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Orders

What are orders?​

In the context of Finterion, an order is a set of instructions that are given to a broker or exchange platform to buy or sell assets on your behalf. An order is a trading unit in a market. The orders are placed by the connected broker based on the instructions of the bot. When an order is placed, the order execution process starts.

There are different types of orders and conditions. The conditions impact the price and time at which an order can be executed. The type of order will impact the price at which the trade is fulfilled, when it will be fulfilled or whether it will be fulfilled at all. For example, an order can have conditions set for a price limit at which the order must be executed, at time duration or whether it is triggered or canceled based upon another order.

Order Types​

At Finterion we support three types of orders: Market Sell Order, Limit Buy Order, and Limit Sell Order.

Market Sell Order​

A market sell order executed immediately, independent of the market conditions. There are no conditions in terms of price at which the order has to be fulfilled. The offer will be executed at the current market price and time at which the trade goes through.

Limit Buy Order​

A limit order is an instruction given to trade an asset, only at or below the specified price. Unlike the market order, in a Limit Buy Order the purchase will only be filled if the price conditions are met by the market. This type of order guarantees that the buyer will not pay more than the specified price for the asset. A limit order stays active until it is either fulfilled, expires or is withdrawn.

Limit Sell Order​

In case of the limit sell order, the order only takes effect, if the price is at or above the specified price condition. If the market does not meet the price condition, the order will not and may never be fulfilled, if the condition is never met. Same as a limit buy order, a limit sell order only executes when the specified conditions are met by the market. A limit order stays active until it is either fulfilled, expires or is withdrawn.

How to create orders on Finterion?​

You do not need to take any action; orders are fully automated through the bot you leverage. You even cannot place orders directly through Finterion. With Finterion, all your orders are executed by the bot on the platform you connected to your bot.

There are two views in Finterion where you can see orders: your dashboard and the algorithm page. Below we will explain each view and how to interpret the data you see.

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We will use an example order overview to explain how to interpret the different datapoints. The example will be highlighted in the notes section, like this. The example data does not represent all orders on Finterion, it is simply an example for this tutorial.

Orders on the Algorithm Page​

In the algorithm page you can see an overview of the orders the algorithm is currently placing as well as past orders that the algorithm has closed.

Order Overview Algorithm Page

In the image we can see a list of 14 orders related to cryptocurrency transactions. The table provides detailed information about each order, including the type of order (Limit Buy or Limit Sell), the status of the order (Open or Success), the size of the order in EUR, the price per unit in EUR, the amount of cryptocurrency involved, and the time when the order was last checked and created.

  • The status ‘Open’ means the order has not yet been completed.
  • ‘Success’ indicates that the order has been successfully completed.
  • The ‘Size’ refers to the total value of the order in EUR.
  • ‘Price’ is the cost per unit of the cryptocurrency.
  • ‘Amount’ is the quantity of the cryptocurrency to be bought or sold.
  • The ‘Last Checked’ column indicates the most recent update time.
  • The ‘Created’ column indicates the creation time of the order.
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Here are some examples from the list:

  • An open limit buy order for 0.00 BTC with a size of 138.41 EUR and a price of 47,726 EUR. This order was last checked on 25/02/2024 at 02:00.
  • An open limit sell order for 286.52 ADA with a size of 157.10 EUR and a price of 0.5483 EUR. This order was last checked on 24/02/2024 at 20:00.
  • A successful limit sell order for 0.01 BTC with a size of 245.48 EUR and a price of 47,207 EUR. This order was created on 21/02/2024 at 12:00 and last checked on 21/02/2024 at 12:03.
  • A successful limit buy order for 16.15 DOT with a size of 116.05 EUR and a price of 7.1882 EUR. This order was created on 18/02/2024 at 02:00 and last checked on 18/02/2024 at 02:02.

Your Orders in your Dashboard​

You can see the orders of your algorithm in your dashboard.

Next, learn about positions on Finterion.