Trigger order is a trading instruction with predefined parameters by a user. When the latest transaction price reaches the trigger condition, the system will place the market order or limit order according to the preset order price and amount to realize the demand for planned opening.
At present, the USDT contract and the standard contract support the trigger order, in which only the limit trigger order is supported by the standard contract.
Generally, the trigger order is used for “open long” and “open short”. Taken USDT contract as an example:
1.、Enter the USDT contract trading page, click on the inverted triangle next to the “Limit”, select “Trigger Order”, and then enter the “trigger price”, “execution price”, “positions” and select the leverage, and finally click on “OPEN LONG” or “OPEN SHORT” to complete the setting. Assume that BTC will continue the bullish trend after breaking through $8,800, if you plan to open long, then fill in the corresponding parameters as shown below, and then click on “Open Long”.
2、 In the “Trigger Order”, you can view the triggering result of the trigger order, order price, etc. When the latest transaction price reaches the trigger price, the trigger order will be sent to the market according to the predefined leverage, order type (market order, limit order), execution price, and positions. If the limit order is not executed immediately, then it will be included in the “Ordinary Order”. Generally, the market order will be executed immediately and the related information can be viewed in “Positions”.
1) When the latest transaction price reaches the trigger price, the order will be triggered and sent to the market.
2) The execution price is the bid price and ask price, and it’ll be set at the market price by default. When the latest transaction price reaches the trigger price, the system will automatically place the market order or limit order according to the predefined parameters. In the USDT contract, if the execution is left blank, it will be set at the market price by default.
3) Positions refers to the “order quantity” after the trigger order is triggered.
- The trigger order will not freeze the order margin until it is successfully triggered.
- The trigger order may not be triggered successfully, and may failed due to margin, market conditions, positions, network, etc.
- After successful trigger, the limit order may not be filled due to margin, market conditions, etc.