Smart Orders

Slippage is the difference between the price that exists at the moment your order is sent, and the actual price at which it is filled. In order to reduce slippage, we have introduced synthetic Smart Market and Stop orders. The use of Smart orders is optional.

Smart orders work as follows:

Smart Market Orders

Instead of a Market order, a Limit order is placed at the last price plus the Slippage you define, for the length of time (Timeout) you specify. If the Limit order is not filled during the specified Timeout, it is canceled, and a Market order is sent. The default settings are a slippage of 0 and a 30 second timeout.

Smart Stop Orders

Once the Stop price is triggered, a Limit order is placed at the Stop price plus the Slippage you define, for the length of time (Timeout) you specify. If the Limit order is not filled during the specified Timeout, the Limit order it is canceled, and a Market order is sent. The default settings are a slippage of 0 and a 30 second timeout. (If there is a partial fill of the Limit order, then the unfilled limit orders are canceled, and a Market order is sent for the remaining lots).

To set Smart Order Parameters for Smart Market and Smart Stop orders:

1. In the Trading Settings dialog box, in the General tab, click the Use Smart Order checkbox.
2. Set the required Slippage and Timeout values in the appropriate edit boxes. ( A positive value in the Slippage edit box means a Limit price which is worse than the Market/Stop price, whereas a negative value means a Limit price which is better than the Market/Stop price. Therefore, you will probably want to enter a negative value).
3. Click Apply to apply and save, or click Ok to save and exit. From this point onward, all your orders will be Smart orders.

Smart Limit Orders

Smart Limit orders are set as Limit orders. Once the Limit price is reached, if the Limit order is not filled during the specified Timeout, the Limit order it is canceled, and a Market order is sent.

Stop Limit Orders

Stop Limit orders are not affected by Smart orders settings, i.e. there are no Smart Stop Limit orders.

 

 

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