Help Center
Our products knowledge base for customers
Order type sets
Order type sets
Here you can select which order types are traded with a particular provider, depending on what orders the provider itself executes and what orders the client is allowed to trade.
Order type sets are configured by the platform administrator. At the stage of setting up and interacting with the provider, the platform administrator needs all the data, including the types of orders supported by the provider. Also, if the provider does not support the order types you need, emulation on the platform side is possible for some order types.
You can also set Inverted orders if your external provider supports this feature. This type of order allows you to trade from the counter currency, i.e. to enter in the Amount field, not the base currency, but the settlement currency.
Example: The EURUSD instrument price is 1.10. With the standard order entry, the order price per 1,000 pips is shown as 1,100 (USD). But when this setting is enabled, the price will be shown as 909 (EUR).
To configure order type sets, you need to specify a name and select a broker. Then in the Session order types click Add and add your desired session type, order types and expiry date. Then click Add session orders and Create.
By clicking DUPLICATE you can create a copy of your current setting.
To save your new or edited setting click SAVE in the bottom right of the screen, CANCEL to cancel the changes and SHOW USAGE to view on which accounts this setting is used.
Session order types
There are four session types for which you can set order types and time in force:
- Offline - when the market is closed
- Main - active trading session time
- Pre Market - time before the trading session starts
- After Market - time after the trading session ends
Please note, that you can set only distinct order type for each session.
Order types
The Order type displays deliverable or leverage of an asset, its duration and amount. There are following order types:
| Name | Description |
|---|---|
| Market | order is an order to buy or sell a stock at the market's current best available price. |
| Market if touched | is an order to buy or sell an asset at a price lower or higher than the market price. |
| Buy Limit | an order to buy an asset at a price lower than the current market ask price. The order is triggered if the ask price equals or falls below the specified price in the order. Once triggered, the limit order is executed at the specified price or better, depending on liquidity. |
| Sell Limit | an order to sell an asset at a price higher than the current market bid price. The order is triggered if the bid price equals or exceeds the specified price in the order. Once triggered, the limit order is executed at the specified price or better, depending on liquidity. |
| Limit if touched | initially its price will be set at the level favourable for the current market. If the market price starts to move away from the initial trigger price, the trigger and limit price will follow the market and will be adjusted by the sliding amount and limit shift set by the user. |
| Trailing Stop | a type of order used to limit losses if the price moves against the trader. When the specified trailing stop value is reached, the order is executed. The value can also be adjusted after the order is placed. |
| Buy Stop | a pending order to buy an asset at a price higher than the current market ask price. This order is triggered when the ask price reaches or exceeds the level specified in the order. |
| Sell Stop | a pending order to sell an asset at a price lower than the current market bid price. This order is triggered when the bid price reaches or falls below the level specified in the order. |
| Stop-Limit order | is sending a limit order to buy or sell when the specified stop trigger price is reached or surpassed. |
| OCO (One cancels the other) order | is a pair of conditional orders stipulating that if one order executes, then the other order is automatically canceled. |
Time in force
- G.T.C (Good-till-Cancelled) is an order that uses this type of Duration will work until the order is filled or cancelled.
- I.O.C (Immediate-Or-Cancel) is an order to buy or sell a stock that must be executed immediately. IOC orders allow partial execution.
- Fill Or Kill is an order to buy or sell at a specified price or better. Must be executed or cancelled immediately.
- G.T.D (Good Till Date) is a type of order that remains active until a certain date unless executed or cancelled before then.
- Day - order will stay open until it is executed during the trading day, or until the relevant market closes.
Suspended time in force
Suspended is a pending order status that applies to previously placed pending orders if their type is not supported in the current session. When the session supporting this type of pending order returns, it changes its status to New from the Suspended status.
The next order types can be added to the Suspended time in force list:
- Market
- Limit
- Stop
Please note! This setting can only be changed by Unity administrators.