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How to Place Orders with the DOM

Video Transcript

In this video I want to take you through and give you a brief description of the DOM. The DOM is this tab here, it's the green, white, and red tab. You'll notice that it looks very similar to the trading tab over here on this side. But the difference is that we have this price ladder on the bottom. The price ladder is a common way of looking at prices as they appear above and below the current strike price. You'll notice this strike price is listed here. We have the blue and the red, which is your bid and your ask. On the right hand side we have Ask, which is your Buy side. Bid which is your Sell side. Notice that the Bid or the Sell side is red and the Ask or the Buy side is green.

Now, a lot of people like to have that reversed, for some reason. We can change it, just by right clicking on the price header, and you have a series of selectors. Which would change this from making the Bid or the Sell be green and the Ask or the Buy be red. But my preference is to have that red means Sell and green means Buy. So we have that capability. We also have the capability in the DOM of right clicking on the header again, and showing the volume. We can have the volume for any given price level around the strike price. We also have the ability to collapse the prices. So if you click collapse, there will be a number of price levels in here where there is no activity. It will justremove those from the list. If there is no activity, no volume, no active orders sitting there available to be traded. It's a nice way of consolidating your look or your view.

Now, trading off the DOM is very simple. If you would like to place an order above the market, you just simply click on the left-hand side or Sell, above the strike. This would be a Sell, so Track 'n Trade is smart enough to know that if you click this price level, that it's going to place an order to sell at the specified price. You'd hit Okay, and it's going to Sell at the specified price. It placed a Limit Order in there to Sell at the specified price. Because it was a Limit order to Sell above the strike price. So we're going to exit this one. If we wanted to Buy below the strike price, we would come in here we would be on the right-hand side, we would be in the green Level. We would specify the price that we want to Buy at, we simply click that price. It pops up and it says Buy one at that price. We say Okay. It's now placing a Limit order to Buy the specified price which was below the market. So, this is how you trade using the DOM.

Let's go ahead and say Exit Chart. Say Yes. The other thing that's very important about the DOM is being able to place orders or Drag 'n Drop orders off the DOM as well. You don't have to just place order by clicking the order price ladder, you can also come in and you can use the Drag 'n Drop orders, as well, off of this same window. So, very simply putting all these features and capabilities of order placement, all on one window itself.


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