Classification of Orders

Limit And Stop Orders

Stop Order Types

A stop order can be placed as either stop market or stop limit. A stop market order becomes a market order once the stop trigger price is reached. A stop-limit order becomes a limit order once the stop price is reached. To choose between the two stop order types, set the stop order type on the Trading Configuration Panel to either MKT for a stop market order or LMT for a stop-limit order. When using a stop-limit order, set the stop order offset to indicate the limit price. Note that the offset can also be negative. A negative offset means that once the stop trigger is met the limit order is below the trigger price (for buy stop) or above the stop trigger price (for sell stop).

Placing Limit And Stop Orders

Trading Configuration Panel

Every time the Bookmap chart opens, the one-click trading feature is disabled for precautionary measures. To enable one-click trading, click on the lock icon above the Bookmap chart. This will open the Trading Configuration Panel. Check Enable One-Click Trading and specify the number of contracts per click (Size box). Note that when one-click trading is enabled the lock icon will open.
To follow up on your orders, position, and P&L status, you can either use the Trading Configuration Panel or the Trade Status Panel. To open or close the Trading Configuration Panel, use the lock icon above the chart. To close or open the Trade Status Panel click Settings >> Configuration and check/uncheck the Show Trade Status Panel check box. The Bookmap chart is divided into two areas separated by the current timeline. Orders can be placed with one-click action only from the area to the right of the vertical timeline.

To place an order, follow the instructions below:

1. To place a buy limit order, click the left mouse button at or below the current bid at the desired price level. Note that clicking the left mouse button at or above the current ask will result in a buy at the current market price.
2. To place a sell limit order, click the right mouse button at or above the current ask at the desired price level. Note that clicking the right mouse button at or below the current bid will result in a sell at market price.
3. To place a buy stop order, press SHIFT + the left mouse button at or above the current ask at the desired stop price level. To place a sell stop order, press SHIFT+ the right mouse button at or below the current bid at the desired stop price level. Note that stop orders can be either stop market of stop-limit orders, as explained below.
4. A single mouse click places an order for the number of contracts specified by the trader in the trade configuration settings window. Each additional mouse click will add another order for the same number of contracts.

Bracket Orders

To send bracket orders, users need to check the Brackets check box on the Trading Configuration Panel and check the type of orders to send as brackets and their distance in ticks from the executed price of the leading order. Bracket orders can be either or both of taking profit limit orders and stop orders. Note that bracket orders will be sent for every filled order that was placed when the Brackets check box was already checked. The duration and type of the stop-limit bracket order will be as was set for any stop order when the leading order was sent to the market. The duration of the take profit limit order will be the same as was set for any limit order when the leading order was sent to the market. Once triggered, the bracket orders will function as OCO orders. The price of each OCO leg can be changed individually. When one leg is cancelled, the other leg will be cancelled as well. Size modification of a single leg may or may not result in a similar change of the other OCO leg, depending on the platform to which Bookmap is connected. See Special Orders for details. Note that size can only be modified downwards; i.e., you can only reduce the size of the order but not increase it.

For some of the platforms and APIs supported by Bookmap, the bracket orders are server-side;, i.e., the instruction to send a bracket order following the execution of the leading order is not stored internally in Bookmap but on the broker/execution platform side. At the same time, some other platforms and APIs do not support server-side bracketing, in which case the bracket orders will be client-side, i.e., kept in Bookmap until sent to the market. Whether bracket orders are a server or client-side has implications on the submission of orders when Bookmap becomes unavailable due to loss of connection, involuntary or voluntary shutdown, system crash, or any other reason. When bracket orders are kept on the client-side, they will be lost when Bookmap becomes unavailable and will not be sent to the market when the triggering condition has been met. Traders’ caution and discretion is advised when using client-side bracket orders. See Special Orders for details on which platforms / APIs support server-side brackets. When working with other platforms / APIs the brackets will be client-side.

OCO Orders

When OCO check box is checked, traders can enter two linked orders that will cancel each other when filled. Once the trader designates the first OCO leg price the trader will be guided to designate the second OCO leg price. Only when both OCO legs have been designated will both OCO orders be sent.

The price of each OCO leg can be changed individually. When one leg is cancelled the other leg will be cancelled as well. Size modification of a single leg may or may not result in a similar change of the other OCO leg, depending on the platform to which Bookmap is connected. See Special Orders for details. Note that size can only be modified downwards; i.e., the user can only reduce the size of the order but not increase it.