Conditional Order

>   Conditional orders: are orders for buying and selling futures contracts, but integrated with conditional factors such as time, price and generating

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Conditional Order

 

Conditional orders: are orders for buying and selling futures contracts, but integrated with conditional factors such as time, price and generating rules according to the market trend. Once specified criteria are met, conditional orders will be activated and sent into the market.

Terms of condional orders:

MP - Market Price: is the last matching price of Futures contract. At the pre-market or in the ATO session, Market Price is defined as the Reference one.

OP – Order Price: is the price of the actual order being activated and sent to the floor once predefined conditions are reached. Order Price is chosen by the customer at the time of placing conditional order and may be changed depending on the type of conditional order that customers has determined. Order Price should be Limit Order and must satisfy tick size and the ceiling & floor limits in the trading day.

TP – Trigger Price: is the price being used to compare with the market price of the futures contract for determining whether the price of conditional orders is satisfied or not. Trigger Price should be Limit Order and must satisfy tick size and the ceiling &floor limits in the trading day and tick size.

Time validation: Conditional orders are effective only on one trading day. Those are placed in Pre-market session (from 04.30 PM of the current trading day) will be effective in the next trading day.

Cancel/Amend regulation: Customers can cancel/amend conditions order with the status “Stop ready” (conditional orders are waiting to reach conditions). After being activated, conditional orders will become normal order and must be applied with cancel/amend regulations of stock exchange.

There are 6 kinds of conditional orders:

OCO Order

OCO is an order to close position with expected target price (take profit), combined with a cut loss order, which help investors to take profit automatically or the order will act as an automatic cut loss one at a predetermined price if the market price fluctuates in the opposite direction.

OCO order includes information as:
  • Order price : is the expected profit price to close position.
  • Loss price: is the cut loss price customer has been predetermined.
  • Spread : is the increasing/decreasing range based on the setting loss price, to adjust the order price to cut loss, which help to increase the successful matching opportunities.
  • Adjusted price: is the stop loss price which has been adjusted following the spread value.
    • If OCO a is buy order: Adjusted price = Loss price + Spread, Adjusted  price is activated when Market Price >= Loss Price.
    • If OCO is a sell order: Adjusted price = Loss price - Spread, Adjusted price is activated when Market Price <= Loss Price.
Order regulation:
  • Order price and loss price must be LO price and different from each other, satisfy the ceiling & floor limits. Type of orders including ATO/ATC/MTL/MOK/MAK is not allowed.
  • Loss price must satisfy following regulations:
    • If OCO is a sell order: Loss price < Market price, (Loss price – Spread) >= Floor price.
    • If OCO is a buy order: Loss price > Market price, (Loss price + Spread)<= Floor price.
Application:
  •  Lock in gains with good price
  •  Limit losses in case price fluctuates with bad direction
Example:

Customers are holding Long position at the average buying price 950, expect to take profit at 955 and will cut loss if the market price decreases to 945, spread is 0.5 à Customer will place a Short OCO with the following information: order price is 955, loss price is 945 and spread is 0.5. The system will automatically calculate the Adjusted Price  = Loss price – Spread = 945 - 0.5 = 944.5. Accordingly, in customers’ order status, a sell OCO order with the take-profit price 955 will be sent into the market under the status “Open” (Order is waiting to be matched)

  • If the market price increases >= 955, a sell limit order to take profit will be matched.
  • If the market price decreases to 945, reaches the cut loss price, a sell limit order to take profit will be automatically transferred to a cut loss order with the adjusted price changing from 955 to 944.5 (944.5 (=945 -0.5)).
  • If the market price increases to 955 and supposing that a selling limit order has been only partially matched., After that, the market price decreases and touches the loss price (<=945) so the unmatched amount of take profit order will be transferred to a cut loss order with the adjusted price changing from 955 to 944.5 (=945-0.5).

The steps to place order are as follows:

Step 1: Customers click on the menu ”Trading” and choose “Place order” or click on the button “Place order” at the bottom right of any screen.

Step 2: Fill in the blanks with order information

  • Customer enters information of order including: Account Number, Quantity and Order Price (must be limited price).
  • Setup conditions for OCO order:
    • Click on the checkbox “ Stop/Trigger” à Choose “OCO”
    • Enter the loss price is limit price
    • Enter the spread value
  • Enter PIN code/Token à Click on “Buy” or “Sell”. The system will display order confirmation popup

Step 3: Order confirmation

  • Click on “Confirm” button to complete placing the order. The system will display the notification “Your order has been received. Please view the order status”. Customers can check status at the quick order status or click “order status” to view more details.
  • Or you can click on “Close” for not placing order and close the place order form.
Customers can amend quantity and price of unmatched or partiall matched conditional orders. Note: In case you want to amend the quanity, you are allowed to decrease quantity only.

Bull & Bear Order

Bull & Bear is the conditional order to open new positions, combined with 2 orders to close position: One is to lock in gains and the other is to limit losses. Accordingly, Bull & Bear is considered as a combination of 3 orders:

(1) A limit order to Buy/Sell (original order) to open new position
(2) A limit order to close position at the expected profit price
(3) A limit order to cut loss in case the market price fluctuates with bad direction

When Bull & Bear order (known as the original order (1)) is fully matched, an OCO order (combination of (2) and (3)) to take profit or cut loss will be automatically generated.

Note : After Bull & Bear order is fully matched, the system will check Excess Equity (EE) before generating OCO order. That means, if OCO is used to open new position (instead of using to close position for Bull & Bear) and purchasing power is not enough to open corresponding number of new positions with OCO, order will be not generated.

Bull & Bear  order includes information as:
  • Order price: is the price to open new position.
  • Profit step: distinct value between order price and expected profit price of customers.
  • Loss step: distinct value between order price and cut loss price which has been predetermined by customer within a range of risk.  
  • Spread: is the increasing/decreasing range based on the setting loss price, to adjust the order price to cut loss, which help to increase the successful matching opportunities.
  • Profit price: Order price +/- Profit step (corresponding with take profit order is Selling/Buying).
  • Loss price = Order price +/- Loss step (corresponding with cut loss order is Buy/Sell).
  • Adjusted price: Is the cut loss price which has been adjusted based on the spread value = Loss price +/- Spread
    • If OCO is a buy order: Adjusted order price = Loss price + Spread, adjusted price is activated when Market price >= Loss price.
    • If OCO is a sell order: Adjusted order price = Loss price – Spread, adjusted price is activated when Market price =< Loss price.
Order regulation:
  • Order price, loss price, profit price and adjusted order price must be limit order and satisfy the ceiling & floor limits. Type of orders including ATO/ATC/MTL/MOK/MAK is not allowed.
  • Loss step and spread value must satisfy following regulation:
    • If Bull & Bear is a sell order: order to cut loss will be a buy order => (Order price + Loss step + Spread) =< Ceiling price
    • If Bull & Bear is a buy order: order to cut loss will be a sell order => (Order price – Loss Step – Spread) >= Floor price
Application:
  • Open new position
  • Lock in gains automatically with good price
  • Limit losses in case price fluctuates with bad direction
Example: Customers want to open new Long position at the average buying price 950, expect to lock in gains with profit step is 5 points and loss step is 6 points compared with the order price à Customer will place a buy Bull & Bear order with the following information: order price is 950, profit step is 5 and loss step is 6; spread is 0.2. Therefore, Bull & Bear will contain 4 types of price: Order price to open new position 950, Profit price 955 (= 950 + 5), Loss price (Price to activate cut loss order) 944 (= 950 – 6), Loss price adjusted following the spread value 943.8 (=944 - 0.2).

Accordingly, in customers’ order status, Bull &Bear order will be displayed as follows:

  • (1) A buy Bull &Bear order with order price 950, status “Open” (Order is waiting to be matched)
  • After order (1) is fully matched, the system will generate (2) a sell OCO order to take profit with the price 955
    • If the market price increases >= profit price 955, order to take profit (2) will be matched.
    • If the market price decreases <= price to activate cut loss order  944, a sell OCO order (2) to take profit with price 955, which is waiting to be matched will be automatically modified to cut loss order with the adjusted price 943.8
    • If the market price increases to 955 and take profit order has been only partially matched. After that, the market price decreases to 944, the unmatched amount of the sell OCO order (2) to take profit with price 955 will be modified to cut loss order with the adjusted price 943.8.

The steps to place order are as follows:

Step 1 : Customers click on the menu ”Trading” and choose “Place order” or click on the button “Place order” at the bottom right of any screen. 

Step 2 : Fill in the blanks with order information

  • Customer enters information of order including: Quantity and Order Price (must be limited price).
  • Setup conditions for OCO order:
    • Click on the checkbox “ Stop/Trigger” à Choose “Bull &Bear”
    • Enter the loss step, profit step and spread
  • Enter PIN code/Token à Click on “Buy” or “Sell”. The system will display order confirmation popup.

 Step 3 : Order confirmation pop up:

  • Click on “Confirm” button to complete placing the order. The system will display the notification “Your order has been received. Please view the order status”. Customers can check status at the quick order status or click “order status” to view more details.
  • Or you can click on “Close” for not placing order and close the place order form

Note: After Bull & Bear order is fully matched, the system will automatically generate a new OCO order, customer can check information of OCO order generated from which Bull & Bear order via the original ID column in the Order status screen.

Customers can amend quantity and price of unmatched or partiall matched conditional orders. Note: In case you want to amend the quanity, you are allowed to decrease quantity only.

 Up order

Up order is the conditional order in which the order price and trigger price are predefined. When the market price touches or increases above the trigger price, the order will be activated and sent to the floor with the order price set up by customers.

Order regulation : Trigger price must be greater than market price at the beginning time of placing order.
Application : In an uptrend, placing Up order enables investors to:
  • Sell to take profit automatically when customers holding long positions;
  • Buy to stop loss automatically when customers holding short positions
  • Or Open new long/short positions once the market price increases above the resistance level.
Examples:

The current market price is 960; customer places a Buy-up order with the order price 981 and trigger price 980. The market price fluctuates at each time as below:

At the sixth time, when the market price reaches to the point 980 (equals to the trigger time), a buy order with order price 981 is activated and sent to the floor.

The steps to place order are as follows:

Step 1: Customers click on the menu ”Trading” and choose “Place order” or click on the button “Place order” at the bottom right of any screen.

Step 2: Fill in the blanks with order information
  • Customer enters information of order including: Quantity and Order Price.
  • Setup conditions for Up order:
    • Click on the checkbox “ Stop/Trigger” -> Choose “Up”

  • Enter the trigger price in the below field (Note that “Trigger price” must be greater than “Market price” when placing order).
  • Enter PIN code/Token ->à Click on “Buy” or “Sell”. The system will display order confirmation popup.

Step 3:
  • Click on “Confirm” button to complete placing the order. The system will display the notification “Your order has been received. Please view the order status”. Customers can check status at the quick order status or click “order status” to view more details.
  • Or you can click on “Close” for not placing order and close the place order form
Note:
 
To increase the successful matching opportunities:
  • For Up - Buy order, the order price should be higher than the trigger one
  • For Up - Sell order, the order price should be lower than the trigger one
In case you want to amend the quantity, you are allowed to decrease quantity only.
 

Down order

Down order is the the conditional order in which the order price and trigger price are predefined. When the market price touches or decrease below the trigger price, the order will be activated and sent to the floor with the order price set up by customers.

  • Order regulation: Trigger price must be smaller than market price at the beginning time of placing order.
  • Application: In a downtrend, placing Down order enables investors to:
    • Buy to take profit automatically when customers holding short positions;
    • Sell to stop loss automatically when customers holding long positions
    • Or Open new long/short positions once the market price falls below the support level.
Examples:

The current market price is 960; customer places a Sell-down order with the order price 954 and trigger price 955. The market price fluctuates at each time as below:

At the sixth time, when the market price reaches to the point 955 (equals to the trigger time), a sell order with the order price 954 is activated and sent to the floor.

The steps to place order are as follows:
Step 1: Customers click on the menu ”Trading” and choose “Place order” or click on the button “Place order” at the bottom right of any screen.

Step 2: Fill in the blanks with order information
  • Customer enters information of order including: Quantity and Order Price.
  • Setup conditions for Down order:
    • Click on the checkbox “ Stop/Trigger” à Choose “Down”

  • Enter the trigger price in the below field (Note that “Trigger price” must be smaller than “Market price” when placing order).
  • Enter PIN code/Token à Click on “Buy” or “Sell”. The system will display order confirmation popup.

Step 3:
  • Click on “Confirm” button to complete placing the order. The system will display the notification “Your order has been received. Please view the order status”. Customers can check status at the quick order status or click “order status” to view more details.
  • Or you can click on “Close” for not placing order and close the place order form
Note:

To increase the successful matching opportunities:
  • For DOWN - Buy order, the order price should be higher than the trigger one
  • For DOWN - Sell order, the order price should be lower than the trigger one
In case you want to amend the quantity, you are allowed to decrease quantity only.
 

Trailing up (T.up)

Trailing up order is a BUY order with the buying price automatically adjusted downward according to changes in the market trend to get the good price. When the market price moves downward and creates a new bottom point since placing the order, trigger price will be adjusted by a predefined spread value (distinct value between the current market price and the market price when placing order). When the market price increases, trigger price and order price will remain unchanged. The market price fluctuates until the adjusted trigger price and the market price are concurrent, order will be sent to the floor with the order price being calculated by the initial order price + (the last trigger price – the initial trigger price).

  • Order regulation : Order price and trigger price must be greater than market price at the beginning time of placing order.
  • Application: In a downtrend, placing Trailing Up order enables investors to:
    • Place buy order to lock in gains or limit losses when customers holding short positions
    • Or Open new long/short positions once the market price automatically adjusted downward according to changes in the market trend   to get the good price.
Examples:

The current market price is 953; customer places one conditional order T.Up with the order price 958 and trigger price 957. Supposed the market price fluctuates downward at each time as below:

  • At the second time, the market price decreases compared to the market price when placing order:
    • Adjusted trigger price = initial trigger price + (current market price – initial market price ) :  9 57 + (945 -953) = 9 49
    • Adjusted order price = initial order price + (adjusted trigger price – initial trigger price): 9 58 + ( 949 – 957) = 95 0
  • At the third time, the market price increases -> Trigger price and order price keep unchanged
  • At the fourth time, the market price decreases continously:
    • Adjusted trigger price = initial trigger price + (current market price – initial market price ) :  957 + (935 – 953) = 939
    • Adjusted order price = initial order price + (adjusted trigger price – initial trigger price): 958 + (939 – 957) = 940
  • At the fifth time, the market price de creases to the point which equals to the trigger price -> Order is sent to the floor with order price = Initial order price + (adjusted trigger price – initial trigger price) = 958 + (939 – 957) = 940. At this time the system will send a Buy order with order price of 940 which is the ideal price moves downward according to the market trend.
The steps to place order are as follows:
Step 1: Customers click on the menu ”Trading” and choose “Place order” or click on the button “Place order” at the bottom right of any screen.

Step 2: Fill in the blanks with order information
  • Customer enters information of order including: Quantity and Order Price.
  • Setup conditions for Trailing Up order:
    • Click on the checkbox “ Stop/Trigger” à Choose “Trailing Up”

  • Enter the trigger price in the below field (Note that “Order Price” and “Trigger price” must be greater than “Market price” when placing order).
  • Enter PIN code/Token à Click on “Buy” (the button Sell will be disabled automatically). The system will display order confirmation popup.

Step 3:
  • Click on “Confirm” button to complete placing the order. The system will display the notification “Your order has been received. Please view the order status”. Customers can check status at the quick order status or click “order status” to view more details.
  • Or you can click on “Close” for not placing order and close the place order form
Customers can amend quantity and price of unmatched or partiall matched conditional orders. Note: In case you want to amend the quanity, you are allowed to decrease quantity only.

Trailing down (T.Down)

Trailing down order is a SELL order with the buying price automatically adjusted upward according to changes in the market trend to get the good price. When the market price moves upward and creates a new top point since placing the order, trigger price will be adjusted by a predefined spread value (distinct value between the current market price and the market price when placing order). When the market price decreases, trigger price and order price will remain unchanged. The market price fluctuates until the adjusted trigger price and the market price are concurrent, order will be sent to the floor with the order price being calculated by the initial order price + (the last trigger price – the initial trigger price).

Order regulation : Order price and trigger price must be smaller than market price at the beginning time of placing order.
Application : In an uptrend, placing Trailing down order enables investors to:
  • Place sell order to lock in gains or limit losses
  • Place sell order to limit losses
Examples:

The current market price is 948; customer places one conditional order T.Down with the order price 943 and trigger price 944. Supposed the market price fluctuates downward at each time as below:

At the second time, the market price increases compared to the market price when placing order:
  • Adjusted trigger price = initial trigger price + (current market price – initial market price ) :  944 + (955 - 948 ) = 951
  • Order price adjusted = initial order price + (adjusted trigger price – initial trigger price): 943 + ( 951 – 944) = 950
At the third time, the market price decreases à Trigger price and order price keep unchanged.
At the fourth time, the market price increases compared to the market price when placing order:
  • Trigger price adjusted = initial trigger price + (current market price – initial market price ) :  944 + (965-948) = 961
  • Order price adjusted = initial order price + ( adjusted trigger price – initial trigger price): 943 + (961 – 944) = 960
At the fifth time, the market price decreases to 961, which equals to the trigger price -> Order is sent to the floor with order price = Initial order price + (adjusted trigger price – initial trigger price) = 943 + (961 – 944) = 960
  • The steps to place order are as follows:
Step 1: Customers click on the menu ”Trading” and choose “Place order” or click on the button “Place order” at the bottom right of any screen.

Step 2: Fill in the blanks with order information
  • Customer enters information of order including: Quantity and Order Price.
  • Setup conditions for Trailing Down order:
    • Click on the checkbox “ Stop/Trigger” à Choose “Trailing Down”

  • Enter the trigger price in the below field (Note that “Order Price” and “Trigger price” must be smaller than “Market price” when placing order).
  • Enter PIN code/Token à Click on “Sell” (the button Buy will be disabled automatically). The system will display order confirmation popup.

Step 3:
  • Click on “Confirm” button to complete placing the order. The system will display the notification “Your order has been received. Please view the order status”. Customers can check status at the quick order status or click “order status” to view more details.
  • Or you can click on “Close” for not placing order and close the place order form
Customers can amend quantity and price of unmatched or partiall matched conditional orders. Note: In case you want to amend the quanity, you are allowed to decrease quantity only.

Order status

Order status provides information on any order you have placed that is open, matched, has expired or has been canceled.

There are three ways of checking your order status:

Option 1: Click on the menu “Trading” à “Order status”. You can use the Order status function to keep track of investing activity in your account. Moreover, the system support customers records the audit trail for every action by clicking on the "Detail". The audit trail captures all actions performed by users of the system on an order such as placing, canceling, editing.

Option 2: Quick order status is updated as soon as the order has been confirmed at the bottom right-hand side of the place order form

Option 3: Click on the option  at the bottom right of any screen and choose the icon "Status"
  • Conditional orders status
    • Waiting to reach conditions: Orders which predefined conditon has not been met yet but still valid in the trading day.
    • Expired: Orders which conditions are not statisfied and will not occur after market closes.
    • Canceled: immediately after a conditional order has been canceled.
    • Rejected: is the order which has been placed into SSI’s system but has been rejected. Customer can view the reason by clicking on the text “Rejected” on the status column to view more information.

Note: After the conditional order has been occurred, the generated order will have status similar to the normal order which has been described above.

 

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