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This is really a special case. As far as I know, the instrument editor does not allow for quoting in cents. Let us take the example of SB, as it is the most liquid of the contracts:
Following the ICE website the contract size is 112,000 pounds, so the current contract value would be 29.85 cents x 112,000 pounds = $ 33,432.
My instrument settings show USD with a tick size of 0.0001 and a point value of 1,120. But I have probably those entered myself to match the Interactive Brokers settings.
What matters in the end is that the instrument settings match you data supplier and that P&L are correctly reported.
That gave me an idea, Fat Tails. My Sugar always seemed OK, both in DOM trading and backtesting. Settings are Tick Size = 0.01/Point Value = 1, 120.00.
I just changed my CT settings and am waiting for fill to see if it tracks PnL correctly in the DOM. Cotton is pretty slow right now .
I'll also run a backtest and if I find settings for Instrument Manager that work with my data sources (Rithmic and IQ Feed) I'll post them here.
Basically I'm treating a 1/100th of data cent as a Ninja cent, and a data cent as a Ninja dollar.
Yeah, I'm confused too .
But if it works I'll post it back.
EDIT: Cotton looks to be limit up today so that order is stuck. I'll try coffee...
In IB I am placing a cotton spread and I'm offered NYBOT or NYMEX. Can anyone comment on these choices and a reason to select one or the other?
I'm curious if anyone has experience trading this? The open P&L swings violently on this position. (-DEC13/+MAR14) Is this sporadic bid/ask pricing?
Thanks