See IG have released a system to create orders.
Attach their explanation below. Can anyone explain this (with examples if possible)
"if you type in an Order Level that is higher than the current price, you can only possibly be working a Buy Stop or a Sell Limit. If you type in an Order Level that is lower than the current price, you can only possibly be working a Sell Stop or a Buy Limit"
Seems a bit more complicated than the CS system but wondering if that complexity added any tradable features that CS dont have ?
JK
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Orders to Open
It is possible to leave an Order to open a new position should a specified level be filled.
A Stop Order is an instruction to open a bet should the mid-price of our quote* touch a specified level that is less favourable than our current quote. Please note that without exception any Stop Order that is being worked to open a new position will be non-guaranteed and therefore may be subject to slippage if filled.
A Limit Order is an instruction to open a bet should the mid-price of our quote* go through a specified level that is more favourable than our current quote.
When leaving an Order you will either be buying or selling, and you will be working either a Stop or a Limit. It follows, therefore, that there are four different types of Opening Order to cover all the permutations, namely: Buy Stop; Buy Limit; Sell Stop; Sell Limit.
Please note that we do not accept Orders to Open for Sports, Options or Binary Bets.
Leaving a Stop or Limit Order:
1. Go to the Live Prices area and select the market you want
Either from All Prices or My Prices. Click on the market (with the left mouse button) and select 'Order to Open' from the pop-up menu which appears. This will populate the Dealer area with the relevant market along with the Order Fields that need to be filled in.
Please note that if the 'Show Controlled Risk Prices' box is ticked at the point that you select 'Open Order' your Order will automatically be an order to open a position that has a Controlled Risk stop.
2. Go to the Dealer area and enter the Order Level and the Amount/Point
By entering the level which will activate your Order, the 'Order Type' field will become live (for any level you enter, only two Order Types are possible. For example, if you type in an Order Level that is higher than the current price, you can only possibly be working a Buy Stop or a Sell Limit. If you type in an Order Level that is lower than the current price, you can only possibly be working a Sell Stop or a Buy Limit).
Select the Order Type that you require.
3. Take a note of the Opening Spread
The Order Level is the price that activates your order, and is always a price without spread. If you are filled, you will always pay the Opening Spread as stated when you placed the Order. If you are working a Stop Order you may also pay slippage.
4. Click on the green 'Next' button
This takes you to the second and final set of fields to be completed.
5. Specify how long the Order is to be 'Good' for
You can choose to have your order 'Good Till Cancelled' (the order remains valid either until it is executed by us or cancelled by you or the relevant market expires) or 'Good Till' a specified time. If you choose the latter option, the time is entered in 24-hour format. Because our dealing platform can potentially be used across different time-zones, the time specified is 'system time'. The current 'system time' is displayed in the 'Good Till' area of the order form. Your order will be cancelled when the 'system time' reaches the time you have specified. Similarly if the 'Period' of the market upon which you are dealing has been exceeded, your order will be cancelled. For example, if you chose to work an Opening Order on Daily FTSE for 21-Oct-04, the order would be cancelled at the closing time of the FTSE 100 on 21 October 2004, even if you had selected your order to be 'Good Till Cancelled'.
6. Choose whether you would like a Contingent Stop or Limit
The feature is optionally available to attach a Stop and/or Limit Order contingent upon your Order being filled. If you would like to use this feature, first click in the check-box to the left of 'Contingent Orders', which will allow you to fill in the fields below. You can then specify how far away, in terms of number of points, you would like to work a Stop or Limit (or both) to close if you order is filled. If you have a Limited Risk account, you will have to specify a Contingent Stop and you will have the option of choosing whether to have a Contingent Limit or not.
7. Click on the green 'Next' button
If you have filled out all the necessary fields you will be shown a Summary of Order. You should check all the details are correct before submitting your order. If you have selected for your order to be worked Good Till a specified time, the amount of time left before the order is cancelled is displayed in hours and minutes.
8. Click on the green 'Submit' button
You should shortly receive a confirmation that we have accepted your order.
Viewing and Editing Orders
It is possible to view any Opening Orders that you are currently working with us by clicking on the 'Orders to Open' tab of the 'Positions & Orders' window.
If you would like to amend or cancel an order, this can be done by clicking on the green 'EDIT' button which is displayed to the left of each Order. This causes the Dealer area to be populated with the details of the Order concerned. These can then be amended as you require and then re-submitted.
When editing an Order:
clicking the green 'Cancel' button at any point before you have re-submitted the Order will clear the Dealer area and no amendments will be made to your Order.
clicking the red 'Delete' button will cancel the order concerned, and therefore the order will no longer be worked for you and will no longer appear in the 'Positions & Orders' window.
it is not possible to convert a non-guaranteed Contingent Stop into a Controlled Risk Contingent Stop. Should you be working an Order that you would like to add a Controlled Risk Contingent Stop to, you will need to cancel the order in question by clicking 'Delete', make sure that the 'Controlled Risk Prices' box is ticked and then select 'Order to Open' and re-input the details of your Order along with the relevant Contingent Guaranteed Stop.
*Stops and Limits for individual shares are activated by the market bid/offer adjusted forward to the relevant period. The size of your Order may affect our ability to fill it.
Attach their explanation below. Can anyone explain this (with examples if possible)
"if you type in an Order Level that is higher than the current price, you can only possibly be working a Buy Stop or a Sell Limit. If you type in an Order Level that is lower than the current price, you can only possibly be working a Sell Stop or a Buy Limit"
Seems a bit more complicated than the CS system but wondering if that complexity added any tradable features that CS dont have ?
JK
---------------
Orders to Open
It is possible to leave an Order to open a new position should a specified level be filled.
A Stop Order is an instruction to open a bet should the mid-price of our quote* touch a specified level that is less favourable than our current quote. Please note that without exception any Stop Order that is being worked to open a new position will be non-guaranteed and therefore may be subject to slippage if filled.
A Limit Order is an instruction to open a bet should the mid-price of our quote* go through a specified level that is more favourable than our current quote.
When leaving an Order you will either be buying or selling, and you will be working either a Stop or a Limit. It follows, therefore, that there are four different types of Opening Order to cover all the permutations, namely: Buy Stop; Buy Limit; Sell Stop; Sell Limit.
Please note that we do not accept Orders to Open for Sports, Options or Binary Bets.
Leaving a Stop or Limit Order:
1. Go to the Live Prices area and select the market you want
Either from All Prices or My Prices. Click on the market (with the left mouse button) and select 'Order to Open' from the pop-up menu which appears. This will populate the Dealer area with the relevant market along with the Order Fields that need to be filled in.
Please note that if the 'Show Controlled Risk Prices' box is ticked at the point that you select 'Open Order' your Order will automatically be an order to open a position that has a Controlled Risk stop.
2. Go to the Dealer area and enter the Order Level and the Amount/Point
By entering the level which will activate your Order, the 'Order Type' field will become live (for any level you enter, only two Order Types are possible. For example, if you type in an Order Level that is higher than the current price, you can only possibly be working a Buy Stop or a Sell Limit. If you type in an Order Level that is lower than the current price, you can only possibly be working a Sell Stop or a Buy Limit).
Select the Order Type that you require.
3. Take a note of the Opening Spread
The Order Level is the price that activates your order, and is always a price without spread. If you are filled, you will always pay the Opening Spread as stated when you placed the Order. If you are working a Stop Order you may also pay slippage.
4. Click on the green 'Next' button
This takes you to the second and final set of fields to be completed.
5. Specify how long the Order is to be 'Good' for
You can choose to have your order 'Good Till Cancelled' (the order remains valid either until it is executed by us or cancelled by you or the relevant market expires) or 'Good Till' a specified time. If you choose the latter option, the time is entered in 24-hour format. Because our dealing platform can potentially be used across different time-zones, the time specified is 'system time'. The current 'system time' is displayed in the 'Good Till' area of the order form. Your order will be cancelled when the 'system time' reaches the time you have specified. Similarly if the 'Period' of the market upon which you are dealing has been exceeded, your order will be cancelled. For example, if you chose to work an Opening Order on Daily FTSE for 21-Oct-04, the order would be cancelled at the closing time of the FTSE 100 on 21 October 2004, even if you had selected your order to be 'Good Till Cancelled'.
6. Choose whether you would like a Contingent Stop or Limit
The feature is optionally available to attach a Stop and/or Limit Order contingent upon your Order being filled. If you would like to use this feature, first click in the check-box to the left of 'Contingent Orders', which will allow you to fill in the fields below. You can then specify how far away, in terms of number of points, you would like to work a Stop or Limit (or both) to close if you order is filled. If you have a Limited Risk account, you will have to specify a Contingent Stop and you will have the option of choosing whether to have a Contingent Limit or not.
7. Click on the green 'Next' button
If you have filled out all the necessary fields you will be shown a Summary of Order. You should check all the details are correct before submitting your order. If you have selected for your order to be worked Good Till a specified time, the amount of time left before the order is cancelled is displayed in hours and minutes.
8. Click on the green 'Submit' button
You should shortly receive a confirmation that we have accepted your order.
Viewing and Editing Orders
It is possible to view any Opening Orders that you are currently working with us by clicking on the 'Orders to Open' tab of the 'Positions & Orders' window.
If you would like to amend or cancel an order, this can be done by clicking on the green 'EDIT' button which is displayed to the left of each Order. This causes the Dealer area to be populated with the details of the Order concerned. These can then be amended as you require and then re-submitted.
When editing an Order:
clicking the green 'Cancel' button at any point before you have re-submitted the Order will clear the Dealer area and no amendments will be made to your Order.
clicking the red 'Delete' button will cancel the order concerned, and therefore the order will no longer be worked for you and will no longer appear in the 'Positions & Orders' window.
it is not possible to convert a non-guaranteed Contingent Stop into a Controlled Risk Contingent Stop. Should you be working an Order that you would like to add a Controlled Risk Contingent Stop to, you will need to cancel the order in question by clicking 'Delete', make sure that the 'Controlled Risk Prices' box is ticked and then select 'Order to Open' and re-input the details of your Order along with the relevant Contingent Guaranteed Stop.
*Stops and Limits for individual shares are activated by the market bid/offer adjusted forward to the relevant period. The size of your Order may affect our ability to fill it.
