How to use Consolidated Orders

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Video Transcript:

Hello, traders. So welcome to the NinjaTrader Tutorial on the third module, SuperDOM Overview. In this lesson, we’re going to talk about consolidated price orders. And this is an advanced feature of the SuperDOM and the SuperDOM order display and order modification.

Now, the first thing we’re going to do in order for me to explain to you what consolidated orders are, we are going to place a buy limit order right here at 50.57. You can see that we are trying to buy the market at 50.57, because we have a buy limit order of one contract. But we also want to buy the market if it goes below 50.57 and touches 50.50. So what we’re going to do, is we’re going to place a second limit order at 50.50.

Consolidated Orders

Now, to consolidate orders, first of all, you can see that the order size display is green on both orders because these are working orders. And the size displays one on each order; meaning that we have one contract at a buy limit at 50.57 and one contract at buy limit at 50.50. If I modify this 50.57 order and bring it to 50.50, you can see that I have now consolidated the two orders into one at the 50.50 level. And you can see that the size display displays two, but if you look closely, you can see that we have a S on the size display. When you have a S on the size display, this means that you have two orders or three orders or various orders stacked at this level; meaning that they are consolidated.

What we are going to do now, is we’re going to look at both of the orders that are consolidated and stacked on top of each other. And by doing so, you go to the limit order or whatever order it is that you have consolidated within the DOM and you right-click on it. When you right-click on it, you can see that we have two buy orders at 50.50, and if you hover over one, you can cancel one or you can cancel the other. We are going to go ahead and cancel one of the two orders and you can see that one order was cancelled, and now the display of the order has gone back to one without the S. We are going to go ahead and cancel one of the two orders that are stacked right here at the 50.50 level. We have now again cancelled one of the orders, and if you wish to cancel the second, you can do so by clicking on this red cross at the left of the order.

Adam

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