System and Method for Chart Based Order Entry

• US 20080243710A1
• Filed: 03/29/2007
• Published: 10/02/2008
• Est. Priority Date: 03/29/2007
• Status: Active Grant

• Current Assignee: Trading Technologies International, Inc.
• Original Assignee: Trading Technologies International, Inc.
• Inventors: Borts, Eric W.
• Granted Patent: US 7,580,883 B2
• Time in Patent Office: Days
• US Class Current: 705/36R
• 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 system and methods for chart-based order entry are described. According to one example method a chart is used to display historical market data corresponding to a tradable object. An order entry interface is displayed in relation to the chart. The order entry interface includes a plurality of price object for selecting price levels to be used for trade orders to buy or sell the tradable object. According to one example method, the price levels corresponding to the price objects depend on a location of the interface in relation to the chart, and as the interface is moved in relation to the chart, the price levels are automatically updated. Upon selection of the price level on the interface, a trade order to buy or sell is submitted to a matching engine at an electronic exchange.

Claims

1. A method for chart based order entry, comprising:

receiving market data corresponding to a tradable object, the market data comprising an inside market with a highest bid price and a lowest ask price currently available for the tradable object;

displaying historical market data corresponding to the tradable object on a chart, the historical market data being mapped to a plurality of values along a value axis, wherein the historical market data displayed on the chart is updated as the market data corresponding to the tradable object is received;

displaying a movable order entry interface in relation to the chart, the order entry interface comprising a plurality of price objects for selecting price levels to be used for trade orders to buy or sell the tradable object, wherein the plurality of price levels displayed in relation to the plurality of price objects are set based on a location of the order entry interface in relation to the chart;

moving the order entry interface in relation to the chart to a new location;

dynamically displaying a new plurality of price levels via the order entry interface based on the new location of the order entry interface in relation to the chart;

freezing the new plurality of price levels displayed via the order entry interface upon detecting a user input;

selecting one of the new plurality of price levels displayed via the order entry interface to be used as a price level for a trade order to buy or sell the tradable object; and

sending the trade order to an electronic matching engine.

2. The method of claim 1, wherein the plurality of price objects of the order entry interface are arranged outward on a circular shape.

3. The method of claim 1, wherein the plurality of price objects of the order entry interface are arranged outward on an arc shape.

4. The method of claim 1, wherein an angle corresponding to the arc shape is adjustable.

5. The method of claim 1, wherein the plurality of price objects of the order entry interface are arranged to form a pie-chart interface.

6. The method of claim 1, wherein the plurality of price levels displayed via the order entry interface are arranged based on a user-defined shape.

7. The method of claim 1, wherein the plurality of price objects are divided into a plurality of bid price objects and a plurality of ask price objects, wherein the plurality of bid price objects and the plurality of ask price objects display the same plurality of prices determined based on the locations of the order entry interface in relation the chart.

8. The method of claim 7, wherein the plurality of ask price objects display a different plurality of prices than the plurality of bid price objects.

9. The method of claim 7, wherein upon a selection of one of the plurality of bid price objects, setting a price level corresponding to the selected bid price object for a trade order to buy the tradable object.

10. The method of claim 7, wherein upon a selection of one of the plurality of ask price objects, setting a price level corresponding to the selected ask price object for a trade order to sell the tradable object.

11. The method of claim 1, further comprising:

displaying at least one quantity object in relation to the plurality of price objects, the at least one quantity object for setting a quantity to be used in relation to the trade order.

12. The method of claim 11, further comprising:

selecting the at least one quantity to be used as a quantity for the trade order; and

sending the trade order having the selected price and the selected quantity to the matching engine.

13. The method of claim 1, further comprising:

receiving a default quantity to be used in relation to trade orders entered via the order entry interface; and

setting a quantity for the trade order to the default quantity before the trade order is sent to the electronic matching engine.

14. The method of claim 1, wherein the order entry interface tracks a cursor of a user input device such that when the user input device is moved, the order entry interface tracks the movement.

15. The method of claim 14, wherein a location of a cursor corresponding to the user input device in relation to the chart determines the plurality of price levels displayed via the order entry interface.

16. The method of claim 13, further comprising:

moving the cursor to of the plurality of price objects of the order entry interface to select the price level for the trade order.

17. The method of claim 1, wherein the user input comprises a selection of a key on a keyboard.

18. The method of claim 1, wherein the user input device comprises a mouse, and wherein the user input comprises depressing a mouse button.

19. The method of claim 17, wherein selecting the price level comprises moving the mouse with the mouse button being pressed down to a price object corresponding to the one of the plurality of prices, and releasing the mouse button to select the price level and send the trade order to the matching engine.

20. The method of claim 1, further comprising displaying the market data in relation to the plurality of prices at the plurality of price objects displayed via the order entry interface.

21. The method of claim 20, wherein displaying the market data comprises displaying current market depth corresponding to each of the plurality of prices corresponding to the price objects.

22. The method of claim 1, further comprising:

displaying a working order indicator at one of the plurality of price objects to indicate a working buy or sell order at a price level corresponding to the one of the plurality of price objects.

23. The method of claim 1, further comprising:

displaying traded volume in relation to at least one of the plurality of price objects.

24. The method of claim 1, further comprising:

as the order entry interface is moved to the new location, updating price levels displayed in relation to the plurality of price objects based on a current location of the order entry interface in relation to the chart.

25. The method of claim 1, further comprising:

displaying current market data in relation to the chart as the current market data is received from the electronic exchange.

26. The method of claim 25, further comprising:

displaying a current highest bid price available for trading the tradable object.

27. The method of claim 25, further comprising:

displaying a current lowest ask price available for trading the tradable object.

28. A computer readable medium having program code recorded thereon for execution on a computer to perform the following steps for chart based order entry in an electronic trading environment, comprising:

receiving market data corresponding to a tradable object, the market data comprising an inside market with a highest bid price and a lowest ask price currently available for the tradable object;

displaying historical market data corresponding to the tradable object on a chart, the historical market data being mapped to a plurality of values along a value axis, wherein the historical market data displayed on the chart is updated as the market data corresponding to the tradable object is received;

displaying a movable order entry interface in relation to the chart, the order entry interface comprising a plurality of price objects for selecting price levels to be used for trade orders to buy or sell the tradable object, wherein the plurality of price levels displayed in relation to the plurality of price objects are set based on a location of the order entry interface in relation to the chart;

moving the order entry interface in relation to the chart to a new location;

dynamically displaying a new plurality of price levels via the order entry interface based on the new location of the order entry interface in relation to the chart;

freezing the new plurality of price levels displayed via the order entry interface upon detecting a user input;

selecting one of the new plurality of price levels displayed via the order entry interface to be used as a price level for a trade order to buy or sell the tradable object; and

sending the trade order to an electronic matching engine.