Spreading Fixed Income and Futures
Spread fixed income instruments against futures contracts of those instruments. Simply ask your FCM to map your trading and cash accounts, and begin trading using CQG Spreader.
CQG Spreader is CQG’s solution for creating, trading, and managing multi-legged, intramarket, and cross-exchange spreads.
Collocated servers at exchanges enable second leg modification and execution to occur in less than one millisecond. CQG Spreader provides ultra-low latency trade execution and sophisticated order management. Smart, proprietary algorithms manage working legs for you with maximum efficiency. First in, first out queue management by CQG Spreader Core servers ensures that competing orders don’t interfere with each other and prevents them from getting hung.
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New Instrument and Portfolio Monitors 
Display market data values, studies, and conditions across multiple chart types and durations in a single, spreadsheet view saving valuable real estate. Emphasize the values of indicators that you use to make trading decisions, which is especially helpful with asset classes, such as equities, that require you to look at a wide range of instruments to expose opportunities. These monitors update in real time.
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Enhanced Volume Study on All Charts
No matter what chart type you prefer to use, you can now incorporate volume into that chart by adding the Volume study. See bar-by-bar volume on any chart. Want to know how much of that volume results from large orders? Now you can. Want to know how much of that volume is due to bids versus asks?
Now you can.
Identify large and small market contributors on both the buy and sell sides, e.g. of 54,000 lots, and identify how many were large orders and how many were small. You set the threshold. Highlight bid and ask to identify which side those orders were on. Filter total trade or bid/ask volume according to size using two new parameters of the Volume study: the Highlight parameter defines which curves are displayed (total trades v. bid/ask) and the Volume Threshold parameter filters volume according to your settings.
Enhanced Volume Study: Aggressive Chart Parameter on CVB
See the role of aggressors in the current market, now revealed with CQG’s Aggressive parameter for constant volume bar and tick charts. Add this new variable of market activity to your decision-making strategies. Constant volume bars indicate the number of lots or the number of ticks, the passive side of trading. The Aggressive parameter exposes the number of orders that resulted in those lot and
tick amounts.
Net Change Trading Introduced
Trade spreads and outright instruments based on net change. Monitor the spread’s activity and profitability through net change, the way many spread traders, especially in treasuries, are accustomed to seeing spreads quoted.
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Innovative MATLAB Tools on CQG
Call MATLAB functions through CQG IC. MATLAB serves as the calculation engine and returns the results to CQG IC, where you can view them and integrate them into your conditions, trade systems, charts, quote displays, etc.
MATLAB is a development environment that offers its own proprietary programming language for working out complex computing algorithms and provides 2-D and 3-D data visualization.
This integration benefits both traders and analysts. Traders interested in algorithmic and automated trading as well as black box programming have a nearly limitless set of functions at their service. Analysts can employ the visualization tools to envisage global financial market data in new ways.
Below is an example of acquiring data from MATLAB, such as the conversion factors and implied repo rates of 10-year US Treasury notes, and viewing the data in CQG quote displays.
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Point and Figure Chart Reconstructed
See patterns more clearly with the new construction of point and figure charts. The point and figure chart is now configured as a grid with major and minor divisions and graph-paper-like lines. Each box remains a perfect square when the chart is scaled. Additionally, one-box reversals are allowed, helping to make analytics more useful and accurate as well as saving real estate.
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Profile Area Pointer Tool
The power of Market Profile in a pointer tool. Add the Profile Area pointer tool to the chart to easily identify and follow a trend, instead of manually manipulating a Market Profile chart. Combine this tool with CQG studies and analytics to maximize the data on your chart. The Profile Area tool draws Market Profile volume area and Market Profile point of control using the same algorithm as the Market Profile Value Area (MPVA) study. High, low, and POC values are displayed in the cursor value box.
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Chart Improvements
CQG introduces several chart updates that dramatically improve your workflow.
Imagine being able to change chart type, add a study, remove pointer tools, and open study and condition settings windows with a simple shortcut. It is now a possibility using CQG’s extensive list of shortcut keys.
No longer do you have to navigate several menus, create a macro, or change preferences to update continuation settings. Now, chart intervals and chart types are separate and independent of continuation settings. Additionally, you can change chart type and interval with fewer steps.
Search for studies by acronym, in addition to study name, on the Add Study window, which also lists study parameters. Remove more than one study at a time on the Remove Study window. Studies are easy to identify as they display the bar color now.
Add entire folders of conditions at one time on the updated MarkIt window.
Error messages that indicate issues with chart entry are displayed directly in the chart and
automatically disappear.
Autoscaling ensures that as the market changes, all bars, conditions, and study values are displayed in the window. Now, there is an option to autoscale without studies, so that the view of bars is optimized even if that means studies are not visible in the chart window.
Most recently used charts are listed when you right-click the chart entry field. The chart is listed with its type, so you don’t have to recall it.
Horizontal and vertical lines include a Remove All option, saving you from having to remove on line at
a time.
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Pre-Open Indicative Price and Volume
Pre-open indicative data reflects the price and volume that would be the case if pre-open orders were executed and the open for the session if the market were to open at this moment. View the outrights and native spreads data on any of the trading applications, such as DOMTrader, and on the Quote SpreadSheet during the pre-open. The indicative opens are posted for outrights and native spreads and calculated for synthetic strategies.
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Formula Editing Updates
Our traders will appreciate updates to formula editing. Unmatched parentheses in spread formulas are highlighted in red, so that you are aware of errors immediately and know how to solve them.
Folder management is easier now that you can create, rename, delete, and modify folder contents in one place.
For spread traders, both BAT Filter and Rollover have been added to spread setup, making it easier to apply these parameters to your spread expressions: SPREAD (<CQG expression>, <calculation mode>, <tick size>, <trading ratio>, <BAT filter>, <rollover>).
The BAT filter refines synthetic spread quotes according to whether you would prefer that bids and asks or trades are used for the calculation. Rollover ensures that when one leg expires, all legs roll over to the same month.
For example, the spread strategy, SPREAD(HOE-CLE, CUR,0.1,1:1, BA:BA, 1), is a heating oil to crude oil spread. The last two elements in the strategy are examples of the new parameters. Both leg calculations have been set to use bid and ask prices for the quote calculations. One (1) indicates the rollover is turned on. Now, when the crude oil contract rolls to the next month, which occurs before the heating oil contract rolls, the strategy automatically rolls the heating oil contract to the next month. This ensures that the spread strategy is always using matched delivery months.
To learn more, contact CQG Customer Support.