TT Position management

[MrGecko]

right gents, got a question about how spreads + outrights are displayed in TT.

Probably best to give you an example:

Bought Z8H9
Sold Z8M9
Bought H9M9

Did that on Eurodollar STIRS today. The outright contracts net out to zero - but the market window shows me long the two 3 months spreads and short the six month.....

then went on to

Bought U8Z8
Sold U8H9

so short Z8H9.... position in outrights confirms this, yet the Market Window still shows me long Z8H9 from the first set of trades - I am long and short the same spread simultaneously?!

It's all rather confusing. Shouldn't the spreads and the outrights offset each other? Selling a spread shows up in the "outrights" , but it seems the only way for TT to "close" (for want of better word) a spread position is to buy / sell it back to the market.

It makes the PnL confusing as hell (with all these open positions, that arent really there), and I dread to think what legging into or out of a spread will look like.

Anybody got a way around this / in the same situation but theres something I don't know?

Be kind, I'm learning.

 

[jcmh]

If i understand your question correctly, it all depends upon how your TT gateway/server is configured. Normally by trading the spreads the outrights will be offset, and you shouldn't see a spread position. However if your clearer hasn't set it up like this your outrights will still disappear but you'll be left with a spread position. (Assuming the spread is exchange traded). Confusing yes.

 

[MrGecko]

If i understand your question correctly, it all depends upon how your TT gateway/server is configured. Normally by trading the spreads the outrights will be offset, and you shouldn't see a spread position. However if your clearer hasn't set it up like this your outrights will still disappear but you'll be left with a spread position. (Assuming the spread is exchange traded). Confusing yes.

Thanks, no-one had mentioned that before. I've got round it by not showing the spreads in the fill window, and I'm usng the spread matrix to monitor my positions rather than the market window - in the matrix, spreads and outrights offset one another.

I take it then you are using TT as a front end also... which products? Prop / arcade etc...?

Thanks again for the reply, and welcome to T2W.

 

[jcmh]

Yeah, mainly use TT, but also PATS - dinosaur, but access to all markets. Despite the union jack i trade in sleepy Australia. Started at Mac in London about 6 yrs ago, Refco, Etc. Which i presume with your Gib flag is familiar to you. Trade my own account on pretty much all Eurex/Liffe (except the short end) and SFE (Sydney). Was an outright Dax trader until i moved here and the latency caught up, so now it's all spread!