Contract Order Types
Updated at:58 days 12 hours ago
Contract Order Types are divided into ordinary order, stop order, immediate transaction or cancelation, post-only order, reduce only order, close order, iceberg order, strategy order, where trigger order and trail order belong to strategy order.
Try taking orders first. If the order is not filled, then place the orders and wait for them to be filled.
Taking orders only without setting an order price, and fill the order at the market price. This type of order can be filled immediately and save time.
Immediate or Cancel Order:
Taking orders only without placing orders that are not completely filled. This kind of order is similar to the stop order, which prevents the funds to be occupied by placing orders and can not be used for other purposes.
Placing orders without taking. If an order is filled right after being placed, the order will not be filled and then be canceled. This type of order can be used to ensure that no taker transaction fee will be charged, and also prevent misoperation.
When an order is fulfilled, the positions will be reduced only. The order will be canceled if exceeds the existing positions, in order to ensure that your position will not be unintentionally increased.
One position can have only one close order at a time, with also the feature of reduce-only.
Users can reduce the number of orders displayed on the OrderBook in the market. However, a certain amount of transaction fee (taker role) will be charged as a penalty when the order is filled between the actual number and the displayed numbers and no VIP discount can be applied. Iceberg orders can be hidden or displayed according to the user's preference.
Strategy order includes trigger order and stop order. Strategy order refers to the orders that order will be placed automatically with the preset order price once the market price reaches the predefined trigger price.
1) Trigger order:
Trigger order is a kind of algorithm trading strategy by which users can predefine the order price, order number, and buy-or-sell, and the order will only be placed automatically with the preset order price once the market price reaches the predefined trigger price. Once triggered, the system will check the validity of the pending order and create an order to the pending list. Users can set up an opening or closing a position afterward.
2) Stop Order - Stop Loss and Taker profit Order:
Stop order is a trading strategy order including position stop order and trigger stop order. The order will be filled once reaches the predefined price.
1) Trigger order includes trigger stop order, in which the trigger price can be set as the last traded price or mark price.
2) Failed order check: for example, insufficient account balance, exceeding risk limit, and close order conflicts will cause a fail order.
3) Close position order conflict: Since there can be only one position for the close order, that the position will be set as 'close on trigger' when there is an existing close order in the position. Under this condition, the order may fail to be placed.
4) If users want to create another strategy order while there is an existing close order, then the reduce-only or close on order attribute may not be applied. (Please note that if the position has been closed already, this kind of operation may lead to scale out on the opposite position.)