This prevents placing a limit buy order that instantly matches against the sell side of the order book (and vice versa for sell orders) which would result in taker fees. The order will either get posted to the order book or be cancelled, ensuring a maker fee when executed.

A conditional close order is automatically placed when the opening order executes. It creates an opposing order intended to close the volume which has been executed.

The conditional close feature is useful for automatically setting a stop loss OR profit target for orders with or without margin.

Note:

• It is not possible to place "combined" or "one cancels the other" type orders using a conditional close.
• If you close a spot position on margin using a newly created order, any conditional closing orders intended to close the position can end up creating new spot positions on margin in the opposite direction.

This field sets your preference for the currency in which your 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 provided by Kraken to you to facilitate your ability to open the spot position on margin (if available).

Order start time: The Starts field allows you to customize the time at which the order is placed on the market.

Order expiration time: The Expires field allows you to customize the time at which the order is cancelled if it isn't filled.

There are two prices that can be used to trigger stop loss, take profit, stop loss limit and take profit limit orders:

• Last Traded Price
• Index Price

For definitions, please refer to our article on price terminology.

Trigger signals can be selected in the order form under the 'Advanced' tab and in the 'Trigger Signal' section, available when a stop loss (limit) or take profit (limit) is selected and a corresponding index is available.

If a corresponding Conditional Close order is attached to the primary order, the selected Trigger Signal will be applied to both primary and conditional order.

Example:

You have a long position on ETH open and the current ETH/USD price is 3,500. You don't want to close your position below 3,000, so you open a sell stop loss limit order with the stop price set to 3,250, trigger signal is set to “Index” and limit price set to 3,000

The “Index” price falls below 3,250, triggering your stop price. A limit order will then be opened to fill at 3,000 (or better).

It is important to note that if any sudden price move was experienced on Kraken only, leading the price to fall below 3,250 while the prevailing market price was above, this “index based” stop limit order would not be triggered. For this order to be triggered, the index price is required to fall below the Stop price set.

By clicking on the order ID, you can access the detailed order description screen (Figure below). The screen reports the trigger signal selected (1) and details on all order and execution prices.

The Stop price (2) is the price below which the order would be triggered. Being the trigger signal set to ‘index’, this order would be triggered if the index falls below the Stop price.

The limit price (3) is the price of the triggered limit order: this order will be filled at the limit price or better.

The trigger price (4) is the price at which the order was triggered - i.e. the first index price recorded when the index fell below the Stop price triggering the order.

Lastly, when the limit order is filled, the Average price (5) will display the weighted average executed price - i.e. the actual price of the volume executed in the market.

In the example below you are opening a margin position to go long BTC at limit price of $7,826.70. The order won’t be able to execute until the “start” time which is the 8th of December 2021 at 13:00. If the order is not executed by the 30th of December 2021 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 BTC being created once the primary order has executed. The conditional close would close the spot position on margin once the price of BTC has reached $10,000.