What is Algo Order?
Algo order is a set of instructions for placing a trade at predefined price and volume. All logic of the algo orders is fixed and well-explained in the document. Instructions will be carried out according to the defined parameters. OKCoin will not manually interfere the execution process of the order.
Algo trading tools allow users to enter trade information in advance to save time from execution when the right moment arrives. Users may also use algorithmic trading tools as reminders of the day's trading strategy, to avoid bad executions due to the distractions from the live market.
Algo orders will not be executed if the conditions pre-set are not met. Also, our system will not place a hold on the funds of user's account if an algo order is made. However, the algo order triggered will be canceled if the account does not have sufficient funds for its execution.
By using our algorithmic trading tools, you understand and agree to our Algo Trading Agreement.
Trigger order is a trading instruction with pre-defined parameters by a customer. When the last traded price has reached the trigger price, our system will send the trading instruction into the order book.
For example, the last traded price of BTC is 9,600 USD. If a user believes that the price will continue surging up if it breaches the resistance at 10,000 USD, he may place a trigger order with the following parameters:
Trigger price: 10,000 USD
Order price: 10050 USD
Volume: 1.5 BTC
Our system will then automatically send a limit order with the above parameters to the order book when the last traded price reaches 10,000 USD. This would save the user's time from monitoring the market.