CFD Order Types

Price Type

Setting Buy Order Sell Order
Limit Send the order at the price specified in the Price(c) box. This CFD price defaults to the last price in the underlying market at the time the order is placed, but may be changed. The CFD price specified is the maximum price for buys. The order trades at the best price available. Send the order at the price specified in the Price(c) box. This CFD price defaults to the last price in the underlying market at the time the order is placed, but may be changed. The CFD price specified is the minimum price for sells. The order trades at the best price available.
Market to Limit Send the order with a CFD price that is one price above the lowest sell (ask) price quoted. Send the order with a CFD price that is one price below the highest buy (bid) price quoted.
At Market Plus Send the order with a CFD price that is five price steps above the lowest sell (ask) price. Send the order with a CFD price that is five price steps below the highest buy (bid) price.

Order Types

Attributes Definition
Date The order will expire on a particular date.
Good Till Cancel The order will remain in the trading platform for the maximum amount of time allowed for the CFD type.
End of Day The order will remain in the trading platform until the end of the day.
Fill and Kill The order will trade immediately at the specified CFD price being quoted. Any remaining volume of the order which was not filled will be withdrawn (killed). If no order exists on the opposite side of the underlying market when the order is created, the order will fail.
Fill or Kill The order is withdrawn (killed) if the total order volume cannot be traded immediately.
Default Lifetime This is the default setting. The order will remain in the trading platform for nine weeks or until the date specified, unless it trades in full during this time. Custom expiry dates cannot exceed the nine week order limit. If the order falls too far outside the underlying market range, it will be removed from that trading platform at the end of the day.

Contingent Orders

A contingent order allows a trader to set an order that will be able to be traded when a specified event or criteria is met in the underlying market. A very popular use for contingent orders is “stop-losses” or “break out” trading. Contingent orders are removed from the trading platform as soon as they are triggered by the event or criteria occurring or are deleted by the trader.

For example: a contingent order can be created to generate a ABC CFD Buy order at $20 for 500 CFDs if/when ABC trades in the underlying market at $19.50 (as the trader regards $19.50 as the break out level and want to see the trend commence before trading).

One Cancels Other (OCO)

A One Cancels Other (OCO) order is comprised of two contingent orders with different trigger conditions. When one contingent order triggers, the other contingent order is automatically deleted. For example, when you hold an open position you can set a “stop-loss” and a “take profit” OCO, which means when either of the two orders is triggered the other is deleted automatically.

If Done

If Done is another type of contingent order which is placed as part of a market order and depends on the market order being executed. Typically, this is used to cover the position established with the first order. When the market order trades, the If Done order becomes active. For example, a buy market order for DEF CFDs may be placed if the order trades your stop-loss If Done order is automatically generated.

When used with an OCO (One Cancels Other) order, two orders can be placed: a “profit taking” order and a “stop-loss” order. Whichever one triggers first then cancels the other order.

You initiate an If Done order from the Create Order dialog box; otherwise, the procedure for creating an If Done order is similar to a regular contingent order.

A trailing stop-loss order can also be used instead of the contingent order with the same If Done functionality.

The following conditions apply to If Done orders:

  • You cannot change the account or underlying asset of the contingent order.
  • The volume of the contingent order is zero (0) until the market order trades, at which point the traded volume becomes the contingent order volume. The volume updates as the market order continues to trade.
  • If the untraded market order is deleted, the If Done contingent order is also deleted

Trailing Stop-Loss

Unlike a regular contingent order, the trigger price of a trailing stop-loss order changes as the underlying market moves away from the last price. This can be used to minimise loss and maximise gain.

For sell trailing stop-loss orders, the contingent order’s trigger price is set at an amount or percentage below the last price, then recalculated upwards as the underlying market price increases. As the underlying asset price falls towards the calculated trigger price, the trigger price does not change. The trailing stop-loss order triggers when the underlying market price reaches, or falls below, the calculated trigger price.

For buy trailing stop-loss orders, the contingent order’s price is set at an amount or percentage above the current last price, then recalculated downwards as the underlying market price decreases. As the underlying asset price rises towards the calculated trigger price, the trigger price does not change. The contingent order triggers when the underlying market price reaches or rises above the calculated trigger price.

Open a Live Account NOW

·         You cannot change the account or underlying asset of the contingent order.

·         The volume of the contingent order is zero (0) until the market order trades, at which point the traded volume becomes the contingent order volume. The volume updates as the market order continues to trade.

If the untraded market order is deleted, the If Done contingent order is also deleted.