Click Based Trading with Intuitive Grid Display of Market Depth

Abstract

A method and system for reducing the time it takes for a trader to place a trade when electronically trading on an exchange, thus increasing the likelihood that the trader will have orders filled at desirable prices and quantities. The “Mercury” display and trading method of the present invention ensure fast and accurate execution of trades by displaying market depth on a vertical or horizontal plane, which fluctuates logically up or down, left or right across the plane as the market prices fluctuates. This allows the trader to trade quickly and efficiently.

1 . (canceled) 
     
     
         2 . A method comprising:
 displaying by a computing device a first indicator corresponding to a highest bid price for a commodity in one of a plurality of locations along a price axis, wherein each location of the plurality of locations corresponds to a price level of a plurality of price levels along the price axis;   moving by the computing device the first indicator relative to the price axis to a different location of the plurality of locations in response to receiving a new highest bid price for the commodity, wherein the different location of the first indicator corresponds to the new highest bid price;   displaying by the computing device a second indicator corresponding to a lowest ask price for the commodity in one of the plurality of locations along the price axis;   moving by the computing device the second indicator relative to the price axis to a different location of the plurality of locations in response to receiving a new lowest ask price for the commodity, wherein the different location of the second indicator corresponds to the new lowest ask price;   providing by the computing device an order entry region comprising a plurality of order entry locations along the price axis, wherein each order entry location of the plurality of order entry locations corresponds to a price level along the price axis, wherein each order entry location in the order entry region is configured to be selected by a single action of a user input device to both (i) set a plurality of parameters for a trade order and (ii) send the trade order to an electronic exchange;   receiving by the computing device from a user a first selection of a particular order entry location by a first single action of the user input device to both (i) set the plurality of parameters for the trade order and (ii) send the trade order to the electronic exchange, wherein the particular order entry location corresponds to a particular price, wherein the plurality of parameters comprises a trade order price set based on the particular price;   displaying by the computing device a working order indicator at a location corresponding to the trade order price along the price axis, wherein the working order indicator indicates that the user's trade order is pending at the trade order price at the electronic exchange; and   receiving by the computing device from the user a second selection of the location of the working order indicator by a second single action of the user input device to cancel the user's trade order pending at the trade order price at the electronic exchange.   
     
     
         3 . The method of  claim 2 , wherein at least one of the first single action of the user input device or the second single action of the user input device consists of a single click of the user input device. 
     
     
         4 . The method of  claim 2 , wherein at least one of the first single action of the user input device or the second single action of the user input device consists of a double click of the user input device. 
     
     
         5 . The method of  claim 2 , wherein the plurality of locations comprises a bid display region and an ask display region, wherein the first indicator is displayed in the bid display region and the second indicator is displayed in the ask display region. 
     
     
         6 . The method of  claim 5 , wherein the plurality of order entry locations comprises a bid order entry region and an ask order entry region. 
     
     
         7 . The method of  claim 6 , wherein the bid order entry region overlaps with the bid display region, and wherein the ask order entry region overlaps with the ask display region. 
     
     
         8 . The method of  claim 6 , wherein the user's trade order is a trade order to buy the commodity when the first selection by the first single action is received in the bid order entry region, and wherein the user's trade order is a trade order to sell the commodity when the first selection by the first single action is received in the ask order entry region. 
     
     
         9 . The method of  claim 2 , wherein the first indicator represents a quantity available at the electronic exchange to buy the commodity at the highest bid price, and wherein the second indicator represents a quantity available at the exchange to sell the commodity at the lowest ask price. 
     
     
         10 . The method of  claim 2 , wherein setting the plurality of parameters for the user's trade order comprises setting whether the user's trade order is a buy or a sell. 
     
     
         11 . The method of  claim 2 , further comprising:
 displaying by the computing device price levels along the price axis.   
     
     
         12 . The method of  claim 2 , wherein the plurality of locations comprises a working order region, wherein the working order indicator is displayed in the working order region. 
     
     
         13 . The method of  claim 2 , wherein the working order indicator dynamically displays a status of the user's trade order at the electronic exchange. 
     
     
         14 . The method of  claim 13 , wherein the status comprises a quantity currently working at the trade order price for the user's trade order at the electronic exchange. 
     
     
         15 . The method of  claim 13 , wherein the status comprises a quantity that has been filled of the user's trade order at the electronic exchange. 
     
     
         16 . The method of  claim 2 , wherein the trade order is for a default order quantity. 
     
     
         17 . The method of  claim 2 , wherein the price axis does not change position except in response to receiving a manual repositioning command. 
     
     
         18 . The method of  claim 2 , further comprising:
 receiving by the computing device from the user a manual repositioning command.   
     
     
         19 . The method of  claim 18 , further comprising:
 in response to receiving the manual repositioning command, re-centering by the computing device the price axis such that the first indicator and the second indicator are displayed substantially at the center of a window comprising the plurality of locations.   
     
     
         20 . The method of  claim 2 , further comprising:
 displaying by the computing device a third indicator corresponding to a last traded price for the commodity in one of the plurality of locations.   
     
     
         21 . The method of  claim 20 , wherein the third indicator represents a last traded quantity for the commodity at the last traded price. 
     
     
         22 . The method of  claim 21 , wherein the plurality of locations comprises a last traded quantity region, wherein the third indicator is displayed in the last traded quantity region. 
     
     
         23 . The method of  claim 2 , further comprising:
 receiving by the computing device from the user a default order quantity to be used for a plurality of trade orders; and   receiving by the computing device from the user a plurality of consecutive selections of at least one order entry location of the plurality of order entry locations, wherein each selection of the plurality of consecutive selections is by a single action of the user input device, wherein each selection of the plurality of consecutive selections both (i) sets the plurality of parameters for a trade order and (ii) sends the trade order to the electronic exchange without the user designating the default quantity between the plurality of consecutive selections, wherein the plurality of parameters for each trade order sent in response to each selection of the plurality of consecutive selections comprises an order quantity set based on the default quantity and a trade order price set based on a particular price corresponding to the respective selected order entry location.   
     
     
         24 . The method of  claim 23 , wherein the plurality of trade orders is a combination of trade orders to buy and sell the commodity.