I agree. SierraChart handles this very well, but the Tradovate interface (both in the DOM and the chart) could be improved as you mention.
The chart click could use additional buttons. For a scalper, it needs a way to click one time to enter the order, so if you click once to prepare your entry point, it needs to offer:
Why? Because price can easily pass through in seconds and you are trying to sell or buy in the opposite direction for a fade.
SierraChart handles this by synchronizing the DOM with the chart.
If you click on the DOM once, the bracket is placed instantly (no popups or confirmations).
There are four options.
- you click above price in the sell column - sell limit order is placed
- you click below price in the sell column - sell stop order is placed
- you click above price in the buy column - buy stop order is placed
- you click below price in the buy column - buy limit order is placed
This allows a perfect setup for fading and scalping because you can prepare your entry level, let price pass through it, and then get in quickly for the fade.
With the current interface, on a tick chart, this can be impossible to catch because it requires a click on the chart, another click on the button, but since price hasn’t moved through the menu doesn’t have the buy stop or buy limit or sell stop or sell limit. It only shows two buttons rather than all four…And if you try to go over an do this on the DOM, it’s not scaled with the chart so you have to keep looking back to the chart to see your levels. Only possible with an interface like sierrachart. Doesn’t work in tradingview either because, while they offer 1-click order entry, they do not offer a bracket order and you simply must have the take profit order in place when the order is entered otherwise price can go to target faster than you can click to close and retrace to beyond your entry point.
So, for me, this means:
- Dock and scale the dom with each chart.
Allow the user to configure left/right click for stop/limit as some users will want to click above and below price with left mouse only and not need to remember to right click above price to get the stop type entry…
If the dom is with the chart, and a cross hairs mouse bar shows you on the chart where you are entering, you can buy or sell and the order will be placed perfectly.