Types |
Definiton |
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Market Order |
Order gets immediately filled at the best available price. You can use this order type when you have an urgent execution. Pay attention to the orderbook when selecting this order type, otherwise, a large market order may “walk the book” and incur market-impact costs. User Inputs: Size. |
Limit Order |
Limit orders are used to specify a maximum/minimum price you are willing to buy or sell at. You can use this order type to minimise your trading cost, however, you'll sacrifice guaranteed execution as there is a chance the order may not be executed if it is placed deep out of the market. If better-priced orders are available, it will be immediately matched against. User Inputs: Size, Limit Price. |
Stop Order |
A Stop Order is an order that does not enter the orderbook until the market reaches a certain Trigger Price. You can use this type of order for two main strategies:
Stop orders are implemented as a brokerage function and triggered stop orders are not guaranteed to be executed on the exchange at the exact time of triggering. Once a stop order is triggered, an order is submitted to the exchange; however, in a fast-moving market, users may experience slippage.
Stop Limit Order Example
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Trigger Price |
For all Stop Orders, the Trigger Price can be specified as either the Last Price, Mark Price or the underlying Index Price. |
Take Profit Order |
A Take Profit Order is somewhat similar to a Stop Order, however instead of executing when the price moves against the position, the order executes when the price moves in a favourable direction.
For all Take Profit Orders, the Trigger Price can be specified as either the Last Price, Mark Price or the underlying Index Price. |
Status of Stop/Take Profit Orders |
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Post-Only Orders |
Limit orders that are only accepted if they will not be immediately executed. This is used for market-making purposes/to ensure that the maker rebate is earned rather than paying the taker fee. This order type can be accessed from the Limit Order, Stop Limit Order or Take Profit Limit Order selection by checking the “Post-Only” box. User Input: Size, Limit Price, Post-Only Box Checked Post-Only Order Example Size = 10 Contracts Limit Price = 102 Post-Only Box = Checked Direction = Buy Best Ask = 101 If the “Post-Only” box was not checked in this example, then this order would execute in the market against the Best Ask of 101 and the order would pay the Taker fee. Given the “Post-Only” box is checked, this order will not execute and will be cancelled. Only if the Best Ask was higher than 102 will this order be placed in the market. |
Close on Trigger Orders |
Close On Trigger is an additional order type specification that can be added to most of the above Stop and Take Profit Order types. It can be utilised by checking the “Close On Trigger” box. It is considered a high-priority order and if enough margin is not present to execute, it will attempt to cancel other open orders in the same symbol. This order may only be used to reduce a position and will automatically cancel if it would increase it. Traders use this order type in case of market reversals. User Input: Close On Trigger Box Checked Close On Trigger Example Existing Position = 10 Contracts Size = 10 Contracts Direction = Sell Close On Trigger = Checked A user has 3 existing buy Limit Orders in the market, and places a Stop Limit Sell Order with the “Close On Trigger” box checked. When the Stop executes, it reduces the position down to zero. Let’s assume there was not enough margin present in the account to execute this - in that case, the three limit orders will be canceled or amended down to free margin, starting with the ones farthest away from the market. |
Hidden Orders |
A Hidden Order is a Limit Order that is not visible in the public orderbook. You can access it via the Limit Order, Stop Limit Order or Take Profit Limit Order selection by checking the “Hidden” box. You can use this order type when you don’t want to inform the market of your trading intentions. These always pay the taker fee. User Input: Size, Limit Price, Hidden Box Checked Hidden Order Example Size = 10 Contracts Limit Price = 100 Hidden Box = Checked Direction = Buy A buy Limit Order for 10 contracts with a Limit Price of 100 will be submitted to the market and will not be visible to other traders. It will be executed as per a normal Limit Order based on time / price priority. |
Iceberg Orders |
An Iceberg Order is a Hidden Order where a part of the order is displayed in the public orderbook. Since savvy traders can identify Hidden Orders, some traders prefer to use this order type in an attempt to be indistinguishable from traders continuously refilling their orders. You can access this order type by selecting either the Limit Order, Stop Limit Order or Take Profit Limit Order and then checking the “Hidden” box and inputting a size to display. User Input: Size, Limit Price, Hidden Box Checked, Display Size , Iceberg Order Example Size = 10 Contracts Limit Price = 100 Hidden Box = Checked Display Size = 1 Contract Direction = Buy A buy Limit Order for 10 contracts with a Limit Price of 100 will be submitted to the market. Only a bid for 1 contract will be visible to other traders. If someone submits a sell Order for 3 contracts at 100 then 3 contracts will be executed from this order. After that, another bid for 1 contract will appear at 100 to other traders. As such, there will now be 7 contracts left remaining, with 1 only visible. |
Reduce-Only |
Same as Close on Trigger except this is applicable to limit orders and there is no ability to cancel other open orders. |
Time in Force |
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Pegged Orders (Best Bid Offer / BBO) |
Pegged orders allow users to submit a limit price relative to the current market price. The limit price is set once when the order is submitted and does not change with the reference price. This order type is not intended for speculating on the far touch moving away after submission - we consider such behaviour abusive and monitor for it.
Pegged Order Examples |
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