Order Form

Overview

In the Order Form, you can place Standard and Advanced order types:

Types of Orders

Order Type	Supported Orders
Standard Order Types	Market, Limit, Stop, Stop Limit, Post Only, Trailing Stop Loss, Trailing Stop Limit
Advanced (linked) Order Types	OUO (Order Updates Order), OSO (Order Submits Order), OSO + OUO (a combination of both)

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Supported order types are configured for each trading instrument individually. Contact your admin for more information.

If Advanced Orders are enabled for a specific trading instrument, you can use the switch in the order form to select between Standard and Advanced orders.

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Refer to the Trading section for details.

Maker/Taker Orders

Maker order - order that adds liquidity to the market. Maker order goes to the order book in-full or partially. For example, limit orders add liquidity to the market.
Taker order - order that is traded immediately in-full or partially before going to the order book. For example, market orders never go to the order book.
Some order types can be both Taker and Maker depending on the market conditions. For example, Limit IOC and Limit FOK orders are taker orders despite being limit orders.

Standard Order Types

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Supported order types are configured for each trading instrument individually. Contact your admin for more information.

Market - is the instruction to immediately buy or sell some amount of security/trading instrument using the best price available on the market at the moment. Market order is considered an aggressive order type (Taker) and is usually implies higher commission rates. This type makes sure the order gets executed, but does not guarantee the execution price. More information about Market Orders.
Limit - is the instruction to buy or sell some amount of security at a specified price (Limit Price) or better; however, there is no guarantee, that the order can be filled in-full. Limit orders get executed in case market price meets specified (Limit Price) conditions.Open Limit orders go to the Order Book. More information about Limit Orders. Special Limit order that do not take liquidity from the market are called Post Only orders.
Stop - is an instruction to buy or sell some amount of security at the best market price in case market overpasses the Stop price. It’s similar to the limit order, but there is one significant difference: DTS does not execute it immediately (regardless that generally it can be done immediately). Instead, the DTS waits until the market price hits the specified in the order price level, and then executes the order. Stop orders do not go to the Order Book. More information on Stop Orders.
Stop Limit - this order type is a combination of Stop and Limit orders and is used to secure profits and mitigate potential loss. Stop Limit order is an instruction to buy/sell once the trade instrument reaches a Stop price, but only at a Limit price or better. Stop Limit orders usually participate in a larger trading strategy. Once the Stop price is reached and the market continues to deteriorate, the order becomes a Limit order and goes to the order book.
Trailing Stop Loss is a trade order that moves with the market price. It locks in profit by closing the trade if the market price changes direction by a certain amount. The stop price is set at some fixed amount below the market price. If the market price rises, the stop loss price rises by this amount, but if the stock price fall, the stop loss price doesn't change. Therefore an investor can set a limit on the maximum possible loss without limiting the maximum gain.
Trailing Stop Limit is similar to a trailing stop loss order, but it becomes a limit order once the stop price is reached. This means the trade will only close at the limit price or better, potentially preventing the order from being filled during rapid price changes.

Example

Buy Example: let's say we want to secure our Buy order. In this case we place a Buy Stop Limit order with a Stop Price = 10 USD and a Limit Price = 8 USD. In this case our Stop Limit order goes on the market in case the price breaks the 10 USD limit, but it will be executed at a price 8 USD or lower.

Sell Example: let's say we want to secure our Sell order. In this case we place a Sell Stop Limit order with a Stop Price = 8 USD and a Limit Price = 10 USD. In this case our Stop Limit order goes on the market in case the price breaks the 8 USD limit, but it will be executed at a price 10 USD or higher. More information about Stop Limit Orders.

Post Only Orders

Post Only orders are Limit orders that do not take liquidity from the market. Post Only orders get cancelled automatically in case market conditions demand order execution right after its placement on the market. This functionality is implemented in a form of a check box in the Order and Order Confirmation forms, which is enabled only in case a Limit type of order is selected.

Advanced Order Types

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Supported order types are configured for each trading instrument individually. Contact your admin for more information.

OUO - Order Updates Order

The main purpose of this order type is, usually, to exit an existing position (position is open prior to placing OUO orders) with an intention to limit loss and/or lock in profit by “bracketing” an order with a simultaneous Stop and Limit order. This pair of orders is called OUO order legs. Everything that applies to standard Limit and Stop orders applies to OUO legs as well.

Refer to the Trading to learn more about placing OUO orders from the Order Form.

OUO Limitations

symbol: both legs must have the same symbol/trading instrument.
size: both legs must be of an identical size/volume.
market side: both legs are either Buy or Sell (valid for OUO orders, for OSO can be different market sides).
multi-level limit and stop orders are not supported (only two linked orders are supported).
OUO orders auto decrement in size, in case a partial fill occurs on either of the OUO order legs (decrement is absolute).

Sell Orders

Sell Limit (Take Profit) and Sell Stop (Stop Loss) allows short-selling against the box when there is a risk of a security going down in price.

Buy Orders

Buy Limit (Take Profit) and Buy Stop (Stop Loss) allow entering a long position when there is no certainty as for whether the market will breakout up or retrace to a lower support level and then move back up.

Example

Let's consider an OUO order with two legs: a Sell Limit order and a Sell Stop order.

The Sell Limit order is for 1000 shares and the Sell Stop order is for 1000 shares.
The Sell Limit order gets partially filled for 500 shares.
In this case, the Sell Stop order remains open with the decreased order size by 500 shares to match the open position.

OUO Orders Events

In terms of order events, OUO orders behave as if both legs were independent orders. For each leg you may receive an order acknowledgment, cancellation, fills and other standard events.

Example 1

A trader submits the first leg of the bracket order.
The System confirms it using the Order Pending New event.
The trader submits the second leg of the bracket order. Let's consider this leg invalid.
System rejects the second leg using the Order Reject event and cancels the first leg using the Order Cancel event.
System uses Order Restated events to signal order quantity reduction of one leg when the other leg is partially filled.

Example 2

A trader submits the first leg of the bracket order.
The System confirms it using the Order Pending New event (order is received but is not working).
The trader submits the second leg of the bracket order.
The System confirms the second leg using the Order New event.
The System confirms that the first order is now working using the Order New event.
The second leg gets partially filled. The System reports this using

The Order Filled event for the second leg (the trade quantity reflects the order fill amount);
The Order Restated event for the first leg (the order quantity reflects the new reduced amount).

OSO - Order Submits Order

Order Submits Order (OSO) orders are, typically, used to enter a protected position (LONG or SHORT). This complex order consists of an Entry Order and a single or more Exit Orders, activated in case the entry order is being filled.

Exit Order(s) quantity is set as the cumulative filled quantity of the Entry Order. In case the Entry Order is canceled without a fill or rejected, then the Exit Orders are not sent to the market. OSO can trigger a single Exit Order (e.g. LIMIT or STOP) or an OUO order bracket consisting of several legs. Partially filled Entry Order with GOOD_TILL_CANCEL or GOOD_TILL_DATE time in force condition will be converted to a DAY order.

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Exit Orders wait until the Entry Order is completely filed to avoid complexity and prevent self-trading.

Partially filled Entry Orders lead to unprotected (naked) positions.

Example

Let's consider an OSO order consisting of two legs:

First Leg - Entry Order: is a Limit BUY 0.1239 order - opens a Long position.
Second Leg - Exit Order: is a Market SELL 0.1239 order.
Exit Order(s) go to the market as the Entry Order gets completely filled.

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Refer to Trading to learn more about placing OSO orders from the Order Form.

OSO+OUO

OSO can trigger a single Exit Order (e.g. LIMIT or STOP) or an OUO order consisting of several legs.

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Exit Orders wait until the Entry Order is completely filed to avoid complexity and prevent self-trading. Partially filled Entry Orders lead to unprotected (naked) positions.

INFO

Refer to Trading to learn more about placing OSO+OUO orders from the Order Form.

OSO+OUO Example

Let's consider an OSO order consisting of three legs: OSO Entry Order triggers OUO order with two leg.

Entry Order - First Leg: is a Limit BUY 1000 order with two SELL OUO orders attached to it:
- Second Leg: - Limit SELL 1000 (take profit) order
- Third Leg: - Stop SELL 1000 (stop loss) order.
Exit Order(s) go to the market as the Entry Order gets completely filled.

Supported Time-In-Force

Good Till Date, Good Till Cancel, Good Till The End Of The Day.

Order States

Order State	Description
CompletelyFilled	Order is filled in full.
PartiallyFilled	Outstanding order with executions and the remaining quantity.
Rejected	Order is rejected by sell-side (broker, exchange, ECN). Order can be rejected after the order acknowledgment, i.e. an order can pass from New to Rejected status.
Canceled	Order is canceled with or without executions.
Expired	Order is canceled as per time in force instructions.
Replaced	Order Replace request has been applied to the order.
Suspended	The order is not eligible for trading. This usually happens as a result of a verbal or otherwise out of band request to suspend the order, or because the order was submitted, or modified via a Cancel/Replace Request, with ExecInst=Suspended.
New	Outstanding order with no executions.
Pending New	Order has been received by sell-side (broker, exchange, ECN) system but not yet accepted for execution.
PendingReplace	Order with an Order Cancel/Replace request pending. Is used to confirm the Order Cancel/Replace request.
PendingCancel	Order with an Order Cancel request pending. Is used to confirm the Order Cancel request.

Time-In-Force Types

Time-In-Force is a specific instruction that defines expiration conditions for orders.

Time-In-Force Type	Description	Notes
Immediate Or Cancel (IOC)	The order gets executed (partially or in full) immediately. The part of the order that has not been filled immediately gets cancelled.	Disabled for Post Only orders.
Good Till Date (GTD)	The order stays active until a specified date, unless it is filled in full or cancelled.	Disabled for Market and SOR Limit orders.
Good Till Cancel (GTC)	The order stays active until it is filled in full or cancelled.	Disabled for Market orders.
Fill Or Kill (FOK)	The order either gets entirely filled or cancelled immediately.	Disabled for SOR Limit orders and Post Only orders.
Good Till And Of The Day (GTD)	The order expires by the end of the trading day, unless filled in full.	Disabled for Market orders.
At The Opening	The order gets executed at the market opening.
At The Closing	The order gets executed at the market closing.
Good Till Crossing (GTX)	The order automatically expires immediately prior to the commencement of a crossing session.

Order Size Preset Options

When entering the Buy/Sell order size in the Order Form, click gears (see attached screenshot) icon to display preset order size options:

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All preset options are calculated based on the available base and term currency balances.

25% - of the total available volume.
50% - of the total available volume.
Max - max available volume.

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The Sell commission does not apply to the destination account for MAX order value.

Order Price Preset Options

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Price Preset is available only for Limit and Stop order types.

Price Preset options allow setting the order price (On the Basic View enabled just in the Order Confirmation window):

Price Preset	Description
BID	Select to set the order price as the best Bid price from the order book. Once set, cannot be manually adjusted. Dynamically adjusts to meet the real-time value.
ASK	Select to set the order price as the best Ask price from the order book. Once set, cannot be manually adjusted. Dynamically adjusts to meet the real-time value.
MID	Select to set the order price as the best Mid price from the order book. Once set, cannot be manually adjusted. Dynamically adjusts to meet the real-time value.
Entered Price	Select to set the order price manually.
Price Increment	Use `+/-` Price Increment controls on top of the Price Box to adjust best Bid/Ask/Mid prices. Price Increment value is configured for each security individually.

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Contact your admin for more information about price increment values. In case you are not able to use price increment, contact your admin to align Price Increment and Price Precision values.

Order Destination

CWUI allows selecting an order destination exchange, if multiple exchanges are configured for the specific trading instrument, or using a Smart Order Routing (SOR) algorithm. In this case it is possible to preview the specific exchange commissions prior to placing orders.

SOR - special algorithm designed to automatically settle orders on best terms available throughout the connected external trading venues. SOR algorithm checks all available trade venues and scans for best prices and liquidity.

Order and Commissions Preview

In case a specific order destination exchange has been selected, order details and applicable buy/sell commissions are displayed at the bottom of the order form:

Total Buy - total buy price.
Total Sell - total sell price.
Fee Buy - buying fee.
Fee Sell - selling fee.
AVG Buy Price - average buying price.
AVG Sell Price - average selling price.

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All commissions and fees are a part of system settings. You can check the applied commissions in the Order Events side panel after the order has been executed. Contact you admin for details.

One Click Trading

One Click Trading allows placing orders without manual order confirmation. Refer to the Trading section to learn more about this functionality.

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In case you have RFQ enabled, you can use toggle to activate One Click Trading for these order types as well. This toggle is disabled if RQF is disabled for your trader.

INFO

Trading Guide
All processed orders, transactions and commissions and fees you may find in Transactions Report.
All order events you may find in Order Events.
All active orders you may find in Orders.
SOR Preview Widget section.

Orders in Term Currency

NOTE

Contact your admin to enable orders in term currency.

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We recommend verifying whether the order destination accepts orders denominated in term currency before placing them.

By default, the order quantity is calculated in base currency. In the Order Book, My size is always calculated and displayed in the base currency.

In Order Form, you can select in which currency (base or term) you want to denote the order quantity. To do that, use the Currency selector in the order form.

For example, for BTCUSD trading instrument, you can:

Select BTC and enter the order quantity in the base currency (e.g. 0.01 BTC). You can also use quantity presets to set the order quantity.
Select USD and enter the order quantity in the term currency (e.g. 10000 USD). For term currency, you can manually enter order size (e.g. 20 000). Note: if you use quantity presets, the order quantity will be recalculated in base currency.

In the reports, you can view the currency or the order in the Currency column.