Trading system and method having a configurable market depth tool with dynamic price axis
A system and method for the electronic trading of investment vehicles, such as stocks, bonds, options, commodities, stock and futures index contracts, and the like, is disclosed. The system and method provide a graphical user interface having a versatile and efficient market depth tool with a dynamic price axis for executing trades. The tool facilitates the display of and the rapid placement of trade orders within the market. The system provides for user initiated functionality to control, among other things, the manner in which the dynamic price axis moves in response to market conditions.
1. A trading system display, comprising
a dynamic display including a computer having a graphical user interface responsive to input from a user input device, said display including an area displaying a plurality of axes, said plurality of axes comprising a price axis adapted to display a plurality of prices for at least one trading vehicle, a bid axis adapted to display a range of bids and showing at least one bid for said at least one trading vehicle, said at least one bid being associated with a first price of said prices on said price axis, and an ask axis adapted to display a range of asks and showing at least one ask for said at least one trading vehicle, said at least one ask being associated with a second price of said prices on said price axis, with the lowest price associated with an ask and the highest price associated with a bid defining a region of said price axis representative of the inside market of said at least one trading vehicle;
a convergence point positionable, adjacent said plurality of axes, by a user of said trading system display, wherein
the computer automatically moves said price axis in the direction of said convergence point in response to a change in the inside market of said at least one trading vehicle until said region is centered on said convergence point.
2. The trading system display of claim 1 , further including a first area displaying information definable by a user of the trading system, such information relating to the vehicle being traded and including one or more of an identification of the vehicle being traded, the open price for said vehicle, the prior trade day close price for said vehicle, the last traded price, the last traded quantity, the user's ask position, the user's bid position, and the user's net position, and
a second area adapted to receive input from said user input device to effect at least one of the following actions: delete a predefined number of bid orders, delete a predefined number of ask orders, predefine a volume of bid orders, predefine a volume of ask orders, limit bid order volume in response to the inside market; limit ask orders in response to the inside market, initiate a predefined ask order in response to the inside market, and initiate a predefined bid order in response to the inside market.
3. The trading system display of claim 1 , further including a scroll control responsive to user input to move said price axis along its length.
4. The trading system display of claim 1 , wherein the convergence point is rendered not viewable by the user of the system.
5. A method of trading investment vehicles performed by a computer, comprising:
providing a dynamic display having a graphical user interface controlled by the computer and responsive to input from a user input device, said display including an area displaying a plurality of axes,
said plurality of axes comprising a price axis adapted to display a plurality of prices for at least one trading vehicle, a bid axis adapted to display a range of bids and showing at least one bid for said at least one trading vehicle, said at least one bid being associated with a first price of said prices on said price axis, and an ask axis adapted to display a range of asks and showing at least one ask for said at least one trading vehicle, said at least one ask being associated with a second price of said prices on said price axis, with the lowest price associated with an ask and the highest price associated with a bid defining a region of said price axis representative of the inside market of said at least one trading vehicle;
providing in said system a convergence point positionable, adjacent said plurality of axes, by a user of said trading system display, wherein
said price axis is automatically moved by the computer in the direction of said convergence point in response to a change in the inside market of said at least one trading vehicle until said region is centered on said convergence point;
providing at least one input region in said system to receive a trade order from the user of said system; and
initiating a trade of an investment vehicle based on said trade order.