There are 5 types of orders in Tiger.Trade. Let’s look at each of them in detail.
Market orders
Market orders (Market) don’t have a price; that can be seen in the Orders window. They will be executed at the best available price at the given time (lowest for a buy and highest for a sale).
Such orders are used when the speed of execution is more important than cost.
Limit orders
Limit orders have a price that limits the price at which an order will be executed. In other words, when submitting an order, you indicate the maximum execution price. When buying, the exchange must execute an order at a price that is not higher than the limit, and when selling—at a price that is not lower than the limit.
Unlike a market order, one cannot be completely certain of its execution here. Therefore, one must choose between the obligation to perform at an uncertain price and the uncertainty of execution at a limited price.
Stop orders
Stop orders are the same as market orders, but they have an activation price that will be indicated as a stop price in the Orders window. As soon as the market reaches this price, the stop order will be executed. But it will be executed according to the market.
This is a virtual order that is stored on the exchange server. Or, if the connection to the exchange does not support stop orders, the order will be executed locally in the Tiger.Trade terminal. When the price moves, it is checked each time for whether the price has reached this order. If the price reaches this order, a market order is immediately sent.
One of the dangers of using stop orders is that the actual price at which this order is executed may differ from the stop price.
Stop-limit orders
Stop-limit orders are orders that not only have a stop price, but also a price. For the order to become a stop limit, an offset must be set. After that, the Orders window will contain two prices.
When the price reaches the stop price, a limit order rather than a market order will be sent, and its price will be as in the Price column.
The stop limit type eliminates price risk associated with stop orders (where the price is not guaranteed), but it exposes the order to the threat that it will not be executed (if the market jumps past this price).
Trigger orders
Trigger orders are the same as stop orders, only they are virtual orders that are executed by the Tiger.Trade. terminal. They do not go to the stock exchange, but are processed locally in the terminal. If the terminal is turned off, they will not be executed.
As soon as the trigger order gets into the spread, it will be immediately executed based on the market. For trigger orders, you can set the offset, and then in the Orders window, another price in addition to the stop price will appear. And if the price reaches this order, it will be executed at the best price, which will be no worse than in the Price column.
The difference between trigger orders and stop orders is that they can be placed absolutely anywhere. In other words, with SELL STOP stop orders that only below the price, you can place BUY STOP above the price. SELL STOP that are above the price can no longer be placed. And, for example, a sell trigger order can be placed above the price.
For take profit and stop loss, you can set trailing. This is an option that sets the range in price steps depending on its position in the parameters window. Please note that applications with the trailing option in the Tiger.Trade is always local. They will not be executed if the terminal is closed.