VOOI:orderTypes

Orders can be divided into two categories:

VOOI Unified Trading Terminal supports several types of orders for both opening and closing positions. In this article, we'll take a closer look at the differences between them.

Orders to Open Positions

VOOI Unified Trading Terminal supports the following order types to open positions:

  1. Market Order: Buy or sell immediately at the current market price.

  2. Limit Order: Buy or sell at a specified price or better.

  3. Stop Limit Order: Becomes a limit order once the stop price is reached.

Let's see how these orders differ and when they are used.

You place orders to open and close long and short positions. For more information about position types, please refer to VOOI:positionTypes

Market Order

Market Order is an order to buy or sell immediately at the current best available price.

  • Execution: Executed immediately at the market price.

  • Use Case: Used when you want to ensure the order is filled quickly.

To place a Market order to open a position:

  1. Hit either the Buy button if you are opening a long position or the Sell button if you are opening a short position.

Limit Order

Limit order is an order to buy or sell at a specified price or better.

  • Execution: Only executed if the market reaches the specified limit price.

  • Use Case: Used when you want to control the price at which the order is executed.

Examples of Limit Orders for Long and Short Positions

Long Position ExampleShort Position Example
  • Trading pair: ORDI/USDC

  • Current Market Price: $41.47.

  • Price: The maximum price you’re willing to pay to buy, for example, 40 USDC.

  • Execution: The order will only be executed if the price drops to 40 USDC or lower.

  • Trading pair: ORDI/USDC

  • Current Market Price: $41.57.

  • Price: The maximum price you’re willing to pay to buy, for example, 43 USDC.

  • Execution: The order will only be executed if the price rises to 43 USDC or higher.

To place a Limit order to open a position:

  1. Hit either the Buy button if you are opening a long position or the Sell button if you are opening a short position.

Stop Limit Order

  • Definition: Once the stop price is reached, the order becomes a limit order at the specified limit price.

  • Execution: Executed only if the market reaches the stop price and then the limit price.

  • Use Case: Used to control both the entry/exit point and the price limit, often for risk management.

Examples of Short Limit Orders for Long and Short Positions

Long Position ExampleShort Position Example

Trend: Usually used to confirm an upward trend.

  • Trading pair: RNDR/USDC

  • Current Market Price: 10.30.

  • Stop Price (trigger): Typically set above the current market price, for example, 10.5 USDC.

  • Limit Price: The maximum price you’re willing to pay to buy, for example, 11 USDC.

  • Execution: If the price rises to 10.5 USDC, it triggers a limit order to buy at 11 USDC or lower.

Note: You can set the stop price (trigger) below the limit price in case it's your strategy, but it's less common.

Trend: Usually used to confirm a downward trend.

  • Trading pair: RNDR/USDC

  • Current Market Price: 10.28.

  • Stop Price (trigger): Typically set below the current market price, for example, 10 USDC.

  • Limit Price: The minimum price you’re willing to accept to sell, for example, 9.5 USDC.

  • Execution: If the price drops to 10 USDC, it triggers a limit order to sell at 9.5 USDC or higher.

Note: You can set the stop price (trigger) higher the limit price if it’s your strategy, but it’s less common.

To place a Stop Limit (SL) order to open a position:

  1. Hit either the Buy button if you are opening a long position or the Sell button if you are opening a short position.

Orders to Close Positions

VOOI Unified Trading Terminal supports the following order types to close positions:

  1. Market Order: Close a position immediately at the current market price.

  2. Take Profit Order: Close a position at a specified profit target.

  3. Stop Loss Order: Close a position to limit losses at a specified price.

Market Order

Market orders allow closes positions quickly.

  • Function: Closes a position immediately at the current market price.

  • Use Case: Used when you want to exit a position quickly, regardless of the exact price.

To place a market order to close a position:

  1. Navigate to your list of open positions,

  2. Locate the order you want to close immediately,

Take Profit Order

Take Profit (TP) orders allow automatically close positions to lock profits.

  • Function: Closes a position when the price reaches a specified profit target: locking the profit.

  • Use Case: Used to lock in profits automatically once a certain price level is reached.

Examples of Take Profit (TP) Orders for Long and Short Positions

Long Position ExampleShort Position Example
  • Trading pair: MERL/USDC

  • Current Market Price: 0.528.

  • Entry price: 0.526.

  • Take profit price: For long positions typically set above the current market price, for example, 0.6 USDC.

  • Execution: If the price rises to 0.6 USDC, the position closes at 0.6 USDC or or the next available price, locking in your gains.

  • Trading pair: BLUR/USDC

  • Current Market Price: 0.408.

  • Entry price: 0.407.

  • Take profit price: For short positions typically set below the current market price, for example, 0.3 USDC.

  • Execution: If the price drops to 0.3 USDC, the position closes at 0.3 USDC or or the next available price, locking in your gains.

To place a Take Profit (TP) order to close a position:

  1. Navigate to the list of open positions,

  2. Locate the order you want to set a TP order for,

Stop Loss Order

Stop Loss (SL) orders automatically close positions to stop loss.

  • Function: Closes a position to limit losses when the price reaches a specified level.

  • Use Case: Used to protect against significant losses by automatically closing a position when the market moves against you.

Examples of Stop Loss (SL) Orders for Long and Short Positions

Long Position ExampleShort Position Example
  • Trading pair: MERL/USDC

  • Current Market Price: 0.528.

  • Entry price: 0.526.

  • Stop loss price: Typically set below the current market price, for example, 0.45 USDC.

  • Execution: If the price drops to 0.45 USDC, the position closes at 0.45 USDC or the next available price, preventing further losses.

  • Trading pair: BLUR/USDC

  • Current Market Price: 0.408.

  • Entry price: 0.407.

  • Stop loss price: Typically set above the current market price, for example, 0.5 USDC.

  • Execution: If the price rises to 0.5 USDC, the position closes at 0.5 USDC or the next available price, preventing further losses.

To place a Stop Loss (SL) order to close a position:

  1. Navigate to your list of open positions,

  2. Locate the order you want to set a TP order for,

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