System and method for automated order entry on short queues
Orders are automatically sent to the market when certain user defined conditions are met. In particular, a trader can configure the trading application to automatically send orders for preset quantities at price levels with queues falling below a user defined threshold. The length of queues may be measured in several ways, for example, the queue length could be measured by quantity at a given price level or the queue length could be measured by the number of orders at a given price level, or the queue length could be measured by a combination of quantity and orders. The present embodiments can more quickly recognize opportunities and send an order to take advantage of it than a trader can do manually. Other advantages and features are described herein.
1. A method comprising:
comparing, via an electronic processor, a length of a queue for a price level in a market to a threshold value; and
submitting, via the electronic processor, an order message to an electronic exchange in response to the comparison of the length of the queue for the price level in the market to the threshold value, where the order message affects the length of the queue.
2. The method of claim 1 where the length of the queue represents a combination of at least a quantity currently available in the market to buy or sell a tradeable object at the price level and a number of orders currently available in the market for the tradeable object at the price level.
3. The method of claim 1 where the threshold value represents a combination of at least a quantity value and a number of orders value.
4. The method of claim 1 where the order message comprises instructions to delete a pending order.
5. The method of claim 1 where the threshold value comprises a ratio of quantity to orders.
6. The method of claim 3 further comprising adjusting, via the processor, the threshold value according to at least one of the particular quantity value, the particular number of orders value, and a combination thereof.
7. The method of claim 1 where the order message comprises instructions to place an order for a tradeable object.
8. A method comprising:
comparing, via an electronic processor, a price level in a market to a predetermined level;
comparing, via the electronic processor, a length of a queue for a price level in a market to a threshold value; and
submitting, via the electronic processor, an order message to an electronic exchange in response to the comparison of the price level in the market to the predetermined level and the comparison of the length of the queue for the price level to the threshold, where the order message affects the length of the queue.
9. The method of claim 8 where the threshold represents at least any one of the following: a particular quantity value and a particular number of orders value.
10. The method of claim 8 further comprising determining, via the processor, the length of a queue for the price level, where the length of the queue represents at least any one of: a quantity of a tradeable object available in the market at the price level and a number of orders available in the market for the tradeable object at the price level.
11. The method of claim 8 where the predetermined level is based on the at least one order parameter.
12. The method of claim 8 where the predetermined level comprises an inside market for the tradeable object.
13. The method of claim 8 where the order message comprises instructions to place an order for a tradeable object in the market at a price based on the comparison of the price level to the predetermined level.
14. The method of claim 8 where the length of the queue is substantially equal to or less than the threshold value and the price level is substantially equal to or less than the predetermined level.
15. The method of claim 8 where the order message comprises instructions to delete a pending order for a tradeable object in the market.
16. The method of claim 15 where the length of the queue is substantially equal to or greater than the threshold value and the price level is substantially equal to or greater than the predetermined level.
17. The method of claim 15 where the pending order for the tradeable object in the market comprises a price determined based on the comparison of the price level to the predetermined level.
18. A method comprising:
comparing, via an electronic processor, a length of a queue for pending orders at a price level in a market for a tradeable object to a threshold value; and
identifying, via the processor, a price level for an order for the tradeable object in response to the comparison of the length of the queue for the price level in the market to the threshold value, where the threshold value represents at least any one of the following: a particular quantity value and a particular number of orders value.
19. The method of claim 18 where the length of the queue represents at least any one of the following: a quantity of a tradeable object available at the given price level in the market and a number of orders for the tradeable object available at the given price level in the market.
20. The method of claim 18 where identifying comprises displaying an indicator on a graphical user interface of the processor, where the indicator indicates the price level.
21. The method of claim 18 further comprising submitting an order message to an exchange to buy or sell the tradeable object at the price level in response to receiving a user command.