Order management

Supported Brokers

If you have a trading account at Interactive Brokers or any MetaTrader 4 broker, you may enjoy the super-intuitive order management functions built into VestraCharts.

MetaTrader 4

To receive real-time data and manage orders, first you need to
Set up VestraCharts MetaTrader Bridge

Interactive Brokers

To receive real-time data and manage orders, first you need to
Connect VestraCharts to Interactive Brokers

 

The following examples assume a MetaTrader connection, but they can be applied to an Interactive Brokers or MBTrading scenario as well. The only difference is that in the latter case the IB or MB data provider is used on the chart.


To Open A Position At Market Price

You can create a new order on the ticker of the currently active chart window.

Let’s create a Market Buy order on the EUR/USD. First, make sure that in the active chart window EUR/USD is displayed, then in the Order Entry window, under Create New Trade, click the Long button.

The following screenshot displays the different aspects (marked by numbers in red dots) of a new order entry:

  1. Position Size: it should be specified in units, even for currency pairs. VestraCharts will automatically remember the last position size entered for a given ticker.
    (Different MetaTrader brokers may use different lot sizes. The standard lot size is 1 lot = 100 000 units, but there may be brokers where 1 lot is 10.000 units. You always enter units in this field, and VestraCharts will use the correct lot size automatically.)
  2. 1 pip value: it is determined by the position size and the ticker type.
    VestraCharts knows the pip value of the most common Futures contracts. If a ??? sign is displayed, then the current ticker is unknown to VestraCharts. In this case you can still trade with that ticker, but some of the functionality of VestraCharts may not be available.
  3. Entry price: click on the small M push button next to the Entry Price text box to enable Market order option. If this button is activated, the Entry Price text box becomes disabled, and is automatically updated to the current market price.
    (The real open price is determined by your broker after you had submit your order. The value displayed here is informational, and does not necessarily reflect the actual open price settled by your broker for you.)
  4. Position icon: in the chart window a new Position icon is created at the entry price. The small up arrow icon indicates that a Long position is created. The icon is empty meaning that the order has not been filled yet.
  5. Order Tool: when creating a new order or modifying an existing one, the Order tool is activated automatically. If this tool is active, you can modify the order parameters on the chart (more about this later).

The order being created is not sent to the broker yet. Make sure that the M icon located next to the Entry Price text box is activated (pushed in) indicating that you enter at Market price. Now click on the Create button to submit the order to the broker.

The newly created Market order should be filled in a few seconds. Check your position on the lower pane of the Order Entry window. There should be one open position that is filled (indicated by the filled circle), and it is a Long position (the arrow icon is pointing upwards). You have bought 100K (100 000) units. The number next to the small balance icon shows the current profit or loss on that position.


To open a position at pre-defined price

Typically you intend to open a new position in the future, at a price level specified by you. Depending on the current market price and the requested entry price four possible situations can occur:


Long Limit: go long when the current price goes down to the entry price.
You expect the price to rise afterwards.

Long Stop: go long when the current price breaks above the entry price.
You expect the price to continue rising.

Short Limit: go short when the price goes up to the entry price.
You expect the price to fall afterwards.

Short Stop: go short when the price breaks below the entry price.
You expect the price to continue falling.

VestraCharts will automatically create the correct order type. All you need to do is set the requested Entry Price.

Let’s open a new Long Stop position!

  1. Click the Long button in the Order Entry window. Hover over the Position icon in the chart window. The cursor changes into a double arrow, indicating that you can move the entry price up or down.
  2. Click and hold the left mouse button, and move the entry price level upward from the current market price about 10-15 pips. Now release the left mouse button, and click the Create button in the Order Entry window to place the order.
  3. A new entry is displayed in the Active Positions list. Its icon is not filled, indicating that this order is waiting to be filled. The entry price level is also displayed in the position box.

Select a position to modify

If you want to modify an existing position, first click on the position entry in the Active positions list to select it.

The parameters of the selected position is displayed in the Order Entry window.

Modify a Waiting position

A position is in Waiting state, when it has already created and sent to the broker as a Limit or Stop entry order, but has not been filled yet.

You can modify the Entry price of a position in Waiting state.

Drag the Position entry icon on the chart to the new desired entry price level.

 

Modify a Filled position

A position is in Filled state when it has been filled, and has not been closed yet. You currently hold that position, and your actual profit and loss display changes as the current market price of that instrument fluctuates.

You can not modify the Entry price of a position in Filled state.

Modify the Stop and Target prices

You can modify the Stop and Target prices when creating a new order, or while it is either in Waiting or Filled state. More about this topic at the Stop / Target slide of this page.

Commit changes

You must send the changes you made to the broker by clicking on the Modify button in the Order Entry window.

You can cancel the recent changes by pressing the Cancel button.



You can set the Stop and Target prices when you create a new position, or by modifying an existing position.

The Stop and Target textboxes are located above and below the Entry price textbox on the Order Entry window, depending on the direction of the position (long or short). The red textbox is for the Stop, the green textbox is for the Target price.

Long: The Stop price (red) is below, the Target price (green) is above the Entry price

Short: The Stop price (red) is above, the Target price (green) is below the Entry price

 

To set the stop price


1. Click the Stop (red) textbox.

2. On the chart window, drag the Stop icon to the desired price level.

 

3. While you move the Stop price, check the Order Entry window. It shows the Stop distance in Pips.
(in Ticks for a Futures contract, or in cents for a stock)

4. Check the Position entry at the Active positions list to see your maximum risk if you set the stop level to the current value.
If you have multiple positions, check the total risk below the positions.

 

To set the Target price


1. Click the Target (green) textbox.

2. On the chart window, drag the Target icon to the desired price level.

 

3. While you move the Target price , check the Order Entry window. It shows the Target distance in Pips.
(in Ticks for a Futures contract, or in cents for a stock)

4. Check the Position entry at the Active positions list to see your maximum reward if you set the target level to the current value.
If you have multiple positions, check the total reward below the positions.

 
 

You have to send the changes to the Stop and Target prices to the broker by pressing the Create or Modify button in the Order Entry window!

 

To cancel your recent changes, press the Cancel button.


To remove a Waiting position


Select the position you want to remove by clicking on that position in the Active positions list.

Click the Remove button in the Order Entry window.

 

Since you removed a Waiting position, no real trade has happened. You only revoked your intention to enter a trade.

To close a Filled position


Select the position you want to close by clicking on that position in the Active position list.

Click the Close button on the Order Entry window.

 

By closing the position that way, it will be closed at Market price! The closed position will appear in the Order History.

Trade History

The intuitive Trade History built into VestraCharts lets you easily analyze your trading performance.

In the Order History window, your past trades are displayed and sorted by close date.

You can filter the contents of this list in the upper toolbar by choosing a specific Ticker or a date range.

The summary panel at the bottom shows the data about the currently filtered list: Losing Trades, Balance, and Winning Trades.

Viewing the history of a trade on the chart

The full history of a trade can be displayed on the chart. First go to the Order History window, and click on the Show/Hide trade history icon at the top toolbar.

The small icons on the chart indicate the trade direction (Long or Short), and the outcome (Winner or Loser)
The Trade History is displayed on all time frames.

Examine the details of a trade

You can examine the full detailed history of a single trade on the chart. Select the trade first:

Either click on the trade item in the Order History window.

Or activate the Order Tool (1), and click on the open or close icon of the trade on the chart (2).

The lines and icons on the chart display the full history of the selected trade.

  1. The entry side and price level: Long , Short .
  2. If the side is Long, the lower dashed line is the Stop level, and the upper dashed line is the Target level. If the side is Short, the upper dashed line is the Stop level, and the lower dashed line is the Target level.
  3. A szagatott vonal mutatja a stop és a target időbeni és értékbeli változtatásait.
  4. The icon at the exit point shows the trade result: Target reached , Stopped out , Closed manually .
  5. The balance of the trade

Trade details

Some details are automatically hidden if the Order History window is too narrow. If you don’t see all the data shown in the picture below, resize the Order History window.

  1. In the first row: Side (Long or Short ), Ticker, quantity, and balance.
  2. The second row shows the data about entering the trade. The icon shows the order type : Market , Long Stop , Long Limit , Short Stop or Short Limit . Then the entry price and the entry time is displayed.
  3. The third row shows the data about closing the trade. The icon shows the close type: Stop , Target or Manual . Then the close price and close time is displayed.

Export trade history

To export the currently filtered trade history data to an Excel spreadsheed, click on the Excel icon on the top toolbar of the Order History window.


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