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Order Types Overview

Roxom supports four main order types, each designed for different trading strategies and market conditions.

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Market Orders

Execute immediately at the current market price.

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Characteristics

  • Execution: Immediate (fills against existing orders in the order book)
  • Price: Not specified (takes the best available price)
  • Guarantee: Execution is guaranteed (if sufficient liquidity exists)
  • Priority: Highest execution priority

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When to Use

  • Immediate execution is more important than price
  • High liquidity markets where slippage is minimal
  • Emergency exits from positions
  • Small order sizes relative to market depth

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Example

{
  "symbol": "OIL-BTC",
  "instType": "perpetual",
  "side": "buy",
  "orderType": "market",
  "qty": "100"
}
For BUY market orders:
  1. Matches against the lowest ask prices first
  2. Continues up the ask side until filled
  3. May execute at multiple price levels for large orders
For SELL market orders:
  1. Matches against the highest bid prices first
  2. Continues down the bid side until filled
  3. May execute at multiple price levels for large orders
Price Impact: Large market orders may move the market priceSlippage Protection: Consider using limit orders for large sizesMarket Depth: Check order book depth before placing large market orders

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Limit Orders

Execute only at a specified price or better.

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Characteristics

  • Execution: Only at the specified price or better
  • Price: User-specified limit price
  • Guarantee: Price is guaranteed, execution is not
  • Priority: Price-time priority in the order book

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When to Use

  • Price control is important
  • Patient trading where timing is flexible
  • Market making strategies
  • Large orders to minimize market impact

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Example

{
  "symbol": "OIL-BTC",
  "instType": "perpetual",
  "side": "buy",
  "orderType": "limit",
  "qty": "100",
  "px": "50000",
  "timeInForce": "gtc"
}
BUY Limit Orders:
  • Will only execute at the limit price or lower
  • Becomes a maker order if price is below current market
  • Becomes a taker order if price matches existing asks
SELL Limit Orders:
  • Will only execute at the limit price or higher
  • Becomes a maker order if price is above current market
  • Becomes a taker order if price matches existing bids
GTC (Good Till Canceled): Remains active until filled or manually canceledIOC (Immediate or Cancel): Executes immediately for the available quantity, cancels remainderFOK (Fill or Kill): Executes completely or cancels entirely

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Stop Orders

Market orders triggered when a stop price is reached.

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Characteristics

  • Execution: Becomes a market order when stop price is hit
  • Price: Stop price triggers the order
  • Use Case: Risk management and momentum trading
  • Direction: Stop price is typically worse than current market

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When to Use

  • Stop losses to limit downside risk
  • Breakout trading when price moves beyond resistance/support
  • Risk management for existing positions
  • Automated exits based on price movement

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Example

{
  "symbol": "OIL-BTC",
  "instType": "perpetual",
  "side": "sell",
  "orderType": "stop",
  "qty": "100",
  "triggerPx": "49000"
}
For SELL Stop Orders (Stop Loss):
  • Triggers when market price ≤ stop price
  • Common for closing long positions
  • Protects against downward price movement
For BUY Stop Orders (Stop Buy):
  • Triggers when market price ≥ stop price
  • Common for closing short positions or breakout trading
  • Protects against upward price movement
No Price Guarantee: Once triggered, executes as market orderGap Risk: May execute at prices far from stop price during gapsTrigger Method: Uses last trade price for trigger determination

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Stop-Limit Orders

Limit orders triggered when a stop price is reached.

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Characteristics

  • Execution: Becomes a limit order when stop price is hit
  • Price: Both stop price (trigger) and limit price (execution)
  • Control: Combines stop trigger with price protection
  • Risk: May not execute if market gaps past limit price

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When to Use

  • Price protection with stop functionality
  • Controlled exits where execution price matters
  • Risk management with price limits
  • Volatile markets where gaps are common

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Example

{
  "symbol": "OIL-BTC",
  "instType": "perpetual",
  "side": "sell",
  "orderType": "stoplimit",
  "qty": "100",
  "triggerPx": "49000",
  "px": "48900"
}
Two-Step Process:
  1. Trigger Phase: Monitors market price vs stop price
  2. Execution Phase: Places limit order when triggered
Price Relationship:
  • Stop price determines when order activates
  • Limit price determines execution constraints
  • Limit price should be more aggressive than stop price
Normal Execution: Stop triggers, limit order fills normallyPartial Fill: Stop triggers, limit order partially fillsNo Fill: Stop triggers, but market gaps past limit priceQueue Position: Limit order joins order book queue when triggered

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Order Comparison

Order TypeExecution SpeedPrice ControlExecution Guarantee
MarketImmediateNoneHigh
LimitVariableFullNone
StopImmediate (when triggered)NoneMedium
Stop-LimitVariable (when triggered)FullLow

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Trading Strategies

Primary Orders: Limit orders for entry and exitStop Losses: Stop or stop-limit orders for risk managementExecution: Fast in-and-out trades with tight spreads
// Entry
{"type": "LIMIT", "price": "45000.00", "side": "BUY"}

// Take Profit  
{"type": "LIMIT", "price": "45100.00", "side": "SELL"}

// Stop Loss
{"orderType": "stoplimit", "triggerPx": "44950.00", "price": "44940.00", "side": "sell"}
Entry: Limit orders at support/resistance levelsExits: Combination of limit orders (profit targets) and stop orders (losses)Time Frame: Positions held for days to weeks
// Entry at support
{"type": "LIMIT", "price": "44500.00", "side": "BUY"}

// Profit target
{"type": "LIMIT", "price": "47000.00", "side": "SELL"}

// Stop loss
{"orderType": "stop", "triggerPx": "43500.00", "side": "sell"}
Entry: Stop orders to catch momentumConfirmation: Wait for price to break key levelsRisk Management: Quick stops if breakout fails
// Breakout entry
{"orderType": "stop", "triggerPx": "45500.00", "side": "buy"}

// Profit target
{"type": "LIMIT", "price": "46500.00", "side": "SELL"}

// Stop loss
{"orderType": "stop", "triggerPx": "45200.00", "side": "sell"}

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Best Practices

Market Orders: Use for small sizes in liquid marketsLimit Orders: Use when price is more important than timingStop Orders: Use for risk management and momentum playsStop-Limit: Use when you need both trigger and price control
Always use stops: Protect every position with appropriate stop ordersSize appropriately: Larger orders may require different order typesMonitor liquidity: Check order book depth before large ordersTest strategies: Use paper trading to test order type combinations
Network latency: Affects market order execution timingMarket hours: Some order types may behave differently during off-hoursVolatility: High volatility affects stop order executionOrder book dynamics: Understanding market microstructure helps order selection

Create Order

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Market Data

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