System and method for dynamically regulating order entry in an electronic trading environment
A system and method are provided for trading a trading strategy defined for at least one tradeable object in an electronic trading environment. More specifically, one example method includes using a first pay-up tick value to determine a first acceptable price level for an order associated with the trading strategy, automatically modifying the first pay-up tick to a second pay-up tick value in response to detecting a predefined condition, and using the second pay-up tick value to determine a second acceptable price level for the order associated with the trading strategy.
1. An electronic trading device comprising:
an automatic spreader device configured to generate and display in a spread window a spread data feed from received market data for a plurality of tradeable objects, where in response to receiving from a user a spread order for a spread between the plurality of tradeable objects, the automatic spreader submits a quoting order for a first tradeable object of the plurality of tradeable objects at a price based on market data for a second tradeable object of the plurality of tradeable objects, where the automatic spreader submits an offset order for the second tradeable object in response to receiving confirmation of at least a partial fill of the quoting order;
a user input device configured to receive from a user a selection of first value for pay-up tick and a first user-selected condition, where the first value for the pay-up tick is applied to the offset order, and the first value for the pay-up tick being a first number of acceptable ticks beyond a basis price for the offset order; and
an electronic processor coupled with the user input device and the automatic spreader device and configured to:
apply the first value for the pay-up tick to the offset order,
detect the first user-selected condition,
dynamically modify the first value for the pay-up tick to a modified value for the pay-up tick in response to detecting the first user-selected condition, the modified value for the pay-up tick being a second number of acceptable ticks beyond the basis price for the offset order different from the first value for the pay-up tick, and
subsequent to detecting the first user-selected condition, apply the dynamically modified value for the pay-up tick to the offset order for the spread order.
2. The electronic trading device of claim 1 where the electronic processor is further configured to set a price for the offset order.
3. The electronic trading device of claim 1 where the first user-selected condition is based on the market data.
4. The electronic trading device of claim 1 where the first user-selected condition is based on at least one equation including a plurality of user-defined variables.
5. The electronic trading device of claim 1 where the first user-selected condition comprises a trader-performance based condition.
6. The electronic trading device of claim 1 where the modified value for the pay-up tick is maintained until a second selected condition is detected.
7. The electronic trading device of claim 1 where the electronic processor is further configured to detect a second selected condition.
8. The electronic trading device of claim 7 where the electronic processor is further configured to further modify the modified value for the pay-up tick to a further modified pay-up tick value in response to detecting the second selected.
9. The electronic trading device of claim 8 where the electronic processor is further configured to apply the further modified value for the pay-up tick to a further offset order for the spread order subsequent to detecting the second selected condition.