1 Overview of the Trade Signal Email
Every time a system you are subscribed to on Collective2 produces a new trade signal, or an update to an existing signal, you will receive an email that looks similar to the one shown below. This guide explains each aspect of the trade signal and what it means so you are completely sure of the information you are being provided by the system vendor.
Latest Trading Signal Update
C2 Sample System
Below you'll find the most recent status of trades recommended
by C2 Sample System. We highlight with a 
those
trades which are new, but we may also display other, previous trades, and their
status, so that you will have context for this latest dispatch.
New? |
Signal ID |
Time Posted (EST) |
OCA? |
Action |
Quant |
Symbol |
Type |
Duration |
Comment |
|||
|
19461865 |
|
Buy to open |
2 |
@ESM6 E-MINI S&P 500 JUN 2006 |
@ limit 1315 |
GTC |
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|
19461868 |
|
|
Cond |
|
2 |
@ESM6 E-MINI S&P 500 JUN 2006 |
@ limit 1320 |
GTC |
|||
|
19461871 |
|
|
Cond |
|
2 |
@ESM6 E-MINI S&P 500 JUN 2006 |
@ stop 1310 |
GTC |
|
This email is being sent to you by Collective2 Corporation.
You may not re-distribute this content without permission of Collective2 Corporation and the system provider.
For more information about your account, log in to www.collective2.com
Collective2 takes no responsibility for the content of this email.
Each section of the email will now be described.
2 Heading
Latest Trading Signal Update
C2 Sample System
The heading lists the system name that the trading signal update is for. In this case the system is called ‘C2 Sample System’.
3 Description
Below you'll find the most recent status of trades recommended
by C2 Sample System. We highlight with a those
trades which are new, but we may also display other, previous trades, and their
status, so that you will have context for this latest dispatch.
The description tells you about why you are receiving this
email. Note that signals included in the table that do not have the icon
will have been sent in a previous signal email and are included simply for
context. Only signals with the icon
are new signals you have not previously received.
4 Signals
New? |
Signal ID |
Time Posted (EST) |
OCA? |
Action |
Quant |
Symbol |
Type |
Duration |
Comment |
|||
|
19461865 |
|
Buy to open |
2 |
@ESM6 E-MINI S&P 500 JUN 2006 |
@ limit 1315 |
GTC |
|||||
|
19461868 |
|
|
Cond |
|
2 |
@ESM6 E-MINI S&P 500 JUN 2006 |
@ limit 1320 |
GTC |
|||
|
19461871 |
|
|
Cond |
|
2 |
@ESM6 E-MINI S&P 500 JUN 2006 |
@ stop 1310 |
GTC |
Each new signal for the system will have one line in the table. Each column will now be described.
4.1 New?
This column will contain the icon
if it is a new signal that has not been emailed to you before. If it is a
signal that has previously been emailed this column will be blank
4.2 Signal ID
This is a unique identifier for this particular signal generated for the system. It can be used to match up signals in the email with positions listed on Collective2 for the system. If you ever have a query about a particular signal, you should refer to this identifier when contacting the system vendor or Collective2.
4.3 Time Posted (EST)
This is the date and time that the actual trade signal was entered in to Collective2 by the system vendor in Eastern Standard Time. Please note that due to the speed of the internet connection you have, and your incoming email server, there may be a delay between the trade being entered by the system vendor and you receiving the email. If you require more rapid dissemination of trading signals you should consider using the Instant Trade Messenger (ITM) which can be launched by going to the system details page for the system you are subscribed to and selecting the ‘Open Instant Trade Messenger (ITM) Window’ link (shown below).
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Open Instant Trade Messenger (ITM) window |
If the time has a 
icon in
front of it (4/5/06
21:18 for example) then that means it is an order that is conditional on
another one being executed and the date and time will be the time that the parent
order was entered by the system vendor. These orders will also have Cond in the column before the
Action column to indicate that this order is conditional on another one being
executed.
4.4 Likely Fill
After the time posted column there is a blank column in our example. This is where the details for a filled order would appear (if the signal was a market order for example and had been filled immediately).
An example of a likely fill message would be:
Likely fill @36.25 09:48
The fill price and time (EST) would be listed. Please note that Collective2 estimates the actual fill price of an order using market data at the time the signal is entered by the system vendor. This does not necessarily mean that any trades actually took place on an exchange at this price, or that you will be able to actually trade at this price right now.
4.5 OCA?
OCA stands for ‘One Cancels All’ and means that this signal
is part of a group of orders where the others will be cancelled if one of them
is executed. A signal that is part of an OCA group will have the 
icon in the OCA? column.
The most common use for an OCA group is to automatically close a position if either a pre-determined profit target is hit, or at a pre-determined loss point. The OCA group ensures that if either the profit-taking order or the stop loss order is executed, then the other one will be cancelled.
In the example above, the original position is opened with a limit order of 1315, and then has a profit-taking order at 1320, and a stop-loss order at 1310. Since these are part of an OCA group, if the price either goes up to 1320 (so the profit-taking order is executed), or goes down to 1310 (so the stop-loss order is executed) the other order in the OCA group will be cancelled automatically.
4.6 Action
Action is what type of order this is. It can be one of 4 types:
Buy to open – open a new long position
Sell Short – open a new short position
Sell to close – exit all or part of an existing long position
Buy to Close – exit all or part of an existing short position.
Orders that are conditional on another order being executed
will have the icon
before the action. For example:
Sell to
close
4.7 Quant
This is the size of the order and depends on the type of financial instrument that is being traded.
Equity – the number of shares of the equity to trade. This is normally in round lots of 100 shares, but does not have to be.
Future – the number of contracts being bought or sold.
Option – the number of option contracts being bought or sold. One option contract represents 100 shares of the underlying equity that the option is based on.
Currency – the number of minilots of the base currency being traded. One minilot is 10,000 currency units.
4.8 Symbol
This is the actual instrument being traded in the signal and will have a symbol and a description. For example:
@ESM6 E-MINI S&P 500 JUN 2006
Note that the different instrument types (equities, options, futures, and currency) all have different conventions for the symbol and the description.
4.9 Type
This is the type of order that has been entered for the trade signal and can be one of the following:
at mkt – A market order that will execute immediately if the market for the instrument is open
@ limit 47.17 – An order that will only be executed if it is possible to trade at the limit price (or higher for a sell order, or lower for a buy order)
@ stop 19.95 – An order that will only be executed if the current price is higher than the stop price (for a buy order), or lower than the stop price (for a sell order).
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4.10 Duration
The duration of a trade signal is how long it should stay in effect. This can be:
GTC – Good ‘Til Cancelled: The order will stay in effect until it is cancelled by the system vendor
DAY – The order will stay in effect until the end of the current session for the instrument being traded.
Day orders that are not executed before the end of the session for the instrument being traded will automatically be cancelled.
4.11 Comment
This is a where a comment may be attached to the signal by the system vendor that explains the reasoning behind the trade signal. This field is optional and will only appear if the system vendor has entered a comment when they created the trade signal.
This field may also be used for Collective2 to provide more information on a particular signal. For example:
Note this trade was canceled and replaced by signal id 19474854.
This message indicates that the system vendor has updated a previous trade that you have already received the signal for, but that has not been executed. The signal identifier is used to uniquely identify which trade signal has been changed.
5 Quick Links
Quick Links: |
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The quick links section lists convenient links to Collective2. The first link is to the system details page for the system, and the second link takes you to a page on Collective2 that includes this guide.
6 Disclaimer
This email is being sent to you by Collective2 Corporation.
You may not re-distribute this content without permission of Collective2 Corporation and the system provider.
For more information about your account, log in to www.collective2.com
Collective2 takes no responsibility for the content of this email.
The disclaimer in the email simply reminds you that the content of the trade signal email is not directly under the control of Collective2 since it has been generated from an order entered by the system vendor for the system you are subscribed to. Please do your own due diligence before choosing to subscribe to any systems provided on Collective2.