The Order Panel is a powerful tool designed for traders who want to execute orders quickly and efficiently without ever leaving their charts. It integrates trading functionality directly into your analytical workspace, streamlining the entire process from order placement to management. This guide provides a comprehensive overview of its features and offers practical advice for using it effectively within your trading strategy.
Core Features of the Order Panel
The Order Panel consolidates multiple essential trading functions into one accessible interface. Its primary purpose is to save you time and reduce errors by keeping all critical trading actions just a click away.
Key capabilities include:
- Switching seamlessly between different trading accounts.
- Precisely setting the quantity for any trade.
- Selecting from various order types, including standard and bracket orders.
- Managing how long an order stays active with Time in Force (TIF) settings.
- Executing instant market orders for buying or selling.
- Utilizing quick-management tools like Flatten and Reverse to control risk.
A Detailed Guide to Order Panel Functions
Trade Confirmation and Commission Settings
At the top of the panel, two important toggles help you manage your trade preferences:
- Trade Confirmation: Enabling this feature adds a confirmation pop-up before any trade is executed. This is a crucial safety check to prevent accidental orders, especially in volatile markets. Turning it off allows for immediate, one-click execution.
- Include Commissions: When this option is enabled, the platform automatically calculates and displays the total cost of your trade, including all commissions and fees. This provides a more accurate view of your potential profit or loss right from the start.
The Cancel All (Cxl All) Button
The Cxl All button is your command center for order management. A single click cancels all open working orders across your account. This is indispensable during fast market conditions when you need to quickly retract your orders and reassess your strategy.
Essential Order Management Tools
Two buttons provide powerful control over your open positions:
- Flatten: This button immediately closes all open positions for the selected account. It is the fastest way to exit the market entirely, whether to lock in profits or prevent further losses.
- Reverse: This function instantly reverses your current market exposure. For example, if you are long 100 shares, clicking "Reverse" will sell your long position and open a new short position for 100 shares, flipping your outlook with one action.
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Selecting Your Trading Account
The Account dropdown menu allows you to choose which of your linked brokerage accounts will be used for the upcoming trade. Always double-check this selection, particularly if you manage multiple accounts for different strategies, to ensure orders are placed in the correct one.
Setting the Trade Quantity (Qty)
In the Qty field, you define the size of your trade by entering the number of shares, contracts, or lots. You can type the value directly or use the adjacent “+” and “-” buttons to adjust the quantity incrementally. Always verify this number before execution, as trading the wrong size is a common and costly mistake.
Order Execution Buttons
This suite of buttons is for immediate order placement:
- Buy Mkt / Sell Mkt: These buttons place market orders to buy or sell immediately at the best available current price.
- Join Bid / Join Ask: These buttons place limit orders at the current best bid or best ask price, allowing you to join the queue of orders at those levels rather than taking the price immediately.
Advanced Order Types and TIF
The Order Menu dropdown unlocks more sophisticated order types. While the default is a standard market or limit order, you can select advanced types like bracket orders, which automatically include pre-set profit-taking and stop-loss orders.
The TIF (Time in Force) dropdown dictates an order's lifespan:
- Day: The order remains active only for the current trading session and is canceled if not filled by the market close.
- GTC (Good 'Til Cancelled): The order will remain active in the market until it is either executed or you manually cancel it.
Best Practices for Using the Order Panel
To trade efficiently and safely, adhere to these guidelines:
- Use Trade Confirmation: Keeping this toggle on is advised for most traders, as it provides a final checkpoint to avoid costly errors caused by misclicks.
- Verify Quantity Meticulously: Always check the Qty field. This is especially important when switching between instruments that have different lot sizes or volatility profiles.
- Use Flatten and Reverse with Caution: These are powerful risk-management tools, but their immediate and sweeping nature can lead to significant changes in your portfolio. Ensure you intend to take the action before clicking.
Frequently Asked Questions
What is the main advantage of using the Order Panel?
The primary advantage is efficiency. It allows you to place, modify, and manage trades directly from your chart without switching screens or applications. This seamless integration helps you act quickly on your analysis and maintain focus.
How do I hide the Order Panel if I need more chart space?
You can easily hide the panel by clicking the small icon located in the top-right corner of your chart window. To remove the blank space entirely, right-click on the chart itself and select the "Show/Hide Trading Panel" option from the context menu.
What is the difference between 'Sell Mkt' and 'Join Ask'?
'Sell Mkt' is a market order that will sell your position immediately at the current best available bid price. 'Join Ask' places a limit order to sell at the current best ask price, meaning you may get a better price, but you have to wait for a buyer to meet your price, with no guarantee of execution.
When should I use the 'Flatten' button?
Use the 'Flatten' button when you want to immediately exit all open positions for a specific account. This is typically used to quickly realize profits, cut losses, or reduce risk exposure ahead of a major news event or market closure.
Can I practice using the Order Panel without risking real money?
Most advanced charting platforms that offer an Order Panel also provide a paper trading or demo mode. 👉 Get advanced methods for practice This allows you to familiarize yourself with all its features and test strategies using virtual funds before trading with real capital.