What is a Limit Order?
It is a type of order that executes at a specified price if the market reaches it and there is enough liquidity.
How does it work?
To send a Limit Order you must set the PoB and the Level (price) at which you want it to be executed or you can choose to be executed at the Nearest Tick.
What are Grids?
A grid is a complex command, composed of multiple Limit Orders with price, position size and interval specified by the trader, that is sent with one click.
Example: If the current market price for an instrument is 950 and you want to buy at 880, 860, 840, 820 and 800. Instead of placing 5 limit orders manually you create a Grid starting from 880 with a 2.3% interval (20.24) between them and you will have buy orders at 880, 859.76, 839.52, 819.28, 799.04.
How does position sizing work with a Grid?
The selected PoB for the Grid will be spread across the limit orders based on the desired money management: D’Alembert, Martingale, Linear.
- D’Alembert – arithmetic progression
- Martingale – each limit order has a contract number equal to the double of the previous order
- Linear – all orders have the same contract number
If all orders get filled the total position size will be equal to the desired PoB for the Grid.
One Grid can have a maximum of 25 Limit Orders. If you want more than 25 Limit Orders you have to send multiple Grids.
The Replace button.
If Replace is checked, any* active order on the selected instrument and of the same type as the one that is being sent (Long/Short) will be deleted before placing the new limit order/grid. *stops are not affected
– there are 5 limit buy orders between 880 and 800
– you want to adjust the buy zone, so, you send the new grid with the Replace option checked
– the old limit orders will be deleted, the new ones will be placed