Professional Charting Solutions for Professional Traders

The evolution from open outcry to screen-based trading has blurred the traditional line's between the Independent Software Vendors (ISVs) who facilitate the orders and the data vendors who disseminate the traded price information. Today's environment allows the opportunity to capture trade data directly from the execution stream-as opposed to a data vendor's consolidated ticker stream. Charts and decision-support tools demand executable quality prices to accurately analyze and generate trade decisions.

Enhances the X_TRADER® Platform

Building on the X_TRADER order-entry product line's established reputation for performance and innovation, Trading Technologies (TT) has developed a trader-centric charting platform. X_STUDY provides charting and analytics fully integrated into the TT software architecture.

High-Performance Architecture

A new TT component known as the Financial Market Data Server (FMDS) captures time series data directly from the exchange feeds. Then the X_STUDY charting component blends the historical time series from FMDS with continuous real-time updates from the TT price stream-the same price stream used for trade execution. The end result is the best of both worlds:

• Accurate historical data for prices and traded volume
• The price on the current bar on the X_STUDY chart is the same identical price as on the X_TRADER order entry screen

Excel® Linking

You can link current values of Technical Indicators and Trendlines into Excel. Excel updates the values in real time as X_STUDY updates.

Unique Data Sets

Unique from the start, FMDS captures more than the traditional elements of price, size and time. Along with each trade, FMDS stores information about the trade that is indispensable to traders. Data such as the current bid and offer at the time of the trade, and whether the trade is a Buy or a Sell, i.e., whether it occurred on the bid or on the offer, provides opportunities to develop custom price and volume analytics that are impossible to create without this key information.

Innovative Volume Analysis

From this unique data set, X_STUDY™ offers volume analysis tools unavailable anywhere. Six different types of volume displays are provided. Display just the Buys, or just the Sells. Display a traditional total traded volume histogram, or overlay the Volume Delta (net buying vs. selling) on top, color-coded for quick visual interpretation. The Cumulative Volume Delta (CVD) indicator displays a running total of net buying vs. selling, providing a quantified view of distribution and accumulation for short- (or longer) term swings. Volume at Price (VAP) dislay total volume traded at specific price levels via histogram. The FMDS server supplies the VAP data based on the visible bars.

True Spread Charts

Along with traditional Last-to-Last traded price comparisons, X_STUDY offers spread charts based on real-world market conditions. Spreads can be displayed as Bid-to-Bid, Ask-to-Ask comparisons to simulate realistic spread trading. X_STUDY spread charts are full-featured charts and offer all the same analysis functionality as outright instruments.

Chart-Based Execution

The tight integration of charting and executable prices establishes X_STUDY as the platform of choice for the next level of charting functionality: chart-based execution. X_STUDY can optionally display the patented MD Trader® market depth grid adjacent to the price axis on the chart, with the grid price levels aligned to the chart bars. Single-click order entry is part of the chart.

Powerful Analytical Tools A full suite of charting and technical analysis tools are available, including:

• Traditional bar charts
• Candlestick charts
• Close only (line or dot) charts

Thirty-one of the most popular technical studies are available:

AD Accumulation/Distribution
ATR Average True Range
ADX Average Directional Movement Index
BB Bollinger Band
BBW Bollinger Band Width
CCI Commodity Channel Index
DMI Directional Movement Indicators
KC Keltner Channel
MACD Moving Avg Conv/Divergence
MOM Momentum
SMA Moving Average - Simple
EMA Moving Average - Exponential
TMA Moving Average - Triangular
WMA Moving Average - Weighted
OBV On Balance Volume
SAR Parabolic SAR
PC Price Channel
PPO Percent Price Oscillator

--- Position Indicators
PVT Price Volume Trend
ROC Rate of Change
RSI Relative Strength Index
STOCH Stochastic
CBAVol Volume - Cumulative Bid/Ask
BVOL Volume - Cumulative Bid
AVOL Volume - Cumulative Ask
VOL? Volume Delta
VOL? Volume Delta Histogram
CVOL? Cumulative Volume Delta
VAP Volume at Price
Will%R Williams %R

Six drawing tools are provided including:

• Trendlines
• Fibonacci extensions
• Fibonacci retracements
• Vertical markers
• Horizontal markers
• Text annotations