So this new version got "order template supported"... it sounds amazing but what can you do with them?
Order template are designed for several goals, the most important is the goal of handling large numbers of trade-amounts. For example, in some events you want to buy lets say 10,000 coins. But if you placed such an order then it would impact the orderbook directly. Then in such events you want to spread it over time and guard price differences because of your order it potential impact. This is the part where the order templates come into play.
Order templates allow for advanced setups about how an order should be executed. To understand them an little i will begin with showing the order types everybody knows.
Order templates can be accessed from:
- Trade now forms
The most basic order type is the limit order. When you set this up inside a 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 the price is less important, its about executing a order directly and it look like this.
Again as trade-amount 100% was set at the first order and the switch is set to Market.
25% market order
Let try to create the first more advanced order type. Let setup a 25% market order. With this order we want to trade 25% of our total trade-amount at the time. We are doing it using market orders for making sure our trade get filled.
Note at this template we have used 4 rows and setup 25% per row. So we intent to trade 25% of the total trade-amount at the time. To make this work we have set the "Dependent" switch to Yes. This means row 1 / order 1 has to be filled first before row 2 may be executed, and so on of course.
Testing a order template
We did not include any example because we want you to do this on your own. Try to make a order template yourself and just test it. Testing it is easy and it shows exactly what would be happening. You can confirm if it works exactly like you want or not and adjust it to make it right.
To do a test on a order template, please do as follows... 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 setup make sure you got a trade-amount setup and press Buy or Sell and watch what happens.
During the test the order template shall be executed safely inside a simulated account and you can see your wallet change and the open orders should make note of of the pattern you setup 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 and also allow you to get a good price average.