Setting a slippage limit allows you to maintain control over your execution price.
Access Slippage Settings
You can manage your slippage preferences directly within the Order Entry form before you place a trade.
Navigate to the bottom of the Order Entry form on the Omni trading UI.
Find the trade summary section, which lists your Liquidation Price, Order Value, Order Quantity and more.
Here you will find the Slippage section, featuring two key values: Est Slippage and Max Slippage.
Est Slippage (Estimated Slippage): This shows the amount of slippage you are expected to face based on your current order quantity and the available market liquidity. This value updates dynamically as you change your order size.
Max Slippage (Maximum Slippage): This is the Slippage Limit, or the boundary you set for your trade. It represents the maximum price difference you are willing to accept to get the trade filled.
Change Your 'Max Slippage'
By default, Omni provides a standard slippage limit. You can customize this to fit your trading strategy:
Locate the pencil icon next to the Max Slippage value.
Click the icon and enter your desired slippage limit (e.g., 0.5%, 1%, 2%, 5% or custom).
Once updated, your new slippage limit is active.
Note: Once set, your order will only process if the quoted price is equal to or less than your set percentage away from the mark price. If the market moves too far and exceeds this limit, the order will be rejected to protect your entry price.
If you are frequently seeing "Order Rejected" messages during volatile market moves, you may need to slightly increase your Max Slippage or consider using a Limit Order for more precise control.
Setting Slippage for TP/SL Orders
You can also apply specific slippage limits to your automated Take Profit/Stop Loss orders.
In the Order Entry form, check the box to include a Take Profit/Stop Loss component to your trade.
Once the TP/SL options expand, a new checkbox labeled Add Slippage Limit will appear.
Check this box to enable slippage protection for these specific triggers.
As with market orders, click the pencil icon next to the slippage amount to enter your limit (e.g., 0.5%, 1%, 2%, 5%, or a custom value).
For TP/SL orders, keep in mind that the order will be rejected if the trade cannot be filled within your specified limit.
It may make sense to set a looser slippage limit to ensure that the trade gets executed allowing you to more effectively protect your position.