The trading platform allows to prepare and issue requests for the broker to execute trading operations. In addition, the platform allows to control and manage open positions. Several types of trading orders are used for these purposes. An order is a trader’s instruction to the broker to perform a trade operation. In the platform, orders are divided into two main types: market and pending. In addition, there are special Stop Loss and Take Profit orders.

Market Order

A market order is an instruction given to a brokerage company to buy or sell a financial instrument. Execution of this order results in the execution of a deal. The price at which the deal is executed is determined by the type of execution that depends on the symbol type. Generally, a security is bought at the Ask price and sold at the Bid price.

Pending Order

A pending order is the trader’s instruction to a brokerage company to buy or sell a security in future under pre-defined conditions. The following types of pending orders are available:

  • Buy Limit — a trade request to buy at the Ask price that is equal to or less than that specified in the order. The current price level is higher than the value specified in the order. Usually this order is placed in anticipation of that the security price will fall to a certain level and then will increase;
  • Buy Stop — a trade order to buy at the “Ask” price equal to or greater than the one specified in the order. The current price level is lower than the value specified in the order. Usually this order is placed in the anticipation that the price will reach a certain level and will continue to grow;
  • Sell Limit — a trade order to sell at the “Bid” price equal to or greater than the one specified in the order. The current price level is lower than the value specified in the order. Usually this order is placed in anticipation of that the security price will increase to a certain level and will fall then;
  • Sell Stop — a trade order to sell at the “Bid” price equal to or less than the one specified in the order. The current price level is higher than the value in the order. Usually this order is placed in anticipation of that the security price will reach a certain level and will keep on falling.
  • Buy Stop Limit — this type is the combination of the first two types, being a stop order to place a Buy Limit order. As soon as the future Ask price reaches the stop-level indicated in the order (the Price field), a Buy Limit order will be placed at the level, specified in Stop Limit price field. A stop level is set above the current Ask price, while Stop Limit price is set below the stop level.
  • Sell Stop Limit — this order is a stop order to place a Sell Limit order. As soon as the future Bid price reaches the stop-level indicated in the order (the Price field), a Sell Limit order will be placed at the level, specified in Stop Limit price field. A stop level is set below the current Bid price, while Stop Limit price is set above the stop level.
  • For symbols with Exchange Stocks, Exchange Futures and Futures Forts calculation modes, all types of pending orders are triggered according to the rules of the exchange where trading is performed. Usually, Last price (price of the last performed transaction) is applied. In other words, an order triggers when the Last price touches the price specified in the order. But note that buying or selling as a result of triggering of an order is always performed by the Ask and Bid prices respectively.
  • In the “Exchange execution” mode, the price specified when placing limit orders is not verified. It can be specified above the current Ask price (for the Buy Limit orders) and below the current Bid price (for the Sell Limit orders). When placing an order with such a price, it triggers almost immediately and turns into a market one. However, unlike market orders where a trader agrees to perform a deal by a non-specified current market price, a pending order will be executed at a price no worse than the one specified.
  • If during pending order activation the corresponding market operation cannot be executed (for example, the free margin on the account is not enough), the pending order will be canceled and moved to history with the “Rejected” status.
Types of pending orders

Current market state

— current market state

Forecast

— forecast

Current price

— current price

Order price

— order price

Price, reaching which a pending order will be placed

— price, reaching which a pending order will be placed

Expected growth

— expected growth

Expected fall

— expected fall

Take Profit

The Take Profit order is intended for gaining the profit when the security price reaches a certain level. Execution of this order results in the complete closing of the entire position. It is always connected to an open position or a pending order. The order can be requested only together with a market or a pending order. This order condition for long positions is checked using the Bid price (the order is always set above the current Bid price), and the Ask price is used for short positions (the order is always set below the current Ask price).

Stop Loss

This order is used for minimizing losses if the security price moves the wrong direction. If the security price reaches this level, the entire position is closed automatically. Such orders are always associated with an open position or a pending order. They can be requested only together with a market or a pending order. This order condition for long positions is checked using the Bid price (the order is always set below the current Bid price), and the Ask price is used for short positions (the order is always set above the current Ask price).

If during Take Profit or Stop Loss activation the corresponding market operation cannot be executed (for example, it is rejected by the exchange), the order will not be deleted. It will trigger again at the next tick corresponding to the order activation conditions.