Orion Trading: Real Time Pricing

  • Apr 13, 2026
  • Knowledge

Title
Orion Trading: Real Time Pricing
Description
Review this article for more information on real time pricing for trading and how to enable it for your database.
Body

Executive Summary (TL;DR)

This article explains the features and benefits of Orion’s real-time pricing, including access to up-to-date market data, Level I quotes, and average daily volume insights. It also outlines how real-time pricing improves trade execution and provides guidance on enabling this functionality for your firm and users.

 

 


What Does This Article Help Solve?

Common Real-Life Questions Users Ask About Real Time Pricing in Orion Trading

"How do I access real-time market pricing in Orion?"

"What steps are required to enable real-time pricing for my firm and users?"




Article Quick Links

Key Features and Benefits

How to Enable Real-Time Pricing in Orion?

 

 

Key Features and Benefits  

Real-Time Prices: Access the most current market prices to ensure you’re trading on the latest data, not on outdated information.  

 

Level I Quotes: Instantly retrieve the most recent quote for any stock or ETF. It includes the national best bid and offer, Market depth, volume, and more.  

  • Note: Users must enable Real Time Snap Quotes with QUODD to receive this information.

The link to enroll is the QUODD User Setup Guide. Level I Quotes are viewable within the Edit> Block Details screen. The screenshot below shows the Snap Quote information.

 

Average Daily Volume: Access average daily volume data and calculations that show what percentage of the security’s average daily volume a specific block order represents.  This information is populated in the Blocks Grid and on the Edit > Block Details screen. This is included when Real Time Snap Quotes with QUODD are enabled. 

 

Enhanced Execution: Achieve the best execution for your clients by leveraging the latest pricing information to optimize order timing and execution strategies.  

 

Unlimited Access: One annual fee covers unlimited usage for an unlimited number of users within your firm, ensuring comprehensive access without additional costs. 

 

Real Time Pricing Useful Information:

  • When running rebalances, the real-time price is used in order-generation calculations.
    • The security table is updated, recalculating the values of every portfolio holding for that security using the updated price once analytics have run.

  • Quick Trades and Tactical Tool use real-time prices, but do not update the security table.

  • We have multiple backup vendors if a vendor has an issue.
    • As a fail-safe, we fall back to 15-minute delayed pricing

 

 

Check out Enhance Your Trading with Orion’s Real-Time Pricing for more details

 

 

  

 

How to Enable Real-Time Pricing in Orion?

Firm Profile Setup

Contact the SME Trading team for assistance in enabling real-time pricing for your database. 

 

 

Manage Users Setup

After SME Trading sets it up for your database, enable the "Price Source" privilege for each user's role in the Managed Users app > Advanced tab > Trading section. 

 

Review the How To Edit or Update Privileges section in Manage Users: Roles and Privileges  for step-by-step instructions. 

 

 

Real Time Snap Quotes

Review the QUODD User Setup Guide to enable Real Time Snap Quotes (available on Edit Blocks in TOM or Eclipse).

 

 

 

In Summary

    • Use real-time pricing to inform trading decisions with the most up-to-date market data.

    • Review Level I quotes to assess bid/ask prices, volume, and market depth.

    • Evaluate average daily volume to gauge the impact of trade size.

    • Improve execution quality by relying on up-to-date pricing information.

     

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