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. A method comprising:
receiving, via an electronic processor of a computing device, market data for a plurality of tradeable objects;
displaying, in a spread window of an electronic display device of the computing device, a spread data feed according to the received market data;
receiving, via a user input device, a spread order for a spread between the plurality of tradeable objects;
receiving, via the user input device, a user selection of a first value for a pay-up tick and a first user-selected condition;
applying, via the electronic processor, the first value for the pay-up tick to an offset order, where the first value for the pay-up tick is a first number of acceptable ticks beyond a basis price for the offset order;
in response to receiving the spread order, submitting, via the electronic processor, 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;
receiving, via the electronic processor, confirmation of at least a partial fill of the quoting order;
in response to receiving the confirmation of the at least partial fill of the quoting order, submitting, via the electronic processor, the offset order for the second tradeable object; and
detecting, via the electronic processor, the first user-selected condition and responsively:
dynamically modifying, via the electronic processor, the first value for the pay-up tick to a modified value for the pay-up tick, where the modified value for the pay-up tick is 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 applying, via the electronic processor, the dynamically modified value for the pay-up tick to the offset order for the spread order.
2. The method of claim 1 where the first user-selected condition is based on the market data.
3. The method of claim 1 where the first user-selected condition is based on at least one equation including a plurality of user-defined variables.
4. The method of claim 1 where the first user-selected condition comprises a trader-performance based condition.
5. The method of claim 1 where the modified value for the pay-up tick is maintained until a second selected condition is detected.
6. The method of claim 1 further comprising detecting, via the electronic processor, a second selected condition.
7. The method of claim 6 further comprising modifying, via the electronic processor, the modified value for the pay-up tick to a further modified pay-up tick value in response to detecting the second selected condition.
8. The method of claim 7 further comprising applying, via the electronic processor, 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.