Click Based Trading with Market Depth Display

Abstract

A method and system for reducing the time it takes for a trader to place a trade when electronically trading commodities on an exchange, thus increasing the likelihood that the trader will have orders filled at desirable prices and quantities. Click based trading, as described herein and specifically the “Click” and “Dime” methods of the present invention, enables a trader to execute single mouse click trades for large volumes of commodities at a price within a pre-specified range.

1 . (canceled) 
     
     
         2 . A system including:
 a computer device,   wherein the computer device is configured to display a graphical user interface comprising an order entry region, the order entry region comprising a plurality of locations for receiving commands to send a trade order to buy or sell a tradable object at an electronic exchange, each location corresponding to a price level of a plurality of price levels, wherein the price level associated with each location dynamically changes based on market data being received from the electronic exchange,   wherein the computer device is configured to define a reference price level for order placement of trade orders to buy or sell the tradable object,   wherein the computer device is configured to detect an initiation of placement of a trade order relating to the tradable object at a price through a selection by a user input device of a location corresponding to the price level in the order entry region,   wherein the computer device is configured to determine a selected price corresponding to the selected location when the selection is received,   wherein the computer device is configured to compare the selected price of the trade order to buy or sell the tradable object to an acceptable price range, wherein the acceptable price range is based on the reference price level and an offset parameter,   wherein the computer device is configured to initiate submission of the trade order to the electronic exchange when the price of the order is within the acceptable price range, and   wherein the computer device is configured to prevent initiation of submission of the trade order to the electronic exchange when the price of the trade order is outside the acceptable price range.   
     
     
         3 . The system of  claim 2 , wherein the reference price level is based on the last traded price. 
     
     
         4 . The system of  claim 2 , wherein the reference price level is based on a theoretical price. 
     
     
         5 . The system of  claim 2 , wherein the computer device is further configured to define the offset parameter. 
     
     
         6 . The system of  claim 2 , wherein the offset parameter comprises a number of ticks away from the reference price level. 
     
     
         7 . The system of  claim 2 , wherein a boundary of the acceptable price range is defined by adding the offset parameter to the reference price level. 
     
     
         8 . The system of  claim 2 , wherein a boundary of the acceptable price range is defined by subtracting the offset parameter from the reference price level. 
     
     
         9 . The system of  claim 2 , wherein the acceptable price range comprises price levels between a boundary price level and the reference price level, wherein the boundary price level is based on the offset parameter and the reference price level. 
     
     
         10 . The system of  claim 2 , wherein the acceptable price range comprises price levels between a first boundary price level and a second boundary price level, wherein the first boundary price level is computed by adding the offset parameter to the reference price level, and wherein the second boundary price level is computed by subtracting the offset parameter from the reference price level. 
     
     
         11 . The system of  claim 2 , wherein to initiate submission of the trade order the computer device is configured to transmit the trade order to the electronic exchange. 
     
     
         12 . The system of  claim 2 , wherein the computer device is configured to prevent the trade order from being sent to the electronic exchange when the price of the trade order is outside the acceptable price range.