1. Market Order
Market orders allow you to buy or sell immediately at the best available price in the market.
Illustration
A - Current Price
If the current market price is at 2600, the next market order will be filled at the best bid and offer (BBO). However, the filled price may not equal 2600. Depending on the buy or sell direction, the filled price may be lower or higher than 2600.
Note:
Due to dynamic changes in the order book, the filled price and value are influenced by market factors and the platform's slippage protection. The actual execution result shall prevail.
1) For buy orders, the average filled price might be a bit higher than the current price.
2) For sell orders, the average filled price might be a bit lower than the current price.
2. Limit Order
A limit order allows the user to place an order at a specific price and amount. When the market price matches the user's expectation, the system will execute the order at the specified price.
Illustration
Buy:
Sell:
When the price (A) drops to or below the order's limit price (C), the order will be executed automatically. If the buy order's limit price is higher than or equal to the current price, it will be executed immediately. Therefore, when placing a limit buy, the order price should be lower than the current price. For example:
1) In the image above, the current price is 100 (A). Place a limit buy order with an order price of 80 (C). If the price does not fall to 80 (C) or below, the order will not be executed.
2) Conversely, if the limit buy order is set at 120 (B), which is higher than the current price, the order will be executed immediately. The optimal filled price should be around 100, not 120.
3. TP/SL
A TP/SL order will be triggered when the last price reaches the preset trigger price and a specified order type will be placed with the price and amount preset by users.
Illustration
A - Current Price
B - Trigger Price
C - Order Price
Assume the current market price is 900. You want to take profit when the price rises to 1000 and stop loss when it drops to 800. You can set the parameters as follows.
Set the trigger price at 1000 with an order price of 950 (setting a lower order price than the trigger price ensures immediate execution). That is, when the price rises to 1000, the system will place and fill the order at 950.
Set the trigger price to 800 and the order price to 750 (setting a lower order price than the trigger price ensures immediate execution). That is, when the price falls to 800, the system will place and execute the order at 750.
4. Trigger Order
When the market price reaches the trigger price, the system will place an order according to the preset price and amount. The trigger order does not freeze margin before being triggered.
Illustration
A - Current Price
B - Trigger Price
If the current market price is 1000, you can set the trigger price at 1100. When the price rises to 1100, the system will execute a market or limit order as configured.
Note: The trigger order does not freeze margin until it is triggered as a market or limit order.
5. OCO
An OCO (One-Cancels-the-Other) order is a conditional order that submits both a TP/SL order and a limit order at the same time. When the trigger price of either order is hit, the other will be automatically cancelled. If one order is cancelled, the other will be cancelled as well.
Illustration
A - Current Price
B - Trigger Price
C - Limit Price
Buy:
Sell:
OCO Buy: Set the TP/SL order's trigger price (B) higher than the current price (A), and the limit order's order price (C) lower than the current price (A).
Scenario 1: When the price rises to 65,000 (B), the TP/SL order will be triggered and the limit order will be canceled automatically.
Scenario 2: When the price falls to or below 55,000 (C), the limit order will be executed while the TP/SL order will be canceled automatically.
Learn more: https://bingx.com/support/articles/35514258998937
