Below is a breakdown of the three primary order types available on Omni.
Order Types: Overview
1. Market Orders: Speed Priority
Because Market Orders prioritize immediate execution, use a Market Order when you need to enter or exit a position immediately.
Benefit: Volatile breakouts or emergency exits.
Risk: You may face slippage if the market is moving fast.
2. Limit Orders: Price Priority
Use a Limit Order when you have a specific entry or exit price in mind and are willing to wait for the market to reach it.
Benefit: Entries at pre-determined price levels.
Risk: Your order may not fill if market moves away from your price.
3. Trigger Orders: Condition Priority
Trigger Orders submit a Market Order once Mark Price hits your trigger. Use a Trigger Order to put in place instructions that only turn into a trade once your trigger is hit.
Benefit: Breakout strategies where you only want to enter if a certain price level is breached.
Risk: Once triggered, the final fill price depends on the Quoted Price at that moment, meaning it could differ from your Trigger Price depending on liquidity and slippage limits.
Comparison at a Glance
| Market Orders | Limit Orders | Trigger Orders |
Speed of Execution | Immediate
Market orders execute at the current quoted price, unless the order is rejected due to a slippage limit.
| Market dependent
Limit orders may execute quickly if the market quickly crosses the set limit price, or never if the quoted price never reaches the limit price.
| Market dependent
Trigger orders may execute quickly if the market quickly crosses the set trigger price, or never if the mark price never reaches the trigger price.
|
Level of Price Control | Low
Traders can set a slippage limit to reject orders with a quote that deviates too significantly from the mark price, but cannot set a specific entry price.
| High
Traders can set a specific price that they're willing to open their orders at, and the order is only executed when OLP's quoted price reaches that level.
| Medium
Traders control the specific trigger price that initiates the order, but the final fill price is not guaranteed and may deviate from the trigger price.
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