Order types
- The program supports most order types. The default order type is a "Normal order" where you define the price and the volume and send the order to the trading venue.
- The specific meaning of each order type is subject to provider and market rules. Different types of orders can be sent to the trading system and trading place.
Order type | Description |
|---|---|
Normal Order | An order where you define the price and the volume and send the order to the trading venue. Should the order not be completed in its entirety, then it shall remain in the market until it is filled or removed. |
Fill and Kill Order | An order to buy or sell that can be filled partially or cancelled. If the order cannot be filled in its entirety at the specified premium, then as much as possible of the order is filled and the rest is killed. |
Fill or Kill Order | An order to buy or sell that must be filled completely or cancelled. |
All or Nothing | If the order cannot be filled in its entirety, the order will stay in the market. |
Market Order | An order to buy or sell a stated number of contracts at the best price available in the market. An order submitted at any time within a trading session, executable immediately at the current market price. |
Limit Order | An order to buy or sell a stated number of contracts at a specified price or at a better price. |
Stop Limit Order | An order to buy or sell when the market for a particular contract reaches a specified price. A Stop Limit Order to buy becomes a Limit Order when the relevant contract trades or is bid at or above the stop limit price. A Stop Limit Order to sell becomes a Limit Order when the relevant contract trades or is offered at or below the stop limit price. |
Stop Order | An order to buy or sell when the market for a particular contract reaches a specified price. A Stop Order to buy becomes a Market Order when the relevant contract trades or is bid at or above the stop limit price. A Stop Order to sell becomes a Market Order when the relevant contract trades or is offered at or below the stop price. |
Market To Limit | A Market to Limit order is submitted as a market order and executes at the current best market price. If the order is only partially filled, then the remainder of the order is cancelled and re-submitted as a limit order with the limit price equal to the price at which the filled portion of the order executed. |
Good 'Til Cancelled Order (GTC) | An order, unless executed, remains in the Trading System until it is withdrawn by the broker, trading venue or the person who placed it or the expiration date of the contract to which it relates, whichever occurs first. |
Request Quote | An order where you request the price for the instrument and the broker replies with a price that is normally is valid only for a certain time, for example,15 seconds. |
Iceberg Order | Iceberg (reserve) orders allow you to submit an order (generally a large volume order) while publicly disclosing only a portion of the submitted order. |
Conditional Order / Monitor Order | A Conditional order will not be activated to the market until one or more conditions are met that you have defined. Support for conditional orders is subjected to restrictions in the Trading Gateway. Example: Trigger order only if Last is less than X and Bid higher than Y... |
Calendar Spread | A strategy which entails buying one delivery month of a contract and simultaneously selling another delivery month of the same contract on the same exchange. |
Trailing Stop Limit | Trailing stop limit orders work just like trailing stop loss orders, except that the order becomes a limit order (instead of a market order) when the order is triggered. The limit price is the last stop price set before the order was triggered. The primary benefit of trailing stop orders is that when a customer establishes a trail amount on the security, the stop price adjusts with positive market activity. Trailing stop limit orders are available on Listed equities, OTC securities and single-leg options. |
Trailing Stop Loss | A trailing stop loss order is a stop loss order that adjusts in price with favourable market movement on the security. Trailing stop loss orders follow the same trading principles and mechanics commonly associated with stop loss orders. The primary benefit of trailing stop orders is that when a client establishes a trail amount on the security, the stop price adjusts with positive market activity. For a trailing stop loss order to sell, the stop price moves up as the price of the security moves up. For a trailing stop loss order to buy, the stop price moves down as the price of the security moves down. If the price of the security is moving against the client's order, then the stop price does not adjust. |
Validity | Today The order is valid the entire day until close. |
Closing auction only | The order is valid only during closing auction. |
Opening auction only | The order is only valid during opening auction |
Odd Lot | Odd lot is the minimum accepted order in the market. |