How can you do a price fix on a contract without having a futures transaction?

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You can fix a price manually.  To do this:

 

1. Create a Fixed price contract. Save it and go to the Risk tab of the contract. 

 

2. On the To be fixed section of the screen, select the words "Still to be fixed". The section of the screen will expand with a form for data entry. 

Manually_price_to_be_fixed1

 

3.  The price option is already pre-selected, so a user just needs to enter a manual price and select the black check mark to save the pricing.

 

Manually_price_to_be_fixed