Click based trading with intuitive grid display of market depth
DC CAFCFirst Claim
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1. A method of placing a trade order for a commodity on an electronic exchange using a graphical user interface and a user input device, the method comprising:
- receiving data relating to the commodity from the electronic exchange, the data comprising an inside market with a highest bid price and a lowest ask price currently available for the commodity;
dynamically displaying via a computing device a first indicator in one of a plurality of areas in a bid display region, each area in the bid display region corresponding to a price level along a price axis, the first indicator representing a quantity associated with at least one order to buy the commodity at the highest bid price;
dynamically displaying via the computing device a second indicator in one of a plurality of areas in an ask display region, each area in the ask display region corresponding to a price level along the price axis, the second indicator representing a quantity associated with at least one order to sell the commodity at the lowest ask price;
displaying an order entry region comprising a plurality of locations for receiving single action commands to send trade orders, the plurality of locations including;
(a) at least one first fixed location corresponding to a first price level along the price axis associated with the highest bid price currently available in the market, wherein upon receipt of new data representing an updated highest bid price currently available for the commodity, the at least one first fixed location continues to correspond to the first price level even if the first price level is no longer associated with the highest bid price currently available in the market; and
(b) at least one second fixed location corresponding to a second price level along the price axis associated with the lowest ask price currently available in the market, wherein upon receipt of new data representing an updated lowest ask price currently available for the commodity, the at least one second fixed location continues to correspond to the second price level even if the second price level is no longer associated with the lowest ask price currently available in the market;
updating the display of the first indicator such that the first indicator is moved relative to the price axis to a different area in the bid display region corresponding with a different price level along the price axis in response to receipt of new data representing an updated highest bid price currently available for the commodity;
updating the display of the second indicator such that the second indicator is moved relative to the price axis to a different area in the ask display region corresponding with a different price level along the price axis in response to receipt of new data representing an updated lowest ask price currently available for the commodity; and
setting a plurality of parameters for a trade order relating to the commodity and sending the trade order to the electronic exchange in response to a selection of a particular location of the order entry region by a single action of a user input device.
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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.
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Citations
23 Claims
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1. A method of placing a trade order for a commodity on an electronic exchange using a graphical user interface and a user input device, the method comprising:
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receiving data relating to the commodity from the electronic exchange, the data comprising an inside market with a highest bid price and a lowest ask price currently available for the commodity; dynamically displaying via a computing device a first indicator in one of a plurality of areas in a bid display region, each area in the bid display region corresponding to a price level along a price axis, the first indicator representing a quantity associated with at least one order to buy the commodity at the highest bid price; dynamically displaying via the computing device a second indicator in one of a plurality of areas in an ask display region, each area in the ask display region corresponding to a price level along the price axis, the second indicator representing a quantity associated with at least one order to sell the commodity at the lowest ask price; displaying an order entry region comprising a plurality of locations for receiving single action commands to send trade orders, the plurality of locations including; (a) at least one first fixed location corresponding to a first price level along the price axis associated with the highest bid price currently available in the market, wherein upon receipt of new data representing an updated highest bid price currently available for the commodity, the at least one first fixed location continues to correspond to the first price level even if the first price level is no longer associated with the highest bid price currently available in the market; and (b) at least one second fixed location corresponding to a second price level along the price axis associated with the lowest ask price currently available in the market, wherein upon receipt of new data representing an updated lowest ask price currently available for the commodity, the at least one second fixed location continues to correspond to the second price level even if the second price level is no longer associated with the lowest ask price currently available in the market; updating the display of the first indicator such that the first indicator is moved relative to the price axis to a different area in the bid display region corresponding with a different price level along the price axis in response to receipt of new data representing an updated highest bid price currently available for the commodity; updating the display of the second indicator such that the second indicator is moved relative to the price axis to a different area in the ask display region corresponding with a different price level along the price axis in response to receipt of new data representing an updated lowest ask price currently available for the commodity; and setting a plurality of parameters for a trade order relating to the commodity and sending the trade order to the electronic exchange in response to a selection of a particular location of the order entry region by a single action of a user input device. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22)
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23. A computer readable medium having program code recorded thereon for execution on a computer for displaying market information relating to and facilitating trading of a commodity being traded in an electronic exchange on a graphical user interface, the program code causing a machine to perform the following method steps:
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receiving data relating to the commodity from the electronic exchange, the data comprising an inside market with a highest bid price and a lowest ask price currently available for the commodity; dynamically displaying a first indicator in one of a plurality of areas in a bid display region, each area in the bid display region corresponding to a price level along a price axis, the first indicator representing a quantity associated with at least one order to buy the commodity at the highest bid price; dynamically displaying a second indicator in one of a plurality of areas in an ask display region, each area in the ask display region corresponding to a price level along the price axis, the second indicator representing a quantity associated with at least one order to sell the commodity at the lowest ask price; displaying an order entry region comprising a plurality of locations for receiving single action commands to send trade orders, the plurality of locations including; (a) at least one first fixed location corresponding to a first price level along the price axis associated with the highest bid price currently available in the market, wherein upon receipt of new data representing an updated highest bid price currently available for the commodity, the at least one first fixed location continues to correspond to the first price level even if the first price level is no longer associated with the highest bid price currently available in the market; and (b) at least one second fixed location corresponding to a second price level along the price axis associated with the lowest ask price currently available in the market, wherein upon receipt of new data representing an updated lowest ask price currently available for the commodity, the at least one second fixed location continues to correspond to the second price level even if the second price level is no longer associated with the lowest ask price currently available in the market; updating the display of the first indicator such that the first indicator is moved relative to the price axis to a different area in the bid display region corresponding with a different price level along the price axis in response to receipt of new data representing an updated highest bid price currently available for the commodity; updating the display of the second indicator such that the second indicator is moved relative to the price axis to a different area in the ask display region corresponding with a different price level along the price axis in response to receipt of new data representing an updated lowest ask price currently available for the commodity; and setting a plurality of parameters for a trade order relating to the commodity and sending the trade order to the electronic exchange in response to a selection of a particular location of the order entry region by a single action of a user input device.
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Specification