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Home » Announcements » Introduction to Trail Order on Futures Add New Post

Introduction to Trail Order on Futures

Moderator published on OKCoin Announcements Announcements 2015-01-08 20:39 6991

1. Trail orders allow you to set in advance your strategy for significant swings in the market. When the last price = maximum (or minimum) market price after trail order is submitted * (1±user-defined callback rate), this triggers the order to be executed on the market.





2. Trail order parameters are trigger price, callback rate and quantity.





3. The trigger price is one condition for a trail order, satisfied when it is met or exceeded by the maximum or minimum market price.





4. The callback rate is another condition for a trail order, satisfied when the last price compared with the maximum market price / minimum market price is greater than or equal to the user-defined callback rate.





5. Open position trail orders will not increase the margin balance, close position trail orders will not decrease the number of positions available to close.





6. Each user can have up to 10 non-triggered trail orders.





7. For a buy trail order to be executed, the trigger price must be less than the last market price. For a sell trail order to be executed, the trigger price must be greater than the last market price.





8. At the moment when a) the maximum market price is greater than or equal to the trail order trigger price, and b) (the maximum market price - latest market price) / maximum market price >= callback rate, a sell trail order will be triggered.





9. The floor price at the moment when a sell trail order is triggered serves as the effective limit order price.





10. For sell to open short trail orders, the number of contracts available to open is based on the above-mentioned limit order price, available margin balance, contract values and leverage rate.




The number of limit orders to sell is the minimum of (contracts available to open and the user-defined quantity).





11. Sell to close long trail orders are executed, based on the minimum of number of positions available to close and the user-defined quantity, as limit orders to sell.





12. At the moment when a) the minimum market price is less than or equal to the trail order trigger price, and b) (the latest market price - lowest market price) / lowest market price >= callback rate, a buy trail order will be triggered.





13. The ceiling price at the moment when a buy trail order is triggered serves as the effective limit order price.





14. For buy to open long trail orders, the number of contracts available to open is based on the above-mentioned limit order price, available margin balance, contract values and leverage rate.




The number of limit orders to buy is the minimum of (contracts available to open and the user-defined quantity).





15. Buy to close short trail orders are executed, based on the minimum of number of positions available to close and the user-defined quantity, as limit orders to buy.





16. If a trader closes all at market for one position, all its trail orders and stop orders will be canceled.





17. After a trail order is triggered, the actual order price will be set according to system records. Traders should be familiar with the potential consequences of using trail orders. The use of trail orders indicates a user’s acceptance of these conditions and consequences.





18. All orders are executed according to these rules. The execution of orders cannot be guaranteed, and users accept that pre-defined order conditions may lead to them not being filled.





19. OKCoin.com retains the final decision in all matters relating to interpretation of these rules.



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