reference for
FUTURES AND OPTIONS ORDERS
An experimental expert system to help determine the correct formulation of trading orders. See notes below.
This is not designed to be a foolproof guide for all orders for all brokers on all exchanges. It can be used as a tutorial for some of the more common orders used for futures and options. However, always check with the broker first what type of orders they - and the exchanges - accept.
Remember, all futures and options require the following information -
- the Exchange where the order is to be placed (many commodities trade on more than one exchange)
- Buy/Sell
- Quantity - how many contracts (lots)
- Contract - name of the contract (if an option include also strike and put/call)
- Month - delivery month of the contract
- Price - instructions regarding price execution
- Time - instructions regarding the timing of execution
A few notes regarding the table and output above:
- select the exchange name or input the name manually
- input the order: for number of contracts, the name of the contract/commodity, the contract delivery month and whether you want to buy or sell
- select the price instruction; if selecting limit, MIT, stop or stop limit input the specified price
- in the case of the stop limit only, additionally input the limit price
- select the time instruction
- Note: if on-the-opening or on-the-close is selected, then any price instruction will be automatically ignored
- optionally input the current market price (this is used to check the correct setting of the limits/stops)