The Trade Bar is an adjunct application to its Matrix. Access the Trade Bar via the Matrix Settings menu.
When the Trade Bar first appears, it is stuck to its Matrix. Free the Trade Bar by dragging the title bar of the Trade Bar to separate it from the Matrix, then trim the Trade Bar window of its blank space.
The Trade Bar has 2 sections. The top section has order settings. The bottom section pertains to market and OCO orders.
Usage
Order Settings
There are 7 order settings: type, account, quantity, duration, route, bracket (OSO), and fill.
Type
Set Order Type to “Limit,” not “Auto (LMT/STP)”. This ensures that your entry order is a limit order if you open a position via the Matrix.
If you have the “Auto (Limit/Stop)” setting, you might be placing a market order under certain conditions. Further, a buy order will be rejected if the limit (nominal) setting is below the current ask price. Inversely, a sell short order can also be rejected based on current bid. Such rejections are statistically unusual, but you don’t want to miss making a potentially profitable trade.
Account
If you have multiple accounts, set the Account Number via the dropdown menu.
Quantity
The Quantity button alternates between # (for number of shares) and $ (for dollars). Set Quantity to #.
Duration
Order duration sets when an open order expires.
DAY: Order is valid only during the regular market session.
DAY+: Order is valid during both regular and extended sessions (pre-market and after-hours).
GTC (Good ‘Til Canceled): Order remains active across multiple trading days, but only during regular sessions.
GTC+: Order remains active across multiple trading days and is eligible for extended hours trading each day.
For day trading, use DAY duration, whereupon any outstanding order is cleared at the end of the regular session. With DAY+, an order remains active until the end of the calendar day.
You can place a Limit order to close a position outside the regular session. In the Trade Bar, set the Duration to GTC+. Uncheck the “Attach OSO” checkbox. Then, to set to sell a long (buy) position, click on the red (Ask Size) column in the Matrix at the price that you want the Limit order to be set to. Conversely, for a Limit to close (buy to cover) a short-sell position, click on the blue (Bid Size) column in the Matrix at the price that you want the Limit order to be set to.
Route
Set Route to “Intelligent” and lock that down via the checkbox. Intelligent routing is a proprietary TradeStation feature that optimizes order execution. TradeStation charges a fee for choosing direct routing.
OSO (Order Sends Order)
Minuting is done by setting a limit order once a position is opened. OSO bracket orders are unnecessary and are an ersatz way to minute.
To enable a bracket order, check the “Attach OSO” setting. Use the default setting of “Exit – Brk – IL/IS”: a bracket with 1 Limit and 1 Stop. Click the … button to access the OSO Setting dialog.
A bracket order comprises a primary Entry order that sets secondary exit orders when the entry order is filled. The secondary orders are a Limit (a profit target limit order) and a Stop (stop loss market order). TradeStation does not support Stop limit orders.
Fill (AON)
By default, an order may be partially filled. A limit order does not work when an order is only partially filled: you have to close the position manually via a market order.
There is an option for “All or None” (AON), which requires that an order be filled in its entirety or not at all. While AON is a nice idea, it does not reliably work in TradeStation. While AON typically does work for a buy order, AON often does not work for sell (short) orders. Hence, AON is impractical.
AON applies only to the entry order, not to bracket orders.
Market Orders
The bottom section of the Trade Bar applies to market orders.
To immediately open a position, make a melo order. Never enter on a market order.
Close Button
You can immediately close a position by a market order via the Close button. You may pay sorely if you do that. Use the Close button only as an emergency exit.