Hi, Does anyone out there use RANOrder to submit pit orders electronically? I'm just curious how it actually does quotes when I request one. Is it a *live* quote from the pit (called out/taken by a clerk), or is it just whatever last price was? The manual says this: <i>RANorder offers a quote system that uses a realtime data feed from FutureSource to provide accurate, up-to-date price quotes. NOTE: For instructions on entering quote requests, refer to pg. 16. IMPORTANT: Your firm may incur a fee for each quote that is requested. Check with your firm for the FutureSource charges related to quote usage.</i>
your best bet is to have a data provider seperate than RAN...just use RAN for the order entry. Then you can get both last price and current bid/offer...although often those are "stale" in most pit markets.
What data provider provides accurate bid/offer from the pits? At this point, I'm used to asking clerks working on the edge of the pit for current quotes. Anything electronic that's remotely close to that?
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I use DTN...it reports the last "posted" bid or offer, but like I said, those are mostly stale, except in the case of SP or bonds, or something else very high volume for all of the day. Your best bet is either having someone down there, or just know where you want to be. Options are even worse than futures...lots of stale bids/offers, but if you call down there, the clerk should be able to give you an idea of what strike or price to lean on based on what they are seeing transpire in the pit...for instance big commercials that have been doing this or that, or if you have a bunch of locals spreading one way or another, etc.