System and method for chart based order entry

• US 7,580,883 B2
• Filed: 03/29/2007
• Issued: 08/25/2009
• 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.
• Primary Examiner(s): Patel; Jagdish N
• Assistant Examiner(s): Bartley; Kenneth
• Application Number:
  US11/693,219
• Publication Number:
  US 20080243710A1
• Time in Patent Office: 880 Days
• Field of Search: 705/35, 705/37
• US Class Current: 705/37
• 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

Systems 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 tradeable object. An order entry interface is displayed in relation to the chart. The order entry interface includes a plurality of price objects for selecting price levels to be used for trade orders to buy or sell the tradeable 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 via a computing device market data corresponding to a tradeable object;

displaying via the computing device historical market data corresponding to the tradeable object on a chart, the historical market data being mapped to a plurality of values along a value axis;

displaying via the computing device a movable order entry interface, wherein the order entry interface comprises a plurality of price objects corresponding to a plurality of price levels, wherein the order entry interface is displayed in relation to a cursor of a user input device, wherein the cursor is at a location in relation to the chart, wherein the location changes as the cursor is moved in response to input from a user;

tracking via the computing device the cursor, wherein the tracking comprises moving the order entry interface in relation to the cursor when the cursor moves to a new location in relation to the chart;

dynamically determining via the computing device the plurality of price levels based on the new location of the cursor;

freezing the plurality of price levels upon detecting a first user input, wherein the freezing comprises stopping dynamically determining of the plurality of price levels based on the location of the cursor;

selecting via the computing device one of the frozen plurality of price levels based on a second user input; and

sending via the computing device a trade order to buy or sell the tradeable object to an electronic matching engine, wherein the trade order is based on the selected price level.

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 3, 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-chaff interface.

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

7. The method of claim 1, wherein the plurality of price objects of the order entry interface are divided into a plurality of bid price objects and a plurality of ask price objects.

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

9. The method of claim 7, further comprising setting a price of the trade order, wherein the price is the price level corresponding to the selected bid price object, wherein the trade order is an order to buy the tradeable object.

10. The method of claim 7, further comprising setting a price of the trade order, wherein the price is the price level corresponding to the selected ask price object, wherein the trade order is an order to sell the tradeable object.

11. The method of claim 1, wherein the order entry interface further comprises

at least one quantity object, wherein the at least one quantity object corresponds to a quantity to be used in relation to the trade order.

12. The method of claim 11, further comprising:

selecting a quantity for the trade order using the at least one quantity object.

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, further comprising:

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

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

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

17. The method of claim 16, wherein selecting the frozen price level comprises moving the mouse while the mouse button is depressed to a price object and releasing the mouse button to select the price level, and wherein the trade order is sent to the matching engine when the mouse button is released.

18. The method of claim 1, further comprising displaying the market data in relation to the plurality of price objects of the order entry interface.

19. The method of claim 18, wherein displaying the market data comprises displaying current market depth for each of the plurality of price levels corresponding to the price objects.

20. 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.

21. The method of claim 1, further comprising:

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

22. The method of claim 1, further comprising:

updating the historical market data displayed on the chart with current market data as the current market data is received.

23. The method of claim 22, further comprising:

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

24. The method of claim 22, further comprising:

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

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

receiving via a computing device market data corresponding to a tradeable object;

displaying via the computing device historical market data corresponding to the tradeable object on a chart, the historical market data being mapped to a plurality of values along a value axis;

displaying via the computing device a movable order entry interface, wherein the order entry interface comprises a plurality of price objects corresponding to a plurality of price levels, wherein the order entry interface is displayed in relation to a cursor of a user input device, wherein the cursor is at a location in relation to the chart, wherein the location changes as the cursor is moved in response to input from a user;

tracking via the computing device the cursor, wherein the tracking comprises moving the order entry interface in relation to the cursor when the cursor moves to a new location in relation to the chart;

dynamically determining via the computing device the plurality of price levels based on the new location of the cursor;

freezing the plurality of price levels upon detecting a first user input, wherein the freezing comprises stopping dynamically determining of the plurality of price levels based on the location of the cursor;

selecting via the computing device one of the frozen plurality of price levels based on a second user input; and

sending via the computing device a trade order to buy or sell the tradeable object to an electronic matching engine, wherein the trade order is based on the selected price level.