Order types

Order Types

There are 5 order types on WOOFi Pro:

MARKET: It matches until the full size is executed. If the size is too large (larger than the whole book) or the matching price exceeds the price limit (refer to price_range), then the remaining quantity will be canceled.

LIMIT: Limit orders are orders with a specific buy or sell price. Unlike market orders, which trade immediately at the current price, a limit order gives you more control over the executed price.

IOC (Immediate or Cancel): It matches as much as possible at the order_price. If not fully executed, then the remaining quantity will be canceled.

FOK (Fill or Kill): If the order can be fully executed at the order_price, then the order gets fully executed otherwise would be canceled without any execution.

POST ONLY: If the order executes with any maker trades at the time of placement, then it will be canceled without any execution.

REDUCE ONLY: Executes buy or sell orders which only reduce a current position

TP/SL(Take Profit or Stop Loss): TP/SL orders are conditional orders designed to help manage your trading positions. These orders enable you to set predefined exit points to secure profits or limit losses in volatile markets. TP/SL orders are executed as market orders.

BBO: A BBO (Best Bid and Offer) order is a type of limit order that enables traders to place orders at the best available prices on the order book. BBO orders use dynamic and pre-defined options to capture the best available bid or ask prices. This makes BBO orders an efficient tool for traders to quickly capitalize on market opportunities with better execution prices.