The user can set the trigger price and its order price and quantity in advance. When the market's latest transaction price reaches the trigger price, the system will place an order based on the order price and quantity set in advance (i.e., limit order).
Parameters Description:
Trigger price/Trigger: Once the latest traded price has reached the "trigger price"/” Trigger”, the pre-set order will be executed.
Order price: The price users enter to sell/buy contracts. Once the latest traded price has reached the "trigger price"/” Trigger”, the system will automatically place the order at the pre-set order price to order book.
Contracts Amount: The amount users enter to sell/buy contracts. Once the latest traded price has reached the "trigger price"/” Trigger”, the system will automatically place the order of this pre-set contracts amount to order book.
Example：
A user has 100 lots of BTC perpetual swaps contracts of long positions, with average open position price of 12000 USD. He thinks the key support will be near 10000 USD; if the price falls below 10000 USD, there will be a large drop. To avoid huge loss, the user can user Trigger Order function to stop loss.
Specific operation method：
Order Method 1: chose “Trigger order”，set a trigger price of 10000 USD, and plan to sell the 100 lots of contracts to close long (contracts amount) at 9980 USD (order price), after entering the numbers，click “Close Long” to place the order. When the latest traded price reaches at 10000 USD, the system will execute the Trigger order, and entrust it to the market at the price of 9980USD, that is, the ordinary limit order.
Order Method 2: chose “trigger order”, set a trigger price of 10000 USD, and select desired price level among “top 5 optimal BBO price”, “top 10 optimal BBO price” or “top 20 optimal BBO price” and enter contract quantity，click the button of “Close Long” to complete the order. When the latest traded price reaches at 10000USD，the system will execute the Trigger order and make a quick deal with the selected BBO price as soon as possible to avoid missing the market price.
How to check the order status?
After setting and placing a trigger order, user can find the order under “Open Orders – Trigger Orders” to check the order status.
How to find history records of trigger orders?
After getting triggered, the trigger orders can be found under “Order History – Trigger Orders”.
Note：
1.Users can not place trigger orders when that types of contracts are in delivery, settlement or suspension status, which means trigger order function is only available for trading-status contracts.
2.There is order limit for trigger orders. Users cannot place trigger orders for one type of contract when surpassing order limit of that type of contract.
3.Once the latest traded price has reached the "trigger", the pre-set order will be executed. But if the pre-set order price is not within the price limit (i.e. users set a buy price that is higher than the highest buy price or a sell price that is lower than the lowest sell price), then, the trigger order will fail.
4. When the close trigger orders get executed, the system will place the orders in order book, If the amount of orders placed go below the orders available to close in the users’ account, the actual order quantity will follow the available amount in their account finally. Please note that if the pre-set order price is not within the price limit (i.e. users set a ask price that is higher than the highest ask price or a bid price that is lower than the lowest price due to volatile market, the trigger order designation might fail to be triggered or fail to be fulfilled successfully even after getting triggered.
5.Trigger orders may not be triggered due to sharp fluctuations, price limits, position limits, insufficient margins, insufficient positions to close, non-trading status, network issues, or other system issues.
6.Before the order getting triggered, the margin or positions will not be frozen till the trigger order gets triggered opening/closing positions at pre-set order price and amount.
7.Once the trigger order has been triggered, it will be transferred to limit order and placed to order book at the pre-set price by the user. Limit Order is a kind of order type that will only be filled at the optimal price when the closing order price is lower than market price or the opening order price is higher than market price. Please note that it depends entirely on the market conditions at the time whether the order can be successfully filled or not.
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