A market order executes immediately in full at the best available price.

Depending on the size of the order and available liquidity in the order book they may execute in a single order or in multiple orders with incremental prices.

For your protection, we will not match your order at a price more than 1% above the best ask or 1% below the best bid. This means that your order may be only partially filled. The unfilled portion will then be cancelled so there is no remaining order in the book.

This order type can optionally be set to reduce-only.

We recommend using limit orders to control the worst price at which an order can be matched.

This order type can be set to maker-only and/or reduce-only.

Note: 

• Limit price must be within 20% of the mark price, if it is crossing the spread and is outside of the 20% price collar, the limit order will be rejected by the trading engine.
• Margin is required to place this order type and a margin check will be made at the time of order placement. 

A stop loss market order allows you to limit your losses from an open position. The trigger price represents the price that, if reached, will trigger the execution of a market order that closes your position.

The price trigger setting by default is the mark price, but can optionally be changed to trigger on the last trade price or index price.

*This order type is reduce-only (forced) – it cannot be used to open a position or add to a position. See Trigger Entry for the equivalent order type to open positions. *Only forced on legacy UI 

Post-trigger activation checks: 

• For your protection, we will not match your order at a price more than 1% above the best ask or 1% below the best bid. This means that your order may not be filled or will only be partially filled. The unfilled portion will then be cancelled so there is no remaining order in the book.
• Margin is not required to place this order type, but a margin check will be made at the time of order trigger. If there is insufficient margin in the account when the order is triggered, the order will be rejected by the trading engine.

EXAMPLE: STOP-MARKET SELL: The current Futures price is $5,000. You have a long Futures position and want to limit your loss if the price declines. You submit a stop loss market sell order with a stop price of $4,500. If the Futures price falls to $4,500, your order will trigger and a market order is placed onto the order book. Your Futures position will then close at the best available price, provided there is sufficient demand. 

EXAMPLE: STOP-MARKET BUY: The current Futures price is $5,000. You have a short Futures position and want to limit your loss if the price increases. You submit a stop loss market buy order with a stop price at $5,100. If the Futures price rises to $5,100, your stop buy order is triggered and a market order is placed on the order book. Your Futures position will then close at the best available price, provided there is sufficient supply.

The limit price you set represents the worst possible price at which your order can be matched. Depending on the distance between the Stop price and Limit price it can either execute immediately as a taker order be placed on the order book.

The price trigger setting by default is the mark price, but can optionally be changed to trigger on the last trade price or index price.

*This order type is reduce-only (forced) – it cannot be used to open a position or add to a position. See Trigger Entry for the equivalent order type to open positions. *Only forced on legacy UI 

Post-trigger activation checks:

• Margin is not required to place this order type, but a margin check will be made at the time of order trigger. If there is insufficient margin in the account when the order is triggered, the order will be rejected by the trading engine.
• Limit price must be within 20% of the mark price, if it is crossing the spread and is outside of the 20% price collar, the limit order will be rejected by the trading engine.

EXAMPLE: STOP-LOSS LIMIT SELL    The current Futures price is $5,000. You have a long Futures position and want to limit your loss if the price declines. You submit a stop loss limit sell order with a stop price of $4,500 and a limit price of $4,400. If the Futures price falls to $4,500, your stop sell order is triggered at a limit price of $4,400. Your Futures position will then close at a price of $4,400 or higher, provided there is sufficient demand.

EXAMPLE: STOP-LOSS LIMIT BUY    The current Futures price is $5,000. You have a short Futures position and want to limit your loss if the price increases. You submit a stop loss limit buy order with a stop price of $5,400 and a limit price of $5,500. If the Futures price rises to $5,400, your stop sell order is triggered at a limit price of $5,500. Your Futures position will then close at a price of $5,500 or lower, provided there is sufficient supply.

The trigger price represents the price that, if reached, will trigger the execution of a market order to close your position.

The price trigger setting by default is the mark price, but can optionally be changed to trigger on the last trade price or index price.

*This order type is reduce-only (forced) – it cannot be used to open a position or add to a position. See Trigger Entry for the equivalent order type to open positions. *Only forced on legacy UI 

Post-trigger activation checks: 

• For your protection, we will not match your order at a price more than 1% above the best ask or 1% below the best bid. This means that your order may not be filled or will only be partially filled. The unfilled portion will then be cancelled so there is no remaining order in the book.
• Margin is not required to place this order type, but a margin check will be made at the time of order trigger. If there is insufficient margin in the account when the order is triggered, the order will be rejected by the trading engine.

EXAMPLE: TAKE-PROFIT MARKET SELL    The current Futures price is $5,000. You have a long Futures position and want to set a target profit price to exit your position. You submit a take-profit market sell order with a trigger price of $5,500. If the Futures price rises to $5,500, your order is triggered and a market order is placed onto the order book. Your Futures position will then close at the best available price, provided there is sufficient demand.

EXAMPLE: TAKE-PROFIT MARKET BUY    The current Futures price is $5,000. You have a short Futures position and want to set a target profit price to exit your position. You submit a take-profit market buy order with a trigger price of $4,500. If the Futures price decreases to $4,500, your order will be triggered and a market order is placed onto the order book. Your Futures position will then close at the best available price, provided there is sufficient supply.

The trigger price represents the price that, if reached, triggers the submission of a limit order to close your position.

The price trigger setting by default is the mark price, but can optionally be changed to trigger on the last trade price or index price.  

*This order type is reduce-only (forced) – it cannot be used to open a position or add to a position. See Trigger Entry for the equivalent order type to open positions.  *Only forced on legacy UI 

Post-trigger activation checks: 

• Margin is not required to place this order type, but a margin check will be made at the time of order trigger. If there is insufficient margin in the account when the order is triggered, the order will be rejected by the trading engine.
• Limit price must be within 20% of the mark price, if it is crossing the spread and is outside of the 20% price collar, the limit order will be rejected by the trading engine.

A bracket order allows you to place up to three orders simultaneously: one order to open a position (long or short) and two trigger orders for stop loss and/or take profit.

• The primary order can be a limit order or a market order and opening limit orders can optionally be set as maker-only.
• The trigger orders are market orders with reduce-only enabled.
• There are options to have the order trigger from the last trade price, mark price, or index price.

NOTE:

• This is NOT a One-Cancels-the-Other (OCO) order. If one trigger order is triggered and the order placed, the other trigger order will remain active until cancelled by the trader.
• Each trigger order is independent of the original order and can be edited or cancelled at any time.

EXAMPLE: LONG BRACKET    The current Futures price is $5,000. You believe that the Futures price will increase so you decide to open a long position. You wish to simultaneously protect the position at 2.5% loss whilst also setting a take profit target of 5%. In the bracket order form, you enter the quantity and limit price you wish to enter the position at, set your take profit order price for 5250, or 5% from the current market price, and your stop-loss at 4875 or 2.5% from the current market price. These parameters can lead to two outcomes. If the price rises to your take profit price, then the position will close at 5% profit (provided there is sufficient demand). On the other hand, if the price drops to your stop-loss price, then the position will close at 2.5% loss (provided there is sufficient demand).

EXAMPLE: SHORT BRACKET    The current Futures price is $5,000. You believe that the Futures price will decrease so you decide to open a short position. You wish to simultaneously protect the position at 2.5% loss whilst also setting a take profit target of 5%. In the bracket order form, you enter the quantity and limit price you wish to enter the position at, set your take profit order price for 4750, or 5% from the current market price, and your stop-loss at 5125 or 2.5% from the current market price. These parameters can lead to two outcomes. If the price falls to your take profit price, then the position will close at 5% profit (provided there is sufficient supply). On the other hand, if the price rises to your stop-loss price, then the position will close at 2.5% loss (provided there is sufficient supply).

Trigger entry orders allow you to enter a position using a trigger order, similar to a Stop Loss or Take Profit order. Trigger entry orders can be either a market or a limit order.

The trigger price represents the price that, if reached, will trigger the submission of your market or limit order.

For trigger limit orders, the limit price represents the worst price at which your order can be matched. Depending on the distance between the Stop price and Limit price it can either execute immediately as a taker order be placed on the order book.

The price trigger setting by default is the mark price, but can optionally be changed to trigger on the last trade price or index price.

Post-trigger activation checks: 

• Margin is not required to place this order type, but a margin check will be made at the time of order trigger. If there is insufficient margin in the account when the order is triggered, the order will be rejected by the trading engine.
• Limit orders: Limit price must be within 20% of the mark price, if it is crossing the spread and is outside of the 20% price collar, the limit order will be rejected by the trading engine. 
• Market orders: For your protection, we will not match your order at a price more than 1% above the best ask or 1% below the best bid. This means that your order may be only partially filled or not filled at all. The unfilled portion will then be cancelled so there is no remaining order in the book.

EXAMPLE: LONG TRIGGER ENTRY    The current Futures price is 5,000, and you believe that if the price breaks the 5,250 barrier, then it will continue to rise, so you wish to open so you wish to open a long position if that occurs. You set a trigger entry market buy at 5,250. If the price reaches 5,250, then a buy order will be placed on the order book and you would be in a long position, provided there is sufficient supply.

EXAMPLE: SHORT TRIGGER ENTRY    The current Futures price is 5,000, and you believe that if the price breaks the 4,750 barrier, then it will continue to fall, so you wish to open a short position if that occurs. You set a trigger entry market sell at 4,750. If the price falls to 4,750, then a sell order will be placed on the order book and you would be in a short position, provided there is sufficient demand.

If there is 0 quantity available at the chosen price level the order will be rejected and cancelled immediately.

If you enter a quantity larger than your existing open position the quantity of the reduce only order will auto-reduce to the size of your open position.

Take profit (market and limit) and stop loss (market and limit) are all reduce-only (forced).

If you are reducing the quantity your order will remain in the same place in the queue as before.

If you change the price or increase the quantity of your order you will go to the back of the price-time priority queue.

Each price has a distinct way of being calculated and various uses.

These can be changed in the order form under the 'Advanced' tab and under 'Trigger Signal'.

• Last Price: The last executed price at which a Futures contract was traded at. If selected as the trigger signal, the order trigger will activate when the last executed price reaches or surpasses your trigger price.
• Mark Price: The index price plus the 30 second EMA of the future's basis. If selected as the trigger signal, the order trigger will activate when the mark price price reaches or surpasses your trigger price. For more information on how the mark price is calculated see our contract specifications articles for multi-collateral linear futures or single-collateral inverse futures. Note: this price is also used to value positions and determine liquidations.
• Index Price: The CME CF Index Price determined from aggregate data from constituent exchanges. More information available on the CF Benchmarks page.