In the video below, you'll be taught how to build various types of popular hotkeys and learn about their intended uses.
(Remember you can always print out your hotkeys or save it as a PDF to review in your hotkey editor!)
Enable Hot Keys - This box must be checked for hot keys to function.
Display Level 1 Window to Provide Missing Order Parameters (Equities) - Normally, when a hot key is created every field must be filled in or the hot key will reject when used (please note, certain fields such as Price increment and Preference are not necessary for the hot keys to work). When this setting is checked, a user may choose to leave a field blank. When the hot key is used, a level 1 window pops up with the hot key parameters filled in, except for the fields left blank. The trader can then update the blank field and send the hot key as if it was a Level 1 OE order (or they can cancel it without sending the order). This feature gives traders the ability to amend hot key orders on the fly.
Mode - There are two mode settings, “Load” and “Load and Go”. Load pre-fills the order entry screen. Load and Go sends orders, immediately. So, if you want hot keys to send orders immediately, select “Load and Go.” If you want a hot key to pre-fill the order entry screen only, giving you the opportunity to examine or scan the staged order before you transmit it, you will want to use Load.
Override Key - This is a tricky one. If the Mode is set to Load and Go, you can override the Mode so the hot key used will only load (the reverse is also true). So if you have a Load and Go hot key of [Shift]+B to send an order, by hitting [Ctrl]+[Shift]+B will instead only load the order. It's tricky because if you have a hot key that already uses [Ctrl], then the override won't work properly. Of course, you could select [Shift] or [Alt] as the override key, but then any hot keys already using [Shift] or [Alt] would run into problems if you try to override.
Custom Hot Keys
To design a Custom hot key from “Hot Keys Global Order Entry” screen, do the following:
1. Click on the Add button located at the top right of the Hot Keys screen in the Global Settings.
The “Add Hot Key” window will pop up.
Click on each desired field to select the data you want in the hot key. For Quantity, you can either type-in a specific amount, such as “500,” or you can select values such as “Default,” “Current,” “Open Pos,” or “Half Pos.” These values are the same as the ones found in the “Equities” tab of the Global Order Entry Settings window, or in the Local Order Entry Settings window. In the example below, we are designing this hotkey to buy 500 shares @ MKT on ARCA, with DAY as the Time-In-Force. This setup is very similar to the Level I OE:
Click in the Hot Key field and press the desired keystroke combination on your keyboard.
Name your hot key.
Click the “Add” button. Your new hot key will now show up on the Hot Key list.
In the above example, we filled in Side, Quantity, Price, Account, Destination, and Time in force. The Account field reads “Current”. If you have multiple accounts, selecting “Current” means the hot key will affect the account currently listed in the order entry screen.
If you want to use a hot key as a hot button in Level II OE, you MUST name your hot key in this edit hot key window.
CLOSE POS / CLOSE HALF- If you wish, you may choose to designate a custom hot key to “Close Pos” or “Close Half” (of a position). This is a very fast and efficient tool for closing out of a position right away, with the fewest possible keystrokes required.
When you select either “Close Pos” or “Close Half” from the “Side” pull-down menu, the system will automatically find and then load the current quantity of your Position, along with the Side required to close it out.For example, if your position is Long, the Side will automatically be loaded to SELL; if your position is Short, the side will automatically be loaded to BUY. Note in the example below, that the Quantity field is grayed-out when the “Close Pos” Side values is selected, since the “Quantity” is superfluous at that point; the required quantity is automatically included with the “Close Pos” selection. If you were to then select a “Price” of MKT, you would now have a dynamic hotkey tool that is primed to close out an existing position at a moment’s notice.