Hi, I am just getting back into trading commodities again after a many year hiatus. Back in the day before ZC or ZW I always saw the grain prices quoted in just cents i.e 6022 etc., well the last digit used to be a 2/4/6 depending on the application. I am just getting setup with Open E-Cry and a Multichart Demo and Open E Cry quotes it as 6.0xx. I chatted with Multicharts and they had me change the settings to Price scale 1/1000, Min. Move 250. Does this seem right to you guys? Is there a better more accurate way to display it available to me.
Last edited by Big Mike; November 1st, 2010 at 05:48 PM.
Reason: moved to commodities
I do not trade grains but you can easily change the price scale in quotemanager in MultiCharts to whatever it needs to be.
When setting up a new instrument I am unfamiliar with, I usually go to CME's website and find the contract specifications so I can get the RTH hours and the tick size/point dollar value, as well as the price scale info. Not all of it is spelled out, but it is all there if you look for it. If nothing else, there is trial and error Just remember, if you do change the price scale in QM you'll need to Ctrl-R reload your chart data in MultiCharts.
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Yes, it is correct if you are trading Globex. I think the pit traded contracts were 0/2/4/6, and I see that pricing on the CME site also. But trading the grains is definitely 0.25 cents increments on Globex.
Since '05 most of the volume is on Globex anyway.
The following user says Thank You to traderwerks for this post:
'6022' equates to "$6.02 1/4" or "$6.0225" depending on what software you're looking at. I think most data vendors give you the flexibility to use the format you prefer. Otherwise just know that the last digit in the '6022' quote indicates a fraction. 2 = 1/4 cent....4 = 1/2 cent....6=3/4 cent....and '0' is used if the contract is trading in whole cents. I'm sure you've figured that out by now, but I thought this might someone else at some point.
The following user says Thank You to DougM for this post: