BlackOcean

Order Types and Attributes

ORDER TYPE DESCRIPTION Attributes
Market Order A Market order is an order to buy or sell at the market bid or offer price. A market order may increase the likelihood of a fill and the speed of execution, but unlike the Limit order a Market order provides no price protection and may fill at a price far lower/higher than the current displayed bid/ask.
Limit OrderA Limit order is an order to buy or sell at a specified price or better. The Limit order ensures that if the order fills, it will not fill at a price less favorable than your limit price, but it does not guarantee a fill. Post. Hidden. Reduce
Stop Market Order A Stop order is an instruction to submit a buy or sell market order if and when the user-specified stop trigger price is attained or penetrated. A Stop order is not guaranteed a specific execution price and may execute significantly away from its stop price. A Sell Stop order is always placed below the current market price and is typically used to limit a loss or protect a profit on a long stock position. A Buy Stop order is always placed above the current market price. It is typically used to limit a loss or help protect a profit on a short sale.
Stop Limit Order A Stop-Limit order is an instruction to submit a buy or sell limit order when the user-specified stop trigger price is attained or penetrated. The order has two basic components: the stop price and the limit price. When a trade has occurred at or through the stop price, the order becomes executable and enters the market as a limit order, which is an order to buy or sell at a specified price or better. Post. Hidden. Reduce
Pegged Order A pegged order is designed to maintain a purchase price relative to the best offer or a sale price relative to the best bid. Depending on the width of the quote, this order may be passive or aggressive. The trader creates the order by entering a limit price which defines the worst limit price that they are willing to accept.
OCO (One Cancels Other) One-Cancels-the-Other (OCO) order is a part of orders where one order is triggered or filled will automatically cancel the other order.
ICE Order An ICE or Iceberg order is intended to allow the user to place multiple orders on the book at predesignated offsets and sizes with up to 10 layers.
Sniper This is a very aggressive tactic that will hit bids/take offers that are better than your limit price but will never post bids or offers. It achieves high participation rates. This technique is not a pure sweep and can sniff out hidden liquidity. As a result, it is often a better choice than placing a limit order directly into the market.
Trailing Stop Market Order A sell trailing stop market order sets the stop price at a fixed amount below the market price with an attached “Trail Value”. As the market price rises, the stop price rises by the trail value, but if the stock price falls, the stop loss price doesn’t change, and a market order is submitted when the stop price is hit. This technique is designed to allow an investor to specify a limit on the maximum possible loss, without setting a limit on the maximum possible gain. “Buy” trailing stop orders are the mirror image of sell trailing stop market orders.
Trailing Stop Limit Order A trailing stop limit order is designed to allow an investor to specify a limit on the maximum possible loss, without setting a limit on the maximum possible gain. A SELL trailing stop limit moves with the market price, and continually recalculates the stop trigger price at a fixed amount below the market price, based on the user-defined “Trail Value”. The limit order price is also continually recalculated based on the limit offset. As the market price rises, both the stop price and the limit price rise by the trail value and limit offset respectively, but if the stock price falls, the stop price remains unchanged, and when the stop price is hit a limit order is submitted at the last calculated limit price. A “Buy” trailing stop limit order is the mirror image of a sell trailing stop limit. IOC
Take Profit Stop Loss Market Order Take profit and stop-loss order is an exit strategy that traders place ahead on positions to ensure timely and automatic exit. Once price reaches take-profit/stop-loss price, a market order is placed.

Attributes

Post Post order won’t be executed in the market as a taker trade, and thus will earn a maker rebate when executed. Post order will be automatically cancelled if it can be executed immediately against an existing order in the market.
Hidden Traders wishing to hide large-size orders can do use by applying the Hidden attribute to a large volume order to completely hide the submitted quantity from the market.
Reduce Reduce order is used to only reduce the size of a trader’s position and does not increase the size of position.

Advanced Attributes

Display Size Value entered will be shown on Order Book rather than size of entire order.
Refresh Size Once the initial display size is exhausted, the refresh size will be used and display size will be ignored.

Time in Force

GTC An order that uses the Good-Till-Canceled (GTC) time in force will continue to work until the order fills or is canceled.
FOK Setting Fill-or-Kill (FOK) as the time in force dictates that the entire order must execute immediately or be canceled.
IOC The Immediate-or Cancel (IOC) time in force applied to an order dictates that any portion of the order that does not fill immediately will be canceled.