What is a Plan Order?
Plan order is a type of order that is submitted automatically according to the order plan set by a trader when the market condition is met. It is different from other orders because the order is not submitted directly when buying in or selling out a plan order. Instead, the order is submitted according to the set order plan when the market condition meets the trigger condition. That is, the order will be submitted and traded in future depth only when it is triggered.
Let's take a deep look at how to place a plan order through the following four examples:
Example 1 (Plan for close short)
After you open a short position, you wish to close out the position at a reasonable plan price to minimize the loss.
The user opens a BTC short position with an average entry price of $6,500. If he/she wants to execute stop-loss when the market price to $7,500 and close the position $7,510, he/she needs to enter the $7,500 in the trigger price and $7,510 in the order price, then to click “Close Short” as well.
It works in a similar way as to take profit for open short, the user should place a close short order at a price below $6500.
Example 2 (Stop-loss for close long)
The user holds a BTC long position with an average entry price of $6,000. If the user wants to execute stop-loss when the market price falls to $5,000 and close the position at $4,900.
Example 3 (Catch-up for open long)
When the BTC market price exceeds $6250 and the user believes that it will continue to rise, he/she can open a long position above the market price at $6,251.
Example 4 (Sell-down for open long)
When the BTC market price drops below $6,250 and the user believes that it will continue to fall, he/she can open a short position below the market price at $6,249.
- If the market price reaches the trigger price, the order will be executed at the order price. If the market price does not reach the trigger price, the order will not be executed at the order price.
- If the order is executed, your position will be closed, or a new position will be opened. If the order fails to be executed, your holding and margin will still exist.
- When the order is triggered at predefined parameters, if the pre-set order price triggers the price limit rules, the system will take the highest or the lowest of the limit price to place the order.
- Position and margins will not be frozen until orders are successfully triggered. Plan orders may not be triggered successfully due to price limits, position limits, insufficient margins, unavailability for trading, system issues, etc. Plan orders triggered may not be executed successfully. Plan orders not executed are displayed in the order book.
ATTENTION: Cryptocurrency investment is subject to high market risk. Please make your investments cautiously. This is not investment advice, or an endorsement by BitMart as to the intrinsic value of a digital asset, or a commitment by BitMart team to support any speciﬁc asset/token that the announcement pertains to.