System and method for icon oriented representation of trading strategies

• US 7,702,569 B1
• Filed: 05/02/2006
• Issued: 04/20/2010
• Est. Priority Date: 09/22/2003
• Status: Active Grant

• Current Assignee: Trading Technologies International, Inc.
• Original Assignee: Trading Technologies International, Inc.
• Inventors: Tanpoco, Alvin F.
• Primary Examiner(s): Kramer; James
• Assistant Examiner(s): Khattar; Rajesh
• Application Number:
  US11/416,399
• Time in Patent Office: 1,449 Days
• Field of Search: 705 35- 45
• US Class Current: 705/37
• CPC Class Codes: G06F 3/04817 using icons graphical or visual programming using iconic symbols G06F8/34
• 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 method for visually establishing a trading strategy are described. According to one method, a trader can position a first icon corresponding to a first order and a second icon corresponding to a second order in relation to a first value axis displayed on a graphical interface. A graphical means can also be used in relation to the icons to show that the icons correspond to a trading strategy. The graphical means can include lines, numbers, or any other user-configurable graphical representation illustrating order precedence, for example.

Claims

1. A method for visually establishing a trading strategy for a tradeable object, comprising:

displaying, via a graphical user interface on a client device, a value axis having a plurality of value levels, each value level being associated with a price of a tradeable object traded at an electronic exchange;

selecting a subset of icons from an icon library having a plurality of icons including different types of execution icons graphically representing different order types available at different exchanges, where each of the plurality of icons is pre-populated with parameters for the type of order represented, where the subset of icons is selected based on types of orders available at the electronic exchange and includes at least one independent order icon graphically representing an independent order and at least one dependent order icon graphically representing a dependent order, the at least one independent order icon being configurable to create a trading strategy including multiple orders;

generating a toolbar for the subset of icons via the client device;

displaying the toolbar on the graphical user interface;

receiving a first user-initiated command via an input of the client device, the first user-initiated command selecting the independent order icon from the toolbar, creating the trading strategy including the independent order and moving the independent order icon to a first location relative to the value axis, the first location identifying a first price for the independent order for the tradeable object;

submitting the independent order to the electronic exchange according to detecting at least one pre-set condition associated with the independent order and for determining when the independent order is sent to the electronic exchange, the independent order having the first price;

displaying the independent order icon at the first location, the independent order icon graphically representing a state of the independent order based on market data from the electronic exchange related to the independent order;

receiving a second user-initiated command via the input device, the second user-initiated command selecting the dependent order icon from the toolbar, identifying the dependent order with the trading strategy and moving the dependent order icon to a second location relative to the value axis, the second location identifying a second price for the dependent order for the tradeable object;

displaying the dependent order icon at the second location, the dependent order icon graphically representing a state of the dependent order based on market data from the electronic exchange related to the dependent order;

submitting the dependent order to the electronic exchange according to at least the state of the independent order; and

displaying a graphical indicator between the independent order icon and the dependent order icon showing the linking of the dependent order to the independent order.

2. The method of claim 1 where the value axis comprises a price derivative axis for the tradeable object.

3. The method of claim 1 where the pre-set condition comprises placement of the independent order icon at the first location.

4. The method of claim 1 where the pre-set condition comprises any of market conditions for the first tradeable object, execution of other orders for the tradeable object, trader-related events, exchange related event, and combinations thereof.

5. The method of claim 1 where detecting at least one pre-set condition associated with the independent order for determining when the independent order is sent to the electronic exchange comprises detecting a predetermined user input associated to send the independent order to the electronic exchange.

6. The method of claim 1 where detecting at least one pre-set condition associated with the independent order for determining when the independent order is sent to the electronic exchange comprises detecting a predetermined price level of the tradeable object.

7. The method of claim 1 where detecting at least one pre-set condition associated with the independent order for determining when the independent order is sent to the electronic exchange comprises detecting a predetermined price level of another tradeable object.

8. The method of claim 1 where detecting at least one pre-set condition associated with the independent order for determining when the independent order is sent to the electronic exchange comprises detecting a predetermined volume being traded for the tradeable object.

9. The method of claim 1 where detecting at least one pre-set condition associated with the independent order for determining when the independent order is sent to the electronic exchange comprises detecting a fill corresponding to another order.

10. The method of claim 1 where submitting the dependent order to the electronic exchange comprises detecting at least a partial fill of the independent order.

11. The method of claim 1, wherein the independent order icon graphically represents the state of the independent order and the dependent order icon graphically represents the state of the dependent order according to a plurality of colors, each defining a state of an order.

23. The method of claim 1 where the subset of icons are selected from the icon library in response to a connection to the electronic exchange.

24. The method of claim 23 where the connection to the electronic exchange comprises logging onto the electronic exchange.

12. A computer readable medium having instructions stored thereon, which when executed by a processor cause the processor to carry out a method comprising:

displaying, via a graphical user interface on a client device, a value axis having a plurality of value levels, each value level being associated with a price of a tradeable object traded at an electronic exchange;

selecting a subset of icons from an icon library having a plurality of icons including different types of execution icons graphically representing different order types available at different exchanges, where each of the plurality of icons is pre-populated with parameters for the type of order, where the subset of icons is selected based on types of orders available at the electronic exchange and includes at least one independent order icon graphically representing an independent and at least one dependent order icon graphically representing a dependent order, the at least one independent order icon being configurable to create a trading strategy including multiple orders;

generating a toolbar for the subset of icons;

displaying the toolbar on the graphical user interface;

receiving a first user-initiated command via an input of the client device, the first user-initiated command selecting the independent order icon from the toolbar, creating the trading strategy including the independent order and moving the independent order icon to a first location relative to the value axis, the first location identifying a first price for the independent order for the tradeable object;

submitting the independent order to the electronic exchange according to detecting at least one pre-set condition associated with the independent order and for determining when the independent order is sent to the electronic exchange, the independent order having the first price;

displaying the independent order icon at the first location, the independent order icon graphically representing a state of the independent order based on market data from the electronic exchange related to the independent order;

receiving a second user-initiated command via the input device, the second user-initiated command selecting the dependent order icon from the toolbar, identifying the dependent order with the trading strategy and moving the dependent order icon to a second location relative to the value axis, the second location identifying a second price for the dependent order for the tradeable object;

displaying the dependent order icon at the second location, the dependent order icon graphically representing a state of the dependent order based on market data from the electronic exchange related to the dependent order;

submitting the dependent order to the electronic exchange according to at least the state of the independent order; and

displaying a graphical indicator between the independent order icon and the dependent order icon showing the linking of the dependent order to the independent order.

13. The computer readable medium of claim 12 where the value axis comprises a price derivative axis for the tradeable object.

14. The computer readable medium of claim 12 where the pre-set condition comprises placement of the independent order icon at the first location.

15. The computer readable medium of claim 12 where the pre-set condition comprises any of market conditions for the first tradeable object, execution of other orders for the tradeable object, trader-related events, exchange related event, and combinations thereof.

16. The computer readable medium of claim 12 where detecting at least one pre-set condition associated with the independent order for determining when the independent order is sent to the electronic exchange comprises detecting a predetermined user input associated to send the independent order to the electronic exchange.

17. The computer readable medium of claim 12 where detecting at least one pre-set condition associated with the independent order for determining when the independent order is sent to the electronic exchange comprises detecting a fill corresponding to another order.

18. The computer readable medium of claim 12 where submitting the dependent order to the electronic exchange comprises detecting at least a partial fill of the independent order.

19. The computer readable medium of claim 12, wherein the independent order icon graphically represents the state of the independent order and the dependent order icon graphically represents the state of the dependent order according to a plurality of colors, each defining a state of an order.

20. A client device displaying a graphical interface for visually establishing a trading strategy, comprising:

a memory having an icon library having a plurality of icons including different types of execution icons configured to graphically represent order types available at different exchanges, where each of the plurality of icons is pre-populated with parameters for the type of order represented by the icon;

an icon identifier configured to select a subset of icons from the icon library based on types of orders available at an electronic exchange and includes at least one independent order icon graphically representing an independent order and at least one dependent order icon graphically representing a dependent order, the at least one independent order icon being configurable to create a trading strategy including multiple orders;

a processor configured to execute code including instructions to display a graphical user interface having;

a value axis having a plurality of value levels, each associated with a price of a tradeable object traded at an electronic exchange;

a toolbar for the subset of icons a user device configured to receive;

a first user-initiated command selecting the independent order icon from the toolbar, creating the trading strategy including the independent order and moving the independent order icon relative to a first location of the value axis to graphically represent a state of the independent order determined according to market data from the electronic exchange related to the independent order, the first location identifying a first price for the independent order for the tradeable object;

a second user-initiated command selecting the dependent order icon from the toolbar, identifying the dependent order with the trading strategy and moving the dependent order icon relative to a second location relative to the value axis to graphically represent a state of the dependent order determined according to market data from the electronic exchange related to the dependent order, the second location identifying a second price for the dependent order for the tradeable object, where the dependent order is linked to the independent order;

a graphical indicator displayed between the independent order icon and the dependent order icon showing the linking of the dependent order to the independent order; and

an order router configured to submit the independent order as a buy or a sell to the electronic exchange according to detecting at least one pre-set condition associated with the independent order for determining when the independent order is sent to the electronic exchange and submitting the dependent order to the electronic exchange according to at least the state of the independent order.

21. The computing device of claim 20, wherein the value axis comprises a price derivative axis for the tradeable object.

22. The computing device of claim 20, where the independent order icon graphically represents the state of the independent order and the dependent order icon graphically represents the state of the dependent order according to a plurality of colors, each defining a state of an order.