Based on trading account type and trading platform, two order types (market and pending) and two execution types (market execution and instant execution) are supported.
Order types
Order types are divided into market orders and pending orders.
Market order
Market orders are executed immediately as they are activated and include buy and sell as the primary orders.
Buy : Opens with the ask price and closes at the bid price.
Sell: Opens with the bid price and closes at the ask price.
In volatile markets, slippage may significantly affect the filled orders, where prices can be either higher or lower than the intended market price in the terminal window.
Pending orders
Pending orders are used to automate trading. When a certain price or level is reached, these orders execute automatically.
Both opening and closing orders may be pending.
There are 2 types of pending orders: Stop Orders and Limit Orders.
Limit orders
Limit orders - Pending orders where the client's requested price is better than the current market price.
Buy limit: Set a buy price lower than the current ask price.
Sell limit: Set a sell price higher than the current bid price.
Take profit: Close the order as soon as this user-set level of profit is reached.
Stop orders
Stop orders - Pending orders where the client's requested price is worse than the current market price.
Buy stop: Set a buy price higher than the current ask price, and execute the order if that price is reached.
Sell stop: Set a sell price lower than the current bid price, and execute the order if that price is reached.
Stop loss: Close the order as soon as this user-set level of loss is reached.