I. What is the Price Condition Order?
Price condition order is a conditional order, which help you to automate part of your trade.
Crypto-currency markets changes rapidly and exchange activities are running 24X7. As you do not have time to watch it closely all the time, you may miss the opportunity to buy or sell when the price movement reaches your expected price.
That is where the price condition order can help.
You just need to set the trigger condition, limit price and amount. Your order will ute automatically when the conditions are triggered during the valid period.
Trigger price is a price condition , you can choose from
Greater than or equal to (>=)
Less than or equal to ( <=)
And the trigger value is last price.
If choose greater than or equal to (>=), the price condition order will be triggered when the last price is greater than or equal to this trigger price during the valid period. A limit order at your set price and amount will be placed automatically.
If choose less than or equal to(<=), the price condition order will be triggered when the last price is less than or equal to this trigger price during the valid period. A limit order at your set price and amount will be placed automatically.
II What is the requirement of a trigger price?
When to place a price condition order, you must:
Set the trigger price greater than the last traded price at the moment if choose greater than or equal to(>=);
Set the trigger price less than the last traded price at the moment if choose less than or equal to(<=).
III Valid duration
The valid duration is calculated from the time the price condition order is placed. During the period, the price condition order will be triggered when the last price meet the trigger price condition.If not triggered, the price condition order will expire at the end of the valid period.
IV Will the price condition order be triggered more than one time?
A price condition order can only be triggered one time. Once it is triggered, it will attempt to place a limit order at preset price and amount and ends its lifespan.
V What is immediate or cancel (IOC)?
In the case a price condition order is triggered and a limit order is placed, the order must be filled immediately at the limit price or better only. If the order cannot be filled immediately or fully (i.e. only partially filled), the unfilled portion will be cancelled.
VI Why can not see my limit order in Order tab after the conditional order is triggered?
If you can not see order in Order tab, consider the following two scenarios:
1) The order is not placed successfully due to insufficient balance when the price condition order is triggered.No order is placed at all.
2) The order fill in whole immediately and is removed from Order tab to Trade tab.
You enabled Immediate-Or-Cancel (IOC) . The unfilled portion is immediately removed from the Order tab.
You may check on the Trade History instead of Order tab.
How to Set a Price condition order
The price condition order does not enter into order book until the trigger condition is met.
It can be used in two main strategies:
1) As a stop-loss/take profit order
2) As an automatic tool to buy or sell at a desired price point
It consists of two parts, a trigger condition and a limit order.
For the trigger condition, you have to set when to trigger the order; will it be triggered when the market price is greater than a set price or less than a set price?
Click around the black triangle of Trigger Price and choose from >= or =< and then enter the set price.
The last trade of ONT /USDT currently is 0.57 USDT. You expect ONT to go up still when the last price reaches 0.6 USDT. You may set the trigger condition as Trigger Price >= 0.6
If you want to sell at 0.61 USDT once the last price reaches 0.6 or above, then you may enter 0.61 at the Price Field.
Enter the amount you want to sell in the Amount field.
Choose the valid duration of the conditional order ( 1 day by default).
Click Sell button to submit your order.
If successful, you will see your conditional order under Price Condition tab under My Orders tab.
If ONT/USDT price would reach 0.60 or above later within the valid period, your order will be triggered and a limit order of Sell ONT at 0.61 USDT will be placed automatically.
1 About Trigger Price:
when you choose >=, the trigger price you set should be greater than the current market price.
When you choose <=,the trigger price you set should be less than the current market price.
2 About Balance:
The conditional order does not occupy your balance until it is triggered. So make sure to set aside enough balance for this order. If you do not have enough balance when it is triggered, it will not place a limit order for you.