Help CenterOrder Types
Orders can be categorized into two main types: market orders and pending orders.
Market Orders
Market orders are executed instantly upon activation and consist of two primary types: buy and sell orders.
- Buy: The order opens at the ask price and closes at the bid price.
- Sell: The order opens at the bid price and closes at the ask price.
In fast-moving markets, slippage can impact order execution, causing the filled price to differ from the intended market price displayed in the terminal window.
Pending Orders
Pending orders enable automated trading by executing automatically when a specific price or level is reached.
These orders can be used for both opening and closing positions and are divided into two categories:
Limit Orders
Limit orders are a type of pending order where the requested price is more favorable than the current market price.
- Buy Limit: A buy order placed at a price lower than the current ask price.
- Sell Limit: A sell order placed at a price higher than the current bid price.
- Take Profit: An order to automatically close the position once a specified profit level, set by the user, is achieved.
Stop Orders
Stop orders are a type of pending order where the requested price is less favorable than the current market price.
- Buy Stop: A buy order placed at a price higher than the current ask price, executed when that price is reached.
- Sell Stop: A sell order placed at a price lower than the current bid price, executed when that price is reached.
- Stop Loss: An order to automatically close the position once a specified loss level, set by the user, is reached.
OCO Orders (One Cancels the Other)
An OCO order allows you to place two orders at the same time, where the execution of one cancels the other. This order type helps manage risk and lock in profits without constant monitoring. For example, you could set both a sell limit order and a sell stop order at different prices. When one order is triggered, the other is automatically canceled.
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