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Thread: What are the Advanced Order Types in Tick Trader?

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    Smile What are the Advanced Order Types in Tick Trader?

    What are the Advanced Order Types in Tick Trader?

    1. Market Orders


    Order is executed at the current market price.
    Slippage is limited by max slippage values.

    2. Limit Orders


    A Limit order is executed at a specified or better price. A Buy Limit order can only be executed at the requested or lower price, and a Sell Limit order can only be executed at the requested or higher price.

    Time in Force options for Limit order:

    GTC – Good till Cancelled. Pending Limit order that is valid until it is cancelled. Margin is locked for this type of order.

    GTD – Good Till Date. Pending Limit order with specified validity date and time. After a specified time the order is deleted if the Limit price was not reached and the order hasn’t been activated. Margin is locked for this type of order.

    IOC – Immediate or Cancel. Order is handled as Market order with limit price. This type of order prevents unexpected slippage in case of market volatility.

    Volume options for Limit order:

    Hidden – Pending Limit order is not visible in order book for other users. Benefit of this option is that Margin is not locked for a pending limit order.

    Iceberg – Similar to Hidden order. Difference is that part of the order is visible in the Order book and the other part (Iceberg) is hidden. Iceberg is additional volume that can be executed at the limit price in addition to the visible part of the order. Margin is not being locked for the Iceberg part of the order while it is locked for the visible part of the order.

    3. Stop Orders


    A Stop order is placed below the current price for Sell positions and above the current price for Buy positions. When the price reaches the Sell Stop or Buy Stop level, the position automatically opens at the current market price, similar to the market order execution.

    Time in Force options for Stop order:

    GTC – Good till Cancelled. Pending Stop order that is valid until it is cancelled.

    GTD – Good Till Date. Pending Stop order with specified validity date. After specified time the order is deleted if the Limit price was not reached and the order hasn’t been activated. Margin is locked for this type of order.

    Slippage – Limits maximum slippage allowed for the order.

    4. Stop Limit Orders


    A Stop Limit order combines two orders: Stop and Limit. When a Stop Limit order is placed, two prices need to be specified: Stop and Limit. After the Stop order is activated at the Stop price, a new Limit order with a new ID is created. Limit order is executed as a regular Limit order – at a specified or better price.

    Time in Force options for Stop Limit Order:

    GTC – Good till Cancelled. Pending Limit order that is valid until it is cancelled. Margin is locked for this type of order.

    GTD – Good Till Date. Pending Limit order with specified validity date and time. After specified time the order is deleted if the Limit price was not reached and order hasn’t been activated. Margin is locked for this type of order.

    IOC option – Immediate or Cancel for Limit order part of the Stop Limit order . This option prevents unexpected slippage in case of market volatility.

    Volume options for Stop Limit order: affects only the Limit part of the order after the Stop level has been reached.

    Hidden – Pending Limit order is not visible in the order book for other users. Benefit of this option is that Margin is not being locked for the pending limit order.

    Iceberg – Similar to Hidden order. Difference is that part of the order is visible in the Order book and other part (Iceberg) is hidden. Iceberg is additional volume that can be executed at the limit price in addition to the visible part of the order. Margin is not being locked for the Iceberg part of the order while it is locked for the visble part of the order.

    5. Advanced Settings


    Volume Units: Lot or Quantity. The choice between option to indicate and trade by predifined contract sizes ( volume = lots x contract size) or actual quantity of the underlying asset/base currency.

    Stop Levels: The levels of Stop Loss and Take Profit orders that a trader can set to lock in profits or limit losses. Allows to choose viewing and tp/sl setting option between Price/Points/Profit or loss in account currency.

    Slippage settings: Allows to choose maximum Slippage limit setting measurement for market and stop orders. In Points or in percent of the market price.
    Last edited by Resolve; 06-26-2020 at 01:42 PM.

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    Prezident (07-08-2020)

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