Smart orders allow you to set a price easily at which you wish your entire position to be automatically closed when certain conditions are met. You can choose to select either a TP order or an SL order, or both at the same time while placing your limit buy orders.
Basic Rule related to TP/SL orders
- The TP cannot be below the limit buy order, and SL be above your original limit buy order; the system will not accept it. Important note -Any time user tries to race chase the market price to get their Limit to buy order filled; there are chances that the TP/SL orders will not be placed; users should avoid this as a result.
- Users are to allow the limit order to be executed as a limit order for the system to track their TP/SL. Kindly don’t execute the main limit order at market price while modifying. As in this case, before sending the data for this new modified order to our servers for monitoring, the order has already been executed, which is why the smart orders will not work as they should.
- Please note that any time a user uses smart order, they must keep their API access for IP unrestricted as the smart orders are managed through our servers.
- How to set a smart order?
Please go to the order form and select the option” Smart orders.”
Note: The smart order option is available only when selecting the Buy-side in the order form; it will not be visible when selecting Sell-side in the order form.
- Is it possible to place multiple TP orders with the Smart order type?
Yes, it is possible. You can choose to have either one TP order or multiple.
Also, you can place TP or SL orders together without any issues.
- How to use the smart order functionality?
You can set TP/SL by selecting the price or percentage option as highlighted. If the price option is selected, you can manually enter the price or use the dropper icon to place the TP/SL at the desired price.
If the percentage option is selected, the user can manually enter the percentage number or use the up/down arrow keys.
- Can the TP/SL orders be modified or canceled after placing them?
Yes, anytime you want to modify your TP/SL orders, please use the drag-and-drop option available on the chart.
Note: If you modify your Limit Buy order, the TP/SL also gets modified automatically along with the limit buy order to maintain your set conditions.
If you want to cancel your TP/SL order, you can go to the open order section and select cancel next to your TP or SL.
You can cancel your TP/SL directly from the chart by clicking “X.”
Note: Even when one of your TP is filled, you can still update the other existing TP or SL.
- Points to take note of when using Smart Orders
Note: Any time a Stop loss is placed using smart order, it will always be executed as a market order
- Multiple Take profits
When the user chooses to put multiple TP orders, the percentage assigned to the hit TP is deducted from the existing position if any of them is hit. The changes are visible in the Open order section with details of the position quantity filled. Refer to the image below
- Order Value for each TP/SL Should be more than 15 USD
Please note the minimum notional value of smart order is 15 USD to ensure that it meets the minimum notional requirements of the exchanges in case of multiple Take Profit levels and partial fills. Kindly note the system will not take the order if any other TP or SL is less than 15 USD.
Note: Anytime a stop loss is placed through smart orders, if the user has multiple TP or even a single TP, the stop loss can be executed successfully only once all the set TP orders have been canceled. This situation usually takes a few seconds and depends on how the user has placed many TP orders for the particular open order.
- Open position for a smart order when having multiple TP along with SL
In the Open order, the details related to TP/SL orders can be seen, along with the position filled for a particular TP level.
Note: Any time, for example, if your TP1 is hit, the amount allocated to TP1 is deducted from the Open position that you have from the limit Buy order; any time the price reaches your stop loss level, the system shall close all the remainder position, and the position will be closed.