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PTMC team 13.08 2014

Types of Orders in Terminal Protrader

Hey there, Protraders!

After holding of asset detailed analysis and determination of the entry and exit points from the position, the time of the trading strategy implementation comes. To provide this a trader must send command to execute this or that trade operation to his broker. Such command is called an order. Different types of orders can be applied depending on set tasks. In today’s article we’ll consider the orders which the Protrader terminal offers.

Orders can be divided into 2 groups by side:

1. Order which opens a long position - “Buy” is sent if the trader believes in the further growth of the asset.

2. Order which opens a short position - “Sell” is sent if the trader believes in the further decrease of the asset.

In order to send the needed order type in the Protrader terminal you should open “Order entry” window and choose one of the two order types: Buy or Sell.

In order to send the needed order type in the Protrader terminal you should open “Order entry” window and choose one of the two order types Buy or Sell

Orders are divided into two groups by execution type:

1. Market order. This order type means that the broker will open a long or short position at the current market price. The price at which the trade will be performed is defined by specificity of the traded symbol, but often this is the Ask price or Bid price. The risk of market orders is that under conditions of high volatility or deficiency of liquidity, the price by which the position will be open, may significantly differ from the market price on the moment of order sending.

For market order sending you need to choose the corresponding item in the Order entry -> Order type list.

2. Delayed order. This order type means that the broker will open a long or short position by conditions which are set by trader. The risk of delayed orders is that the price can go by scenario which a trader suspected, but doesn't activate the order. Different types of delayed orders exist, let’s consider the most common:

  • Limit order. In general case, this is an order to open long or short position opening by the price which are set by trader or better. In the case of purchase, the current asset price in the moment of order sending, should be higher than set in the order. In the case of sale, the current asset price in the moment of order sending, should be less than set in the order.

Limit order.

  • Stop order. In general case, this is the trade order to open long or short position which turns into Market order when market reaches your specified price. In the case of purchase, the current asset price in the moment of order sending, should be less than set in the order. In the case of sale, the current asset price in the moment of order sending, should be higher than set in the order.

Stop order

  • Stop limit order. This type of delayed orders combines the properties of two previous types. This order is the Stop order on the Limit order sending. Once the price reaches the “Stop price” level set in the order, the Limit order by the “Limit price” is sent.

Stop limit order.

  • Trailing stop order. This type of delayed orders doesn’t have the exact execution price. Since the order follows the asset price at a certain distance called “Trailing stop offset”. Such approach allows getting the beneficial price for opening the position. If long Trailing stop order is chosen then open price will follow the market asset price only in the case of its decrease. If short Trailing stop order is chosen then open price will follow the market asset price only in the case of its growth.

Trailing stop order

  • OCO (One cancels the other) order. The delayed order which is the combination of two interchangeable delayed orders “Limit” and “Stop”. If one of the orders is executed, then the second one is automatically removed. “Limit” and “Stop” orders are executed at the “Limit price” and “Stop price” respectively.

OCO (One cancels the other) order.

We reviewed the classification of orders on the mechanics of their execution. Also orders are distinguished by their time-in-force and completeness of the execution:

  • Day order. Order acts during one trade day and then it is removed.
  • GTC (Good till cancelled) order. Order acts as long as the trader won’t cancel it on his own.
  • IOC (Immediate or Cancel) order. Order either will be executed immediately (at least partially) or will be canceled.
  • FOK (Fill or Kill) order. Order either will be fully executed immediately or will be canceled.

Also we can define the Take profit and Stop loss prices when sending the orders.

Combining the described options the trader which uses the Protrader terminal can implement his trading ideas with maximum comfort and efficiency. Note that the available order types depend on selected broker and traded asset.


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