The purpose of a batch order is to simplify repeated patterns in order submission. A batch order template defines a relationship of multiple orders with differing relative prices and quantities. Execute a batch order template with a single click. The collection of orders defined by the batch will be submitted to the exchange.
IMPORTANT: None of the orders within the batch are held by the server.
Creating a Standard Batch Order
Order templates can be enabled from the main properties/contract/order toolbar/order templates.
Click the order template button on your ladder to activate the template.
Then click the edit order template icon to edit or create a new template.
Tip:to edit an existing template simply select the template from the drop down menu and click the edit order template button. From here you can make changes to the template. Clicking the clear button will remove your selections within the template. To delete an existing template, a template must first be created, then the x to delete will turn red and allow you to delete the selected template. When you are done editing simply click OK at the bottom of the edit template window.
After clicking the edit template button it will bring up the order template window. Click the Green plus sign (+) to bring up the create template drop down menu. Select the template you wish to create and click OK.
Now the template you selected will be visible in the name field. Here is where you can keep the default template name or simply highlight the name and type in a unique name for your template.
Once the name and type are entered you can build your template. You need to select your initial buy or sell quantity at a price level of 0. In my case I am going to select a limit sell of 1 for the initial. I click the buy side to the left of the 0. A dialog pops up and I enter a quantity of 1 and then choose limit. Then I click OK. Now my initial order is set.
Now we can finish configuring the Batch order. In the screen shot below I have set my initial order to be 1 lot limit order. with a limit sell order to be placed one tick above the initial placed order, a two lot sell two ticks above the initial, and a two lot three ticks above the initial.
Now that the template is created to our liking we can click OK on the setup. The template is created and is now visible to be selected for trading on your template drop down menu. The ratio mode is not checked so it will not multiply the leg based on the current volume (quantity) prior to submission.
IMPORTANT TIP: When you click the template button the template that is displayed in the drop down menu is active. To disable the template simply click the order template button to turn it off. When turned off you will no longer see the drop down menu.
In the screen shot below I submitted my batch order at 4161 and all of the orders contained in the batch were submitted at the same time at the distances I selected in the setup nothing is held on the server. Also you will notice that I submitted a buy order even though the template was created with a sell.
TIP:A template is defined with respect to one side of the market. If the template is used on the other side of the market the definition or order relationship will be reversed.
TIP: Notice on the submission that I had a two lot selected for the quantity and the legs were not multiplied by that volume. That is because I did not select the ratio mode. It will only submit the leg size that was selected in the template.