The Strategy Control List
The drop down list shown in the image below is very important to understand as it defines how your orders will be handled once submitted. There are three main categories of options that will be displayed in this drop down list; , or strategy template names, and .
When this option is selected, any orders placed in the entry window will not be applied to an active ATM Strategy nor will it initiate a new ATM strategy.
<Custom> or ATM Strategy Template Names
When an ATM Strategy template name is selected, all of the parameters will update to reflect your pre-defined ATM Strategy, or when is selected, you have the ability to define a new ATM Strategy on the fly. Once an order is submitted, the ATM Strategy parameters specified will be initiated when the order is partially or completely filled.
* Active ATM Strategy Names
All active (live and working) ATM Strategies will be displayed. If one is selected, any order submitted will be applied to the selected active ATM Strategy. For example, if you have an active ATM Strategy with a stop and target bracket for 1 contract, if you are filled on another contract, the fill is applied to this ATM Strategy and the stop and target bracket is automatically updated from 1 contract to 2 contracts.
Strategy Selection Mode Overview
The behavior of the strategy control list can be controlled automatically by selecting an ATM Strategy Selection Mode.
When it comes to the automatic submission of Stop Loss and Profit Targets and how subsequent order fills are handled, there are two approaches:
1. Scaling into a position or out of a position should automatically update the order sizes of existing stop and target brackets
2. Scaling into a position should create a new set of stop and target brackets based on the new order fill price
If you always want to operate with approach number 1, then you will always want to have the ATM Strategy control list set to your active ATM Strategy when one exists. This is accomplished by setting the ATM Strategy Selection Mode to "SelectActiveATMStrategyOnOrderSubmission". If you would rather have new stop and target brackets submitted on a new fill, then set the ATM Strategy Selection Mode to "KeepSelectedATMStrategyTemplateOnOrderSubmission" and the strategy control list will not automatically set to an active strategy when one is created.