Trading Interface Price Change Alerts
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Solution Overview
Problem
In electronic trading systems, users face the risk of entering erroneous trade commands due to rapidly changing market conditions, especially when monitoring multiple screens, leading to undesirable results.
Innovation Solution
A user interface system that notifies users of price changes and allows them to submit, modify, or cancel trade commands based on predetermined time spans or price increments, ensuring accurate and efficient trading by adding an additional step to the order entry process.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If users manually enter trade commands in rapidly changing markets, then trading speed and efficiency are improved, but the risk of erroneous price entries increases
Solution Approach 1:
The system performs preliminary detection of price changes between the time a trade command is initiated and when it is executed. By detecting price changes in advance and alerting users before the trade is finalized, the system allows users to correct erroneous entries while maintaining fast trading execution.
Solution Approach 2:
The system provides immediate feedback to users when a price change is detected during the trade execution process. This feedback mechanism notifies users of the price discrepancy and gives them the option to cancel or modify the trade command, thereby preventing erroneous trades while preserving trading speed.
2Adaptability or versatility
If users monitor multiple screens simultaneously to track different markets, then comprehensive market coverage is improved, but the likelihood of erroneous entries increases
Solution Approach 1:
The system provides automatic feedback by detecting price changes on any monitored screen and alerting the user before the trade is executed. This eliminates the need for users to manually verify prices across multiple screens, as the system automatically checks and notifies them of any price discrepancies.
Solution Approach 2:
The system performs self-verification by automatically detecting and validating price information across multiple screens. The system independently monitors price changes and provides alerts without requiring user attention to each screen, thereby maintaining comprehensive market coverage while improving accuracy.
3Reliability
If the system adds confirmation steps to verify price changes, then trading accuracy is improved, but trading efficiency may deteriorate
Solution Approach 1:
The system applies partial confirmation by only requiring user intervention when a price change is actually detected. If no price change occurs, the trade executes automatically without any confirmation step. This selective approach maintains high trading accuracy when needed while preserving trading efficiency in normal conditions.
Solution Approach 2:
The system performs preliminary detection of price changes before execution. By detecting price changes in advance and only then prompting for confirmation, the system avoids unnecessary delays in trades with correct prices while ensuring accuracy when price changes are detected.
Data Source
AI summary
The invention relates to systems and methods that provide a user interface for use with an electronic trading system. The interface notifies the user that the price at which he or she may have attempted to trade has changed and presents the user with the opportunity to submit, modify or cancel the trade command. The user may configure the trading system to enable such a notification based on the time span for the price change, the number of increments of the price change, a combination thereof or any other appropriate consideration for protecting against the occurrence of erroneous price entries. Subsequent trade commands, such as those entered by third parties, may be used to validate prices and execute trades at these prices.