5. Orders

Order types in the trading platform

5.1. In order to open a position the following Orders (Pending Orders) may be used:

1. «Buy Stop» - an Order to open a Long Position at the price higher than the price at the moment of placing the Order;
2. «Sell Stop» - an Order to open a Short Position at the price lower than the price at the moment of placing the Order;
3. «Buy Limit» - an Order to open a Long Position at the price lower than the price at the moment of placing the Order;
4. «Sell Limit» - an Order to open a Short Position at the price higher than the price at the moment of placing the Order.

5.2. In order to close a position the following Orders may be used:

1. «Stop Loss» - an Order to close a previously opened position at the price less profitable for the Customer than the price at the moment of placing the Order;
2. «Take Profit» - an Order to close a previously opened position at the price more profitable for the Customer than the price at the moment of placing the Order;
3. «If-Done Order» - Stop Loss and/or Take Profit which are activated once the Pending Order they are related to has been executed.

When and for how long Orders can be placed

5.3. The Customer may place, modify or delete Orders only within trading hours for the relevant Instrument. The trading hours for each Instrument are indicated in the Contract Specifications.

5.4. Pending Orders on the Instruments, which are traded 24 hours a day, have «GTC» («Good Till Cancelled») status. The expiry date and time can be set by the Customer in the «Expiry» field.

5.5. Pending Orders on the Instruments, which are not traded 24 hours a day, have «Day Order» status and will be deleted at the end of a trading session.

5.6. Stop Loss and Take Profit for all Instruments have «GTC» status («Good Till Cancelled»).

The procedure for placing an Order

5.7. In order to give an Instruction to place a Pending Order, the Customer shall specify the following required parameters:

1. Instrument;
2. Transaction Size;
3. Order type («Buy Stop», «Buy Limit», «Sell Stop», or «Sell Limit»); and
4. Order Level.

In addition the Customer may indicate the following optional parameters:

1. level of «Stop Loss». «0.0000» means that «Stop Loss» is not placed (or it is deleted if it has already been placed);
2. level of «Take Profit». «0.0000» means that «Take Profit» is not placed (or it is deleted if it has already been placed);
3. date and time when the Pending Order expires.

The Instruction will be declined if:

1. any of the required parameters is not specified or is incorrect;
2. any of the optional parameters is incorrect.
3. In this case, the «Invalid S/L or T/P» error message appears if the Orders are placed via the Client Terminal without using an Advisor.
4. if the Customer’s Trading Account has limits in respect of the total number of orders and Customer’s Instruction exceeds these limits, the “Trade is disabled” message will appear when the Customer tries to place a pending order in the Client Terminal without using an Advisor.

5.8. If the Customer gives an Instruction to place «Stop Loss» or «Take Profit», the following information must be specified:

1. Ticker of the Open Position;
2. level of the «Stop Loss»; «0.0000» means that «Stop Loss» is not placed (or it is deleted if it has already been placed);
3. level of the «Take Profit»; «0.0000» means that «Take Profit» is not placed (or it is deleted if it has already been placed).

If any of the information is incorrect and the Orders are placed via the Client Terminal without using an Advisor, the Instruction will be declined and the «Modify…» button will remain inactive.

5.9. If the Customer gives an Instruction to place the If-Done Orders on a Pending Order, the Customer shall specify the following:

1. Ticker for the Pending Order which the Customer intends to place the Orders on;
2. level of the «Stop Loss»; «0.0000» means that «Stop Loss» is not placed (or it is deleted if it has already been placed);
3. level of the «Take Profit»; «0.0000» means that «Take Profit» is not placed (or it is deleted if it has already been placed).

If any of the indicated information is incorrect and the Orders are placed via the Client Terminal without using an Advisor, the Instruction will be declined and the «Modify…» button will remain inactive.

5.10. While giving an Instruction to place «Stop Loss» and/or «Take Profit» Orders on opened position or Pending Order, the difference in pips/points between the «Stop Loss», «Take Profit» or the Pending Order level and the current market price must not be less then the "Limit & Stop Levels" parameter indicated for each Instrument in the Contract Specifications, and the following conditions must be met:

1. for the «Stop Loss» Order on the Short Position the current market price is the Ask price and the Order must not be placed lower than the Ask price plus the "Limit & Stop Levels" parameter indicated for this Instrument;
2. for the «Take Profit» Order on the Short Position the current market price is the Ask price and the Order must not be placed higher than the Ask price minus the "Limit & Stop Levels" parameter set for this Instrument;
3. for the «Stop Loss» Order on the Long Position the current market price is the Bid price and the Order must not be placed higher than the Bid price minus the "Limit & Stop Levels" parameter set for this Instrument;
4. for the «Take Profit» Order on the Long Position the current market price is the Bid price and the Order must not be placed lower than the Bid price plus the "Limit & Stop Levels" parameter set for this Instrument;
5. for the «Buy Limit» Order the current market price is the Ask price and the Order must not be placed higher than the Ask price minus the "Limit & Stop Levels" parameter set for this Instrument;
6. for the «Buy Stop» Order the current market price is the Ask price and the Order must not be placed lower than the Ask price plus the "Limit & Stop Levels" parameter set for this Instrument;
7. for the «Sell Limit» Order the current market price is the Bid price and the Order must not be placed lower than the Bid price plus the "Limit & Stop Levels" parameter set for this Instrument;
8. for the «Sell Stop» Order the current market price is the Bid price and the Order must not be placed higher than the Bid price minus the "Limit & Stop Levels" parameter set for this Instrument.

5.11. While giving an Instruction to place «If Done» Order on Pending Order , the Customer should consider that the difference between the «If-Done» Order level and the level of the Pending Order must not be less than the number of Points indicated at "Limit & Stop Levels" parameter indicated for each Instrument in the Contract Specifications, and the following conditions must be met:

1. the «Stop Loss» Order on the «Buy Limit» or «Buy Stop» Orders must not be placed higher than the level of the Pending Order minus the "Limit & Stop Levels" parameter set for this Instrument;
2. the «Stop Loss» Order on the «Sell Limit» or «Sell Stop» Orders must not be placed lower than the level of the Pending Order plus the "Limit & Stop Levels" parameter set for this Instrument;
3. the «Take Profit» Order on the «Buy Limit» or «Buy Stop» Orders must not be placed lower than the level of the Pending Order plus the "Limit & Stop Levels" parameter set for this Instrument;
4. the «Take Profit» Order on the «Sell Limit» or «Sell Stop» Orders must not be placed higher than the level of the Pending Order minus the "Limit & Stop Levels" parameter set for this Instrument;

5.12 At the moment of important news release and under abnormal market conditions the Dealer has the right to increase Limit&Stop Level parameter for all types of orders up to the level indicated in the Contract Specification for each instrument.

5.13. An Instruction to place an Order is deemed executed and the Order is deemed placed once the relevant record appears in the Server Log-File.

5.14. Each Pending Order has a Ticker.

5.15. An Instruction to place an Order will be declined by a dealer if it precedes the first Quote on the Market Opening. In this case the «Off quotes» message appears in the Client Terminal window.

5.16. The Dealer has the right to decline an Instruction to place an Order if, while a dealer processes this Instruction, the current Quote reaches the level at which clause 5.10 or 5.11 has been breached.

The procedure of modifying and deleting an Order

5.17. If the Customer gives an Instruction to modify Pending Order parameters (the level of the Pending Order and/or «If-Done» Orders), the Customer shall specify the following:

1. Ticker;
2. Pending Order level;
3. level of «Stop Loss»; «0.0000» means that «Stop Loss» is not placed (or it is deleted if it has already been placed);
4. level of «Take Profit»; «0.0000» means that Take Profit is not placed (or it is deleted if it has already been placed).

If any of the indicated information is incorrect and the Orders are placed/modified/deleted via the Client Terminal without using an Advisor, the Instruction will be declined and the «Modify» button will remain inactive.

5.18. If the Customer gives an instruction to modify «Stop Loss» and «Take Profit» orders on the Open Position the Customer shall specify the following parameters:

1. Ticker;
2. level of «Stop Loss». «0.0000» means that «Stop Loss» is not placed (or it is deleted if it has already been placed);
3. level of «Take Profit». «0.0000» means that «Take Profit» is not placed (or it is deleted if it has already been placed).

If any of the indicated information is incorrect and the Orders are placed/modified/deleted via the Client Terminal without using an Advisor, the Instruction will be declined and the «Modify...» button will remain inactive.

5.19. When the Customer gives an Instruction to delete a Pending Order, the Customer shall specify its Ticker.

5.20. An Instruction to modify or delete an Order is deemed executed and the Order is deemed modified or deleted once the relevant record appears in the Server Log-File.

5.21. An Instruction to modify or delete an Order will be declined by the Dealer if it precedes the first Quote for this Instrument in the Trading Platform on the Market Opening. In this case the «Off quotes» message appears in the Client Terminal window.

5.22. The Dealer has the right to decline an Instruction to modify or delete an Order if, while it is being processed, the Order has been placed in the queue in order to be executed in accordance with clause 5.24.

5.23. Where the Customer has given an Instruction to modify or delete an Order, the Dealer has the right to cancel the Order modification or deletion, if the processing of that Instruction is finished after the Order is placed in the queue in order to be executed in accordance with clause 5.24.

The procedure of orders execution

5.24. The Order is placed in the queue in order to be executed in the following cases^[10]:

1. the «Take Profit» on open Long Position is placed in the queue in order to be executed if the Bid price in the Quotes Flow becomes equal or higher than the Order Level;
2. the «Stop Loss» on open Long Position is placed in the queue in order to be executed if the Bid price in the Quotes Flow becomes equal or lower than the Order Level;
3. the «Take Profit» on open Short Position is placed in the queue in order to be executed if the Ask price in the Quotes Flow becomes equal or lower than the Order Level;
4. the «Stop Loss» on open Short Position is placed in the queue in order to be executed if the Ask price in the Quotes Flow becomes equal or higher than the Order Level;
5. the «Buy Limit» is placed in the queue in order to be executed if the Ask price in the Quotes Flow becomes equal or lower than the Order Level;
6. the «Sell Limit» is placed in the queue in order to be executed if the Bid price in the Quotes Flow becomes equal or higher than the Order Level;
7. the «Buy Stop» is placed in the queue in order to be executed if the Ask price in the Quotes Flow becomes equal or higher than the Order Level;
8. the «Sell Stop» is placed in the queue in order to be executed if the Bid price in the Quotes Flow becomes equal or lower than the Order Level.

5.25. Once the Pending Order is placed in the queue in order to be executed, the Server automatically checks if the Free Margin is sufficient to open the position:

1. a new position is added conditionally to the list of open positions;
2. new Necessary Margin («New Margin») for the cumulative Customer’s position, including conditionally added new position, is calculated at the current market prices at the moment of verification^[11];
3. all Floating Profits/Losses for all Open Positions, including the conditionally added new Position, are calculated at the current market prices;
4. new size of «Free Margin»^[12] is calculated;
5. if the above mentioned calculations for the new position have been done and:
   • «free margin» is more or equal zero and the total Customer position including conditionally added new position does not exceed the set limits for this type of account. Then the order is executed and the position is opened. The process of opening the position is followed by the relevant record in the Server Log-File and the position opened by this Pending Order keeps the same Ticker as the Pending Order;
   • «free margin» is more or equal zero and the total Customer position including conditionally added new position exceeds the set limits for this type of account, the order is canceled. The process of canceling the order is followed by the relevant record in the Server Log-File;
   • «Free Margin» is less than zero, then a dealer has the right to decline the Instruction to open a position and delete the Pending Order.

5.26. An Order is deemed executed once the relevant record appears in the Server Log-File.

5.27. Under Normal Market Conditions the Dealer executes an Order at the Order Level.

5.28. When the Order Level falls within the Price Gap on the Market Opening, the Order is executed at the Bid or Ask price (depending on the order type) of the first obtainable after the Gap Quote. Buy Stop, Sell Stop or Stop Loss orders are executed at the level less profitable for the Customer; Buy Limit, Sell Limit or Take Profit orders are executed at the level more profitable for the Customer.

5.29. If under Abnormal Market Conditions the Order level falls within the Price Gap, the Order is executed by the Dealer:

1. at the Bid or Ask price (depending on the Order type) of the first obtainable after the Gap Quote, if the difference in pips/points between the Order level and the Bid or Ask price (depending on the Order type) of the first obtainable after the Gap Quote is higher than the "Gap Level" parameter, indicated in the Contract Specifications for each Instrument; otherwise
2. at the Order level.

5.30. When the Pending Order Level falls within the Price Gap on the Market Opening, it is executed at the first obtainable after the Gap Bid or Ask Quote if the difference in pips/points between the level of the Pending Order and the Bid or Ask price (depending on the Order type) of the first obtainable after the Gap Quote is higher than the "Gap Level" parameter, indicated in the Contract Specifications for this Instrument;

1. Buy Stop, Buy Limit Orders are executed at the Ask price of the first Quote, If-Done Orders are executed at the Bid price;
2. Sell Stop, Sell Limit Orders are executed at the Bid price of the first Quote, If-Done Orders are executed at the Ask price.

5.31. When If-Done Orders and the Pending Order they are related to fall within the Price Gap in the Quotes Flow, the Pending and If-Done Orders are executed:

1. at the Bid or Ask price (depending on the Order type) of the first obtainable after the Gap Quote, if the difference in pips/points between the level of the Pending Order and the Bid or Ask price (depending on the Order type) of the first obtainable after the Gap Quote is higher than the "Gap Level" parameter, indicated in the Contract Specifications for this Instrument; otherwise
2. at the Order level.

5.32. When several Orders are in the Price Gap, they are placed in the queue in order to be executed in ascending order of their Tickers. The Instruction, which is received earlier than the others in the queue, is sent to an unoccupied dealer for execution^[13].

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^[10] In the charts in the Client Terminal bar or candle’s high is the maximum Bid price and bar or candle’s low is the minimum Bid price. Minimum Ask price is the bar or candle’s low plus spread. Maximum Ask price is the bar or candle’s high plus spread.

^[11] For the matched positions «hedged margin» parameter is used, for all positions except the matched ones the «initial margin» is used, which is calculated at the average weighted price (in terms of volume) of all positions except the matched ones; the procedure and an example of margin calculation are given at the Alpari’s website in the “Help” menu section.

^[12] free margin = balance – new margin + floating profit - floating loss

^[13] If there is more than one dealer, depending on the interim a dealer needs to proceed the Customer’s Request or Instruction, there is a possibility that in the server log-file the recorded execution time of the first Request or Instruction in the queue will be later than the execution time of the Request or Instruction which followed after.