Order templates sound amazing, right? But what can you do with them?
Order templates are designed for several purposes, the most important is handling large numbers of trade-amounts. For example, in some situations, you want to buy 10,000 coins. But if you placed such an order then it would impact the orderbook directly. In such situations, you want to spread it over time and guard against price fluctuations that would arise because of the impact of such a large order. This is the part where the order templates come into play.
Order templates allow for advanced configuring of how an order should be executed.
Order templates can be accessed from:
- Trade now forms
The most basic order type is the limit order. When you set this up inside an order template it will look like this;
As trade-amount 100% is setup at the first order and the switch is set to Limit, to define the order type at the exchange.
The second most basic order type is the market order. With the market order, price is less important since market orders are about executing an order immediately.
Again, the trade-amount is set at 100% for the first order and the switch is set to Market.
25% market order
Let us create a more advanced order template with a 25% market order. With this order, we want to trade 25% of our total trade-amount at a time. We are using market orders to make sure our orders get filled.
Note: This template uses 4 rows set for 25% per row. This means we intend to trade 25% of the total trade-amount at the time. We have set the "Dependent" switch to "Yes" which requires row 1 / order 1 to be filled before row 2 may be executed, and so on.
Testing a order template
Now, to make an order template yourself and test it out. Testing is easy and allows you to confirm your template works as it should.
To do a test an order template: Open up the Wallet, Open Orders and Trade-now overviews using the button in the upper right corner. Go to the Trade-now form and select a Simulated account and setup your order template inside it. Once configured, ensure you have a trade-amount defined and press Buy (or Sell) to view the results.
During the test, the order template should be executed safely inside a simulated account. You can verify your order template is performing as expected by monitoring your wallet and open orders. Take note of the pattern you defined inside the order template.
The order template allows you to create custom iceberg orders. These allow you to enter and exit large positions without moving the market. The advantage of this is a better average price.