Skip to main content
Order Types
Updated over a week ago

To explore all order types and enjoy the full functionality of the EXANTE trading platform, place an order in the Order or Click-trade modules.

order_types_side_view.jpg
order_types_top_view.jpg

With EXANTE’s automated trading platform, investors can place the following orders:

Market order

A BUY or SELL order at the current market price. Use this option to enter or exit a trade quickly

Limit order

A limit order allows traders to purchase or sell a security at a specified price or better. A limit order will be filled when the market price increases to the specified level. When selecting this type of order, be sure to specify the price in the Price field.

Whilst the price is guaranteed, the filling of the order is not. Limit orders will not be executed unless the security price meets the order qualifications.

A LIMIT BUY order will be filled immediately if the specified limit price is higher than the current market price.

A LIMIT SELL order will be filled immediately if the specified limit price is lower than the current market price.

A STOP-LOSS order will initiate the sale of a security when the price drops to this level in order to avoid further losses.

A TAKE-PROFIT order will initiate the sale of a security when the price reaches this level in order to lock in profit.

Iceberg order

This is a limit order for which you specify the total quantity, price and the visible part. Then we divide the order into several parts so that only the specified visible quantity would be seen in the Market Depth at the moment. Similarly to TWAP, the order is executed in sequential parts.

Stop order

A stop order is an order to buy or sell a security when its price moves beyond a particular point, limiting the investor's loss or locking in profit. When selecting this type of order, be sure to specify the price in the Stop Price field.

Stop Limit order

In a regular stop order, if the price triggers the stop, a market order will be entered. If the order is a stop-limit, then a limit order will be placed, conditional on the stop price being triggered. Thus, a stop-limit will require both a stop price and a limit price, which may or may not be the same.

Time-Weighted Average Price order (TWAP)

TWAP is a trading algorithm based on the weighted average price. This is used to execute bigger orders whilst preventing excessive impacts on the market price.

This order type requires traders to specify the total desired quantity, the size of each part ("chunk") and an interval in milliseconds. Following this, the order will be split into parts of a specified size so that they are placed in sequence at a given time interval, at the market price.

Trailing Stop order

A trailing-stop is a modification of a typical stop order that can be set at a defined percentage or dollar amount away from a security's current market price.

When selecting this type of order, be sure to specify the price in the Price field.

For a BUY order, an investor places a trailing stop loss below the current market price.

For a SELL order, an investor places the trailing stop above the current market price.

TP and SL orders allow you to avoid the hassle of sitting in front of your screen and waiting for the outcome, as they will be executed automatically as soon as the price reaches the order level. Moreover, TP and SL orders are linked together, so when a TP order is executed, the SL order is automatically cancelled, and vice versa.

Please bear in mind several tips when placing TP and SL orders:

  • Both Limit and Market TP/SL orders are directly shown in square brackets in the Orders module.

  • Limit TP/SL orders have Pending status, while entry orders have a Working status.

  • Market TP/SL orders have Working status as entry orders are executed immediately at the market price.

For any order type, select the Duration of the current order from the following options:

Day

Order expires at the end of the trading day if it is not completed

GTC

(good till canceled)

Order remains active until it is manually canceled

IOC

(immediate or cancel)

Fills all or part of an order immediately. Cancels the remaining part of the order if it cannot be fulfilled

FOK

(fill or kill)

Executes a transaction immediately and completely, or not at all

ATO

(at the opening)

Executes the order at the very beginning of the trading day. If the order cannot be executed at the opening of the stock market, it will be cancelled.

ATC

(at the closing)

Executes the order at the very end of the trading day. If the order cannot be executed at the closing of the stock market, it will be cancelled.

To finish creating an order, click Sell or Buy. From here, you will be able to see your order in the 'Order' module.

After entering the number of assets, you want to buy or sell, specify the type of order. You can choose a specific price, the desired price change in absolute values or in pips. If you choose pips, make sure you enter integers!

Did this answer your question?