In addition to common order options available on exchanges, Kraken offers additional order options for advanced traders. The other order options offer you more flexibility with your orders. It also allows you to be specific on how you would like positions to be closed if the open order is executed. Other order options include: Conditional Close, Order Start/Expiration Time, P/L/Fee Currency, and post limit orders.
Conditional Close Orders: A Conditional Close Order is automatically placed when the order for opening the position is executed. It creates an opposing order intended to close the position.
We recommend that you use the conditional close feature to automatically set a stop loss OR profit target for positions when you open them, especially for leveraged positions.
Note: It is not possible to place both a stop loss and take profit using a conditional close.
Note: If you accidentally close the position using another order, the conditional close order can end up creating a new position in the opposite direction.
Order Start Time: The "Start" field allows you to customise the time at which the order is placed on the market.
Order Expiration: The "Expires" field allows you to customise the time at which the order is cancelled if it isn't filled.
P/L & Fee Currency: This field sets your preference for the currency in which your profit, loss, and non-margin fees are determined if the order is filled. But it won't necessarily give you your choice (for example, if you set it to a currency in which you have zero balance). Note that:
- The setting applies to the current order only (it isn't a global setting for future orders as well).
- The setting does not apply to margin fees. Margin fees (if applicable) are charged in the currency that is being borrowed (if available).
Post Limit Order: This check-box ensures that a limit order has to be posted on the books (or canceled) entailing maker fees. On the other hand, this feature prevents placing a limit buy order that matches against the sell side of the order book (and vice versa for sell orders) which would result in taker fees.
In the example below you are creating a position to go long XBT at limit price of $7,826.70. The order won’t be able to execute until the “start” time which is the 14th of April 2018 at 13:00. If the order is not executed by the 30th of April at 13:00 it will automatically cancel based on the “expire” time.
You have chosen USD as your preferred “fee currency” for the order. The “post limit order” box has been checked which means the order will cancel if the price has already moved below $7,826.70 by the “start” time.
A conditional close limit order has been set at $10,000. This would result in a sell limit order of 1 XBT being created once the primary order has executed. The conditional close would close the position once the price of XBT has reached $10,000.