Orders
In MarvelChart, through interaction with the Chart or through the DOM, it is possible to send different types of orders to the market:
MarvelChart also has features for managing orders entered into the market, to route orders to different symbols or brokers, to connect multiple orders to each other.
Limit Orders
A Limit order is an order that can be summarized with the expression "so or better". The behavior of the Limit order varies according to its sign.
Buy Limit
A Buy Limit order is a purchase order whose price is lower than the Last price at the time of entry. The meaning of such an order is "Buy at this price or lower".
A Buy Limit order will only be executed when the Last price is lower than or equal to the order price.
Sell Limit
A Sell Limit order is a sell order whose price is higher than the Last price at the time of entry. The meaning of such an order is "Sell at this price or higher".
A Sell Limit order will only be executed when the Last price is higher than or equal to the order price.
Stop Orders
A Stop order is an order commonly called "conditional", and can be summarized with the expression "this or worse". Stop orders are generally used to set a limit on the Loss of Open Positions. The behavior of the Stop order varies according to its sign.
Buy Stop
A Buy Stop order is a purchase order whose price is higher than the Last price at the time of entry. The meaning of such an order is "Buy at this price or higher".
A Buy Stop order will be executed only when the Last price is greater than or equal to the order price.
Buy Stop orders are often used as exit orders in Loss from Open Positions of Short sign.
Sell Stop
A Sell Stop order is a sell order whose price is lower than the Last price at the time of entry. The meaning of such an order is "Sell at this price or lower".
A Sell Stop order will only be executed when the Last price is less than or equal to the order price.
Sell Stop orders are often used as exit orders at Loss from Long Open Positions.
Market Orders
A Market order is an order commonly called "at best", whose purpose is to be completely executed in the shortest possible time. A Market order is characterized by the fact that it does not have a price, and therefore its behavior is not dependent on its sign. Unlike other types of orders, the sign of the Market order can affect the executed price that will be obtained from the market.
Market orders can be used as exit orders from Open Positions. In MarvelChart, the Open Positions closing commands enter Market orders into the market.
Buy Market
A Buy Market order is a purchase order "at best".
Generally, the executed price of a Buy Market order is equal to or greater than the Last price at the time the order was placed on the market. This is due to the fact that the purchase is executed on the Ask side of the DOM.
Sell Market
A Sell Market order is a sell order "at best". Generally, the executed price of a Sell Market order is less than or equal to the Last price at the time the order was placed on the market. This is due to the fact that the sale is executed on the Bid side of the DOM.
Trailing-Stop Orders
A Trailing-Stop order is very similar to a normal Stop order, the feature that differentiates it is the fact that its price is not constant, but varies automatically over time based on the trend of the Last price. Trailing-Stop orders are generally used to manage the exit from an Open Position.
Buy Trailing-Stop
A Trailing-Stop buy order is a type of Stop order whose price is not constant, but can vary over time, depending on the trend of the Last price. Being a Stop order, the initial price of the Trailing-Stop order will always be higher than the Last price at the time of entry to the market. From this moment on, if the Last price decreases, the price of the Trailing-Stop order also decreases by the same amount. Conversely, if the Last price increases, the price of the Trailing-Stop order does not change. If the increase in the Last price is such that it reaches the price of the Trailing-Stop order, the latter will be executed at market.
Sell Trailing-Stop
A Trailing-Stop sell order is a type of Stop order whose price is not constant, but can vary over time, depending on the trend of the Last price. Being a Stop order, the initial price of the Trailing-Stop order will always be lower than the Last price at the time of entry to the market. From this moment on, if the Last price increases, the price of the Trailing-Stop order also increases by the same amount. Conversely, if the Last price decreases, the price of the Trailing-Stop order does not change. If the Last price falls to the point where it reaches the Trailing-Stop order price, the latter will be executed at market.