location of the plurality of locations corresponding to a price level of a plurality of price levels along a price axis;

move the first indicator relative to the price axis to a different location of the plurality of locations in response to receiving a new highest bid price, the different location of the first indicator corresponding to the new highest bid price;

display a second indicator in one of the plurality of locations, the second indicator corresponding to the lowest ask price;

move the second indicator relative to the price axis to a different location of the plurality of locations in response to receiving a new lowest ask price, the different location of the second indicator corresponding to the new lowest ask price;

display a third indicator in one of the plurality of locations, the third indicator corresponding to the last traded price;

move the third indicator relative to the price axis to a different location of the plurality of locations in response to receiving a new last traded price, the different location of the third indicator corresponding to the new last traded price;

provide an order entry region comprising a plurality of locations, each location in the order entry region corresponding to a price level along the price axis, each location in the order entry region configured to be selected by a single action of a user input device to both (i) set a plurality of parameters for a trade order and (ii) send the trade order to an electronic exchange; and

receive a selection of a location in the order entry region by a single action of the user input device to both (i) set the plurality of parameters for a trade order and (ii) send the trade order to the electronic exchange.

30. The computer readable medium of claim 29, wherein the plurality of price levels does not change position except in response to receiving a manual repositioning command.

31. The computer readable medium of claim 29, wherein the instructions are further executable to:

receive a manual repositioning command.

32. The computer readable medium of claim 31, wherein the instructions are further executable to:

display the first and second indicators substantially at the center of a window comprising the plurality of locations in response to the manual repositioning command.

33. The computer readable medium of claim 31, wherein the manual repositioning command comprises a single action of the user input device.

34. The computer readable medium of claim 33, wherein the single action of the user input device consists of a single click of the user input device.

35. The computer readable medium of claim 33, wherein the single action of the user input device consists of a double-click of the user input device.

36. The computer readable medium of claim 29, wherein the instructions are further executable to:

display the first indicator in a bid display region comprising a first plurality of locations, each location of the first plurality of locations corresponding to a price level along the price axis; and

display the second indicator in an ask display region comprising a second plurality of locations, each location of the second plurality of locations corresponding to a price level along the price axis.

37. The computer readable medium of claim 36, wherein the order entry region comprises:

a bid order entry region comprising a plurality of locations configured to be selected to send buy trade orders, each location in the bid order entry region corresponding to a price level along the price axis; and

an ask order entry region comprising a plurality of locations configured to be selected to send sell trade orders, each location in the ask order entry region corresponding to a price level along the price axis.

38. The computer readable medium of claim 37, wherein the bid order entry region overlaps with the bid display region, and wherein the ask order entry region overlaps with the ask display region.

39. The computer readable medium of claim 38, wherein the overlapping of the bid order entry region with the bid display region allows a user to send trade orders to buy the commodity by positioning a cursor over the first indicator and selecting a location in the plurality of locations corresponding to the current highest bid price, and wherein overlapping of the ask order entry region with the ask display region allows the user to send trade orders to sell the commodity by positioning the cursor over the second indicator and selecting a location in the plurality of locations corresponding to the current lowest ask price.

40. The computer readable medium of claim 29, wherein the trade order is an order to buy the commodity if the position of a cursor at the time of the single action is within a bid order entry region, and wherein the trade order is an order to sell the commodity if the position of the cursor at the time of the single action is within an ask order entry region.

41. The computer readable medium of claim 29, wherein the first indicator represents a quantity associated with at least one order to buy the commodity at the highest bid price, and wherein the second indicator represents a quantity associated with at least one order to sell the commodity at the lowest ask price.

42. The computer readable medium of claim 29, wherein the third indicator represents a quantity associated with a last traded quantity for the commodity.

43. The computer readable medium of claim 29, wherein the plurality of locations are displayed in a grid.

44. The computer readable medium of claim 29, wherein the single action of the user input device consists of a single click of the user input device.

45. The computer readable medium of claim 29, wherein the single action of the user input device consists of a double-click of the user input device.

46. The computer readable medium of claim 29, wherein setting the plurality of parameters for the trade order comprises setting a price corresponding to the selected location.

47. The computer readable medium of claim 29, wherein setting the plurality of parameters for the trade order comprises setting whether the trade order is a buy or a sell.

48. The computer readable medium of claim 29, wherein a default quantity is designated to be used for the trade order.

49. The computer readable medium of claim 29, wherein a default quantity is designated to be used for a plurality of trade orders.

50. The computer readable medium of claim 29, wherein the instructions are further executable to:

receive an input from a user that designates a default quantity to be used for a plurality of trade orders; and

receive a plurality of consecutive single action commands from a user input device, each single action command sending a trade order to the electronic exchange, each trade order having an order quantity based on the default quantity without the user designating the default quantity between the single action commands.

51. The computer readable medium of claim 50, wherein the plurality of trade orders comprises a combination of trade orders to buy and sell the commodity.

52. The computer readable medium of claim 29, wherein the instructions are further executable to:

display a working order indicator in one of the plurality of locations, the working order indicator representing a trade order to buy or sell the commodity pending at the electronic exchange at a price corresponding to the one of the plurality of locations associated with the working order indicator.

53. The computer readable medium of claim 52, wherein the instructions are further executable to:

receive a command to delete the trade order pending at the electronic exchange in response to receiving a selection of the working order indicator through a single action of the user input device with a pointer of the user input device positioned over the working order indicator.

54. The computer readable medium of claim 53, wherein the single action that selects the working order indicator consists of a single click of the user input device.

55. The computer readable medium of claim 53, wherein the single action that selects the working order indicator consists of a double-click of the user input device.

56. The computer readable medium of claim 29, wherein the instructions are further executable to:

display price levels along the price axis.