VOOI:orderTypes
Understanding Order Types
Orders are used either to open a position or to close one:
Orders to open a position are used to enter the market.
Orders to close a position are used to exit an existing trade (position).
Different order types determine how a position is opened or closed. Some are used to enter the market, while others are used to exit a position or manage risk.
This article explains the main order types supported in VOOI and the differences between them.
Order Types for Opening Positions
In the Order Panel, choose the order type before placing an order to open a position:
Market (instant execution)
A market order opens a position immediately at the best available market price.
Execution: Filled immediately at the best available market price. In fast-moving markets, the final price may differ slightly from the displayed price.
Scenario: It is used when entering the market quickly is more important than getting a specific price.
Limit (execution at chosen price)
A limit order opens a position only at your chosen price or at a better price.
Execution: Filled only if the market reaches the specified limit price or a better price.
Scenario: It is used when you want more control over your entry price. The order will remain open until the market reaches that price, unless it is canceled.
Stop Limit (order triggers when price reaches a level)
A stop limit order places a limit order after the market reaches a specified stop price.
Execution: When the specified stop price is reached, a limit order is placed. That order is filled only if the market then reaches the specified limit price.”.
Scenario: It is used when you want the order to activate only after price reaches a certain level, while still keeping control over the maximum or minimum execution price.
Orders Types for Closing Positions
Orders to close a position are used to exit an existing trade.
Where in the trading terminal to place orders to close positions:
Market order to close a position is placed from the Open Positions section:
Take profit and stop loss (TP/SL) can be set either when opening a position in the Order Panel or later for an open position in the Open Positions section:
Market
A market order closes a position immediately at the best available market price.
Execution: Filled immediately at the best available market price. In fast-moving markets, the final price may differ slightly from the displayed price.
Scenario: It is used when you want to exit a position quickly without waiting for a specific price.
Take Profit (closes a position in profit)
A take profit order closes a position automatically when the market reaches a target price in your favor.
Execution: Triggered when the market reaches the take profit price. The position is then closed according to the order settings.
Scenario: It is used when you want to secure profit automatically without monitoring the market continuously.
Stop Loss (closes a position to limit losses)
A stop loss order closes a position automatically when the market reaches a specified price against your position.
Execution: Triggered when the market reaches the stop loss price. In fast-moving or low-liquidity markets, the final closing price may differ from the trigger price.
Scenario: It is used to limit losses and manage risk automatically
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