What are Scaled Orders and How do they work?
Last Updated 2 years ago
Scaled Orders is an order type that automatically creates a series of Limit Orders at increasing and decreasing prices across a user-determined price range. Scaled Orders was designed to allow all ChainEX users to focus more on their trading strategies than on creating orders.
When placing a Scaled Order, you will need to select/enter all the required/desired information below, in order for your order to be fulfilled:
- Buy/Sell - Buy/Sell is simply the option, would you like to place a Buy order or a Sell Order.
- Amount Total - Amount Total is the total amount of cryptocurrency you would like to buy/sell in your specific market.
- No of Orders - No of Orders is your desired number of Limit Orders that will be placed in the order book. No of Orders may not be less than 3 orders and not more than 50 orders.
- Lower Price - Lower Price is the lowest amount you will be paying/receiving for one of the Limit Orders. The Lower Price may not be 0 and must be less than the Higher Price.
- Higher Price - Higher Price is the highest amount you will be paying/receiving for one of the Limit Orders. The Higher Price may not be 0.
- Distribution - Distribution is used to divide up your desired total amount with the number of orders you have selected. There are 4 different distribution options to choose from, Flat, Increasing, Decreasing, and Custom. When selecting Flat, the orders are divided as equally as possible. When selecting Increasing, the orders are divided from lowest to highest. Decreasing works opposite to increasing, the orders are divided from highest to lowest. When using Custom, you can edit the sliders the way you see fit and can distribute the orders the way you desire.
Below is a simple example of a Scaled Order to make it a little easier to understand:
Scaled Order Example (ETH/BTC)
- Buy/Sell - Buy
- Amount Total - 1 ETH
- No of Orders - 4
- Lower Price - 0.02 BTC
- Higher Price - 0.05 BTC
- Distribution - Flat
The scaled Orders will be placed in the Order Book as follows:
|1||0.25 ETH||0.02 (Lower Price)|
|4||0.25 ETH||0.05 (Higher Price)|
For a step-by-step tutorial on how to use Scaled Orders, click here.
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