Xena Exchange supports the following order types for trading Xena Contracts:
Attempt zero loss
Additionally, you can specify the time duration of your orders:
Good Till Canceled (GTC) (default for limit orders)
Immediate or Cancel (IOC) (default for market orders)
Fill or Kill (FOK)
A quick guide to the Xena Exchange order types can be found here.
A market order is a request to buy or sell an asset at the current market price. Note that if the quantity of a market order is too big, it may not be executed at the best price, as it will be matched against several limit orders in the order book. The resulting execution price is the weighted (by execution volume) average of the limit orders that have been executed.
All market orders on Xena Exchange are IOC (Immediate or Cancelled). If there is not enough liquidity on the market to fill your order completely, it will be filled partially, and the remaining portion of the order will be canceled automatically. This is done to protect traders from unexpected price fluctuations when trading on low liquidity. You can manually change your market orders to FOK (Fill or Kill) if you wish.
A limit order is a request to buy or sell an asset at a specified (or better) price . If the other side of the order book doesn't contain any orders with a suitable price, the limit order will remain in the book until it is hit by another market participant or canceled without being filled.
By default, limit orders are GTC (Good Till Cancelled) and remain active until completely filled or canceled by the trader. You can specify IOC or FOK instructions for your limit orders.
Limit orders may also be used to implement various trading strategies. For example, if the price fluctuates inside a channel, you may submit a limit buy order a bit higher than the support level and a limit sell order a bit lower than the resistance level. During the next price swing, this set of orders will buy low and sell high, giving you profit:
Stop and Market-if-touched (MIT) orders
Stop orders are pending orders that are automatically converted and executed as market orders once the last trade price on the market reaches the stop price. Usually, stop and MIT orders are used to close your position when the price reaches a certain level (stop-loss and take-profit orders).
Stop buy-order: placed above the last market price, fires when the last trade price becomes greater than or equal to the stop price of the order.
Stop sell-order: placed below the last market price, fires when the last trade price becomes less than or equal to the stop price of the order.
MIT buy-order: placed below the last market price, fires when the last trade price becomes less than or equal to the stop price of the order.
MIT sell-order: placed above the last market price, fires when the last trade price becomes greater than or equal to the stop price of the order.
Stop and MIT orders are executed as market orders when they are activated and are therefore IOC by default but can also be set to FOK.
Stop-loss (SL) and Take-profit (TP) orders
Stop-loss and take-profit orders provide a convenient way to manage your risk and automate trading.
For example, it's worth it to set a stop loss below the support level because if the price breaks this level, it's likely the start of a downward trend. A stop loss will close the position automatically, not allowing your losses to increase uncontrollably:
Take profits are used to automatically close your position at a certain price (e.g., if you don't expect it to go higher than a certain level):
You can submit stop-loss and take-profit orders together with a limit, market, or stop order or adjust the desired SL and TP in the Positions section.
Trailing stop loss
A trailing stop-loss order is a type of stop-loss order available on Xena Exchange. If you use this type of order, its price will change to maintain a constant distance from the current market price. Trailing stop-loss orders allow traders to minimize risks when the price moves in the direction of the forecast they have made. If the price starts falling, trailing stop-loss orders don’t move.
Let’s say we set 3% as the stop level, which corresponds to $3,298 for BTC with a base price of $3,400. Now the trailing stop will always keep a distance of 3% from the current price as the market grows. In this case, the opening position was at $3,400, and the closing position was at $3,798.
Unlike on many other trading platforms, at Xena Exchange, trailing stop-loss orders are handled on the server side. This means you do not have to keep your trading terminal working all the time. Because this function requires certain resources on our servers, the number of active trailing stop-loss orders (including attempt zero-loss orders) is limited to three per client and one per trading instrument.
Attempt zero loss
Attempt zero-loss orders are trailing stop-loss orders that don't move beyond the position’s opening price.
When the price reaches $3,400, the stop-loss order stops changing. In this case, the trailing stop-loss order seems much more attractive, but this is not always the case.
For example, if a trader seeks to close a position at a specific price and sets the take-profit level at, for example, $4,000, a trailing stop-loss order can lead to a premature closing of the position.
Sending Stop Loss and Take Profit orders
Stop-loss and take-profit orders can be sent only with a main order (which can be of any type — market, limit, or stop).
Once the main order is filled, the SL and TP orders linked to it will automatically reduce their quantity to the quantity of the fill. For example, if you submit an order to buy 10 BTC and it is filled for only 7 BTC, the linked SL and TP orders will be updated, and their quantity will be set to 7 BTC. Additional fills of the main order will not affect the SL and TP orders and will not create new SL and TP orders.
If any of the linked SL or TP orders are filled (completely or partially), the second order is automatically canceled.
Note that if you cancel the main order, the SL and TP orders linked to it are not canceled automatically. The same applies for canceling SL or TP — other linked orders aren’t affected.
Please keep in mind that contrary to many trading platforms designed for CFD trading, stop-loss and take-profit orders on Xena are not linked to positions in any way. Changing positions does not lead to your SL and TP orders changing.
Time in force
Note that for stop orders, the time in force takes effect only when the order is fired.
Good Till Canceled orders
GTC orders remain active until completely filled or canceled by the trader.
Immediate Or Cancel orders
IOC orders are executed immediately, and the unfilled portion of the order is automatically canceled.
Fill Or Kill orders
FOK orders are executed immediately, and if the order cannot be filled completely, it is not filled at all and cancelled.