CME Institute

Trading Simulator Guide

1. View upcoming Economic Calendar events
2. Select Futures or Options view.
1 2
• If Futures are selected, price chart is displayed and selecting
3
Trade will open a Futures order ticket for selected product and
expiration
4 5
• If Options are selected, a strike range will be displayed showing
the At the Money (ATM) strike, with ten strikes above and below
the ATM strike displayed
• Clicking on the Strike will display an Options order ticket, with the
Strike predefined in the ticket

3. Choose Asset Class

• Under each tab we offer six of the top traded futures
and options products

4. Select Contract Expiration Month

• Futures contract will display 12 months past the current month
• Options contract will display 3 months past the current month

5. Clicking Trade will display an order ticket for selected product

and expiration
• If FUTURES is selected, a Futures order ticket will display
• If OPTIONS is selected, an Options order ticket will display

6. Open Positions are shown here

7. Order Viewer displays all orders
• All Orders
• Working Orders
• Filled Orders
• Canceled

8. Account Details provide your current balance, P/L information,

and current margin requirements
Order Ticket Submission

1 2 1
2

3 3

4 5 6 4 5 6 7

7 8 8

9 9 10

Futures 11
1. Select contract expiration
2. Toggle between Futures and Options order ticket
Options
3. Current Market displays the latest market information for that
product and month 1. Select contract expiration
4. Select Order Type 2. Toggle between Futures and Options order ticket
• Limit (LMT) 3. Current Market for the specific sides of the option selected
• Market (MKT) 4. Select Order Type
• Stop (STP) •L
 imit (LMT)
• Stop Limit (STL) •M
 arket (MKT)
5. Enter Order Quantity – 1 to 10 •S
 top (STP)
6. Define Order Price – Defaults to Limit • Stop Limit (STL)
• If Limit is selected, price can be modified by using spinners. 5. Enter Order Quantity – 1 to 10
A Limit order allows the buyer to define the maximum price
6. Select Side – Buy or Sell
to pay and the seller the minimum price to accept (the limit
price). A Limit order remains on the book until the order is either 7. Select Strike Price – the strike range will be showing the At the Money
executed, canceled or expires. Any portion of the order that can strike, with 10 strikes above and below the ATM strike
be matched is immediately executed.
8. Define Order Price – Defaults to Limit
• If Market is selected, field will be inactive.
• If Limit is selected, price can be modified by using spinners
A market order placed at any time during the trading session to
immediately execute the entire order at the best available offer • If Market is selected, field will be inactive
price (for buy orders) or bid price (for sell orders). • If Stop is selected, field will be inactive. Stop Price is defined in the
• If Stop is selected, field will be inactive. field below
The Stop Price is defined in the field below. • If Stop Limit is selected, Limit Price and Stop Price should be
An order that becomes a market order when a particular price defined
level is reached. A sell stop is placed below the market; a buy
stop is placed above the market. Sometimes referred to as Stop 9. Select Time in Force – Day or GTC (Good Til Cancel)
Loss Order. 10. Select Put or Call
• If Stop Limit is selected, Limit Price and Stop Price 11. Click Submit Order
should be defined.
A stop order which becomes executable at its limit price or better,
when and if the market: (1) in the case of a Buy Stop Limit order,
trades at or above, or is bid at or above the Stop Price; or (2)
in the case of a Sell Stop Limit order, trades at or below, or is
offered at or below the Stop Price.
7. Select Time in Force – Day or GTC (Good Til Cancel)
8. Click Buy or Sell
9. Click Submit Order
Open Positions Table
The open positions table shows a users open position. An open position is a long or short position that has not been liquidated.

From this table, a user can choose to Trade the same instrument or Flatten the position.

• If Trade is selected, an order ticket will open, displaying the current position of the instrument.
The user can define order details before submitting a Buy or Sell order.

• If Flatten is selected, a market order will be submitted to close out the position.
A confirm order message will be displayed and the user must click OK.

The Open Positions section displays the current activity for open positions during the current trading session. All positions that remain open on
your books when the market closes will be maintained in the Open Positions section when the next market session starts. A trading session might
typically be 5 p.m. – 4 p.m. the following day.

Orders are executed in first-in/first- out (fifo) order. The average price (Average PX) for a position will be the average price across all of the current
positions.

Realized and Unrealized P/L will be calculated for the current trading session for the specific contract and month. All active positions will display
the positive or negative unrealized P/L as the market moves. Realized P/L will be adjusted after existing positions are closed/offset.

Option Profit and Loss Orders Table

In the screen above, a ES June 2745 call was purchased for a price The Order table consists of four sections: All Orders, Working Orders,
of 19.00. At that time, the Last price of the option was 20.00. The Filled Orders, Canceled Orders. Orders are displayed in this table for
options’ value increased by 1.00 or 4 ticks. Since, each ES option tick is the current trading session.
equivalent to $12.50, the potential profit is $50.00.
All Orders: Summary all orders entered by user in this session. Status is
Conversely, a ZC July 390 call was purchased for 5.5. The Last price of indicated in last column.
the option was 5.3. The options’ value decreased by .2 or 2 ticks. Each
Working Orders: Shows orders that are currently working in the
ZC option tick is equal to $6.25, the potential loss is $12.50.
market.

Filled Orders: Displays orders that have been filled during this session.

Canceled Orders: Shows orders that have been cancelled by the user
during session.
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