Types of Orders 

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.

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