Order Types - HK
I. Order Instructions:
1.Order Validity
We categorize orders into two types based on their validity period to meet your diverse trading needs:
- Day Orders: These orders are valid only for the day. If they are not executed on the same day, the system will automatically cancel your orders at the end of the trading day.
- Good-Till-Canceled (GTC) Orders: GTC orders remain in effect until they are fully executed or actively canceled by you.
- Special Reminder: For GTC orders of stocks, if significant corporate events such as stock splits, mergers, or dividends occur during the order placement period, the system will automatically cancel your orders before the market opens on the effective date of the relevant corporate event.
2.Price Limit Setting Explanation
- In general, the sell price should be within the range of 20 spreads above the best ask price and 9 spreads below the best bid price (a stock's spread depends on its share price).The buy price should be within the range of 20 spreads below the best bid price and 9 spreads above the best ask price (a stock's spread depends on its share price).
- Please be aware that while these price limits are designed to reduce trading risks and ensure order execution as much as possible, they may also lead to trading delays or the inability to execute.
II. Order Types:
1. Enhanced Limit Orders (ELO)
A limit order with a specified price that is suitable for continuous trading sessions. It can be matched with up to 10 queues at a time. The ask price can be 9 spreads lower than the best bid price. The input bid price can be 9 spreads higher than the best ask price; after matching, any quantity not executed will be converted to a general limit order at the specified limit price originally input and stored in the queue at the input price.
2. Market Order (MO)
A market order without a specified price is applicable to continuous trading sessions. The executed price of a market order is not guaranteed, and it may be executed at any price. After matching, any quantity that is not executed will be directly canceled by the system.
3. At-Auction Limit Order (ALO)
A limit order with a specified price that is applicable to morning call auction sessions and closing call auction sessions. Orders of this type submitted during sessions other than those above will be temporarily stored in the system in the form of parked orders and placed during the next call auction session. If order matching has been completed, but the order cannot be fully matched, the unmatched quantity will be converted into the applicable order type and carried over to the next applicable session, and will remain on the market until matched and executed.
4. At-Auction Order (AO)
A market order without a specified price that is applicable to morning call auction sessions and closing call auction sessions, and enjoys a higher matching priority than at-auction limit orders. Orders of this type submitted during sessions other than those above will be temporarily stored in the system in the form of parked orders and placed during the next call auction session. Any at-auction order not matched after matching has been completed will be automatically canceled.
5. Buy if Touched
A trigger price must be set for buy if touched orders. When the market price hits the trigger price, the system is required to submit the price (market price/limit price), quantity and other parameters relating to the buy order.
Condition: A "trade order" is triggered once the market price reaches the condition set below.
Trigger Price: The set price must not be equal to the current price. If the set price is greater than the current latest price, it means that the order will be triggered once the latest price rises above the set price. If the set price is less than the current latest price, it means that the order will be triggered once the latest price falls below the set price.
Orders: The actual order to be submitted.
Order Type: Limit: Limit order, Market: Market order (no need to enter a price).
Supported order validity: Rest-of-day/Good-till-canceled/Good-till-date
Examples:
Example 1: The current latest price is 191. Setting the market price to trigger at 190.07 means that a buy order will be executed when the latest price is less than or equal to 190.07.
Example 2: The current latest price is 191. Setting the market price to trigger at 191.07 indicates that a buy order will be executed when the latest price is greater than or equal to 190.17.
Buy if Touched can be used for profit-taking or stop-loss on short positions
6. Sell if Touched
A trigger price must be set for sell if touched orders. When the market price hits the trigger price, the system is required to submit the price (market price/limit price), quantity and other parameters relating to the sell order.
Condition: A "trade order" is triggered when the market price reaches the condition set below.
Trigger Price:This price should not be equal to the current price. If the set price is greater than the current latest price, it means that once the latest price rises above the set price, it will trigger. If the set price is less than the current latest price, it means that once the latest price falls below the set price, it will trigger.
Orders: The actual order that is to be submitted.
Order type: Limit: Limit order, Market: Market order (no need to enter a price).
Supported order validity: Rest-of-day/Good-till-canceled/Good-till-date
Examples:
Example 1: The current latest price is 160, and if we set the market price to reach 169.71, it means that when the latest price is ≥169.71, a sell trade order will be executed.
Example 2: The current latest price is 160, and if we set the market price to reach 150.00, it means that when the latest price is ≤150.00, a sell trade order will be executed.
Sell if Touched can be used for profit-taking or stop-loss on long positions.
7. Trailing to Buy
Trailing to Buy requires setting a monitoring price first. Once the market price breaks through this monitoring price, the system will automatically submit your pre-set order based on the change in the rebound amplitude of the price.
Tracking type:
- Chg %: This tracks the percentage increase in the market price; for example, 1% means that the actual rebound exceeds 1%.
- Chg: This tracks the actual price increase in the market; for example, 1 (corresponding to the currency) means that the actual rebound exceeds 1 unit of the relevant currency.
Orders: The actual order that is to be submitted.
Market price +: Input 0 represents placing an order at the current market price, while the entered number represents the price difference.
Supported order validity: Rest-of-day/Good-till-canceled/Good-till-date
Examples:
Set "Monitoring Price": 100, "Tracking Type": Increase Amount, "Increase Amount" = 10, "Order Price, plus at trigger time" = 1, place an order for the XYZ instrument, when placing a rebound buy order, the market price = 100. Simulate market price fluctuations:
- 110 -> 105 Does not meet the monitoring price condition
- 105 -> 99 Meets the monitoring condition, monitoring the rebound amplitude
- 99 -> 95 Record the lowest point after placing the order: 95.
- 95 -> 104 The rebound price increase amount from the lowest point of 95 is 9, which does not meet the condition, and therefore will not trigger.
- 104 -> 90 Update the lowest point after placing the order to 90.
- 90 -> 100 From the lowest point of 90, a rebound price increase amount of 10 meets the set condition. Therefore, a trigger is activated: A buy limit order is placed at a price of 101, which is 1 higher than the current market price of 100.
8. Trading to Sell
Trailing to Sell requires setting a monitoring price first. Once the market price breaks through this monitoring price, the system will automatically submit your pre-set order based on the change in the pullback amplitude of the price.
Tracking type:
- Chg %: This monitors the percentage by which the market price has decreased; for example, 1% indicates that the actual decline has exceeded 1%.
- Chg: This monitors the actual decrease in the market price; for example, 1 (corresponding to the currency unit) means that the actual decline has exceeded 1 unit of the relevant currency.
Orders: The actual order that is to be submitted.
Market price -: Input 0 represents placing an order at the current market price, while the entered number represents the price difference.
Supported order validity: Rest-of-day/Good-till-canceled/Good-till-date
Examples:
Set "Monitoring Price": 100, "Tracking Type": Decrease Amount, "Decrease Amount" = 10%, "Order Price, minus at trigger time" = 0, place an order for the XYZ instrument, when placing a pullback sell order, the market price = 100. Simulate market price fluctuations:
- 90 -> 95 Does not meet the monitoring price condition
- 95 -> 101 Meets the monitoring condition, monitoring the pullback amplitude
- 101 -> 105 Record the highest point after placing the order as 105.
- 105 -> 100 The decline from the highest point of 105 is 4.76%, which does not satisfy the set condition, and thus will not trigger.
- 100 -> 110 Update the highest point after placing the order to 110.
- 110 -> 99 From the highest point of 110, a decline of 10 % meets the set condition. Therefore, a trigger is activated: Place a sell limit order at the then-current market price of 99, minus 0, which means the order is placed exactly at 99.
Note: The system will use specific market data as the standard for monitoring market prices. Example: The US stock market utilizes nationwide market data; however, Basic market data may differ from nationwide market data.
Disclaimer
Market order is a convenient online trading method provided by Long Bridge for customers. Long Bridge provides stable services as much as possible, but it cannot guarantee its absolute reliability. If the market order is not executed due to network interruption, server abnormality and other physical factors, Long Bridge will not be liable for any loss or damage caused thereby.