Available translations

Market Buy Order

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A market buy order is an instruction sent to the exchange to buy the base asset, for immediate execution at current market prices.
Content
Traders usually use market orders when the priority is the certainty of execution over the rate of execution. Depending on the size of the order and the liquidity of the particular market/exchange, market orders may experience more or less slippage.
Market Orders' Rate
Users have no control over the rate at which a market order is filled. The exchange fills the order with available bids/asks at the time of execution.
Order Size
As explained in the definition of the execution algorithm, each algorithm is allocated a percentage of the target size defined under the initial targets node.
The simplified logic for non-coders: 
 algorithmSize = targetSize * percentageOfStageTargetSize / 100
The actual code: 
 let algorithmSizeInBaseAsset = 
tradingEngineStage.stageBaseAsset.targetSize.value * 
executionAlgorithm.config.percentageOfStageTargetSize / 100

let algorithmSizeInQuotedAsset = 
tradingEngineStage.stageQuotedAsset.targetSize.value * 
executionAlgorithm.config.percentageOfStageTargetSize / 100
Similarly, the size of an order is defined as a percentage of the size that the particular algorithm is allowed to execute (see the configuration).
The simplified logic for non-coders: 
 orderSize = algorithmSize * percentageOfAlgorithmSize / 100
The actual code: 
 tradingEngineOrder.orderBaseAsset.size.value = 
algorithmSizeInBaseAsset * 
tradingSystemOrder.config.percentageOfAlgorithmSize / 100
Because each execution algorithm may define multiple orders, the typical scenario is that all orders defined within an algorithm add up to 100% of the size allocated to the algorithm.
However, it is up to the user how to manage this setting, as different hacks may be found to achieve different behaviors.
If orders defined add up to more than 100% of the size allocated to the algorithm, the trading engine does not enforce a cap.
Pretty much like the user may decide to define the size of orders within an algorithm above or below the 100% mark, the same is true when defining multiple algorithms. In other words, the user may choose to set up algorithms whose combined sizes amount to more or less than 100%.
In cases in which the combined sizes amount to less than 100%, the target size would be partially filled at best. On the other hand, in cases in which the combined sizes amount to more than 100%, then the orders and/or algorithms would compete with each other.
The one validation the trading engine does is to enforce the target size defined under the initial targets node. The target size is treated as a hard cap, so that no position may ever be sized larger than the target.
If the order size as defined would cause the target size to be breached, then the order size is lowered to match the hard cap.
The simplified logic for non-coders: 
 if ( targetSize + sizePlaced > targetSize )
{ orderSize = targetSize - sizePlaced }
The actual code: 
 if (
     tradingEngineOrder.orderBaseAsset.size.value + 
     tradingEngineStage.stageBaseAsset.sizePlaced.value >
     tradingEngineStage.stageBaseAsset.targetSize.value
) {
     tradingEngineOrder.orderBaseAsset.size.value = 
     tradingEngineStage.stageBaseAsset.targetSize.value - 
     tradingEngineStage.stageBaseAsset.sizePlaced.value
}
Placing and Filling of Orders
The trading engine keeps track of the amounts placed and the amounts filled based on the feedback obtained from the exchange, and makes the information available in the size placed and size filled nodes. The nodes are present in multiple contexts, such as the particular stage (open and close) or the particular order type, and are denominated both in the base asset and quoted asset. You may learn more about how to track the size placed and size filled on the trading engine pages.
Closing of Orders
Orders may be closed upon the occurrence of the following two events:
  • The exchange reports the order was filled. In such a case, the trading engine closes the order.
  • The cancel order event is triggered. This is an event the user may configure with the typical set up of situations and conditions.
All of the available types of orders may be configured so that multiple orders may be spawned, one after the other, through the same order definition.
This allows, for example, setting an order for 1% of the size allocated to the algorithm, and have the trading engine spawn one order per execution cycle until the 100% mark is reached. Such a feature may allow many more hacks and is yet another tool that—combined with the rest—enables a great deal of control over orders execution.
A new instance of an order may be spawned only under the following context:
  • The previous instance of the order is closed. That is, two instances of the same order may not exist at the same time.
  • The size filled at the level of the execution algorithm is within the limit established in the algorithm's configuration.
  • The size filled at the level of the stage must be within the target size defined under the initial targets node.
Configuring
Market Buy Order Configuration
Properties
  • percentageOfAlgorithmSize is the definition of how much of the size handled by the algorithm shall be allocated to this particular order. Posible values are real numbers between 0 and 100, including the extremes. If you set the value to 0, the order will not be executed.
  • spawnMultipleOrders is the parameter that indicates whether additional spawned orders are allowed (true) or not (false).
Initial Values
These are the Initial Values for Market Buy Order configuration: 
 {
    "percentageOfAlgorithmSize": 100,
    "spawnMultipleOrders": false
}
Examples
This is a list of properties featured by the Market Buy Order configuration. Expanding a property shows sample values for the property extracted from the current Workspace.
Market Buy Order Menu
The Market Buy Order node has the following Node Menu items:
The Configure menu item has the following properties:
  • action: Configure
  • actionFunction: uiObject.configEditor.activate
  • label: Configure
  • iconPathOn: configuration
  • iconPathOff: configuration
The Add Formula menu item has the following properties:
  • action: Add UI Object
  • disableIfPropertyIsDefined: true
  • propertyToCheckFor: formula
  • label: Add Formula
  • actionFunction: payload.executeAction
  • actionProject: Visual-Scripting
  • relatedUiObjectProject: Foundations
The Add Create Order Event menu item has the following properties:
  • action: Add UI Object
  • disableIfPropertyIsDefined: true
  • propertyToCheckFor: createOrderEvent
  • actionFunction: payload.executeAction
  • actionProject: Visual-Scripting
  • relatedUiObjectProject: Foundations
The Add Simulated Events menu item has the following properties:
  • action: Add UI Object
  • disableIfPropertyIsDefined: true
  • propertyToCheckFor: simulatedExchangeEvents
  • label: Add Simulated Events
  • actionFunction: payload.executeAction
  • actionProject: Visual-Scripting
  • relatedUiObjectProject: Foundations
The Delete menu item has the following properties:
  • action: Delete UI Object
  • actionProject: Visual-Scripting
  • askConfirmation: true
  • confirmationLabel: Confirm to Delete
  • label: Delete
  • iconPathOn: delete-entity
  • iconPathOff: delete-entity
  • actionFunction: payload.executeAction
Market Buy Order Children
The Market Buy Order node has the following childrenNodesProperties:
The Formula node property features the following properties:
  • name: formula
  • type: node
  • autoAdd: false
The Create Order Event node property features the following properties:
  • name: createOrderEvent
  • type: node
  • autoAdd: true
The Simulated Exchange Events node property features the following properties:
  • name: simulatedExchangeEvents
  • type: node
  • autoAdd: true
Market Buy Order Attaching Rules
The following are the Node Attaching Rules that govern the attachment of Market Buy Order with other nodes:
Compatible Types:
Market Buy Order Referencing Rules
The following are the Node Referencing Rules that determine which nodes Market Buy Order may establish a reference to:
Compatible Types: