Advanced order types
Advanced order types on 1024EX are built on top of market and limit order primitives. They combine triggers, constraints, algorithms, and execution logic to help traders manage timing, price control, market impact, and risk more precisely.
These order types are designed for users who need more than simple immediate execution or basic price control. Depending on the strategy, an advanced order may react to market conditions, split execution over time, follow benchmark volume, hide visible order size, or manage exits automatically.
Execution Triggers
Execution trigger orders react to price or market conditions. Once the trigger condition is met, the order becomes active and executes according to its configured logic.
Stop Market
A Stop Market Order becomes a market order once the stop price is triggered.
It is commonly used to exit a position quickly when the market moves against a trader, or to enter a trade when price breaks through a key level.
Because it executes as a market order after triggering, execution is prioritized, but the final fill price may be affected by slippage.
Stop Limit
A Stop Limit Order becomes a limit order once the stop price is triggered.
It gives the trader more control over the execution price compared with a stop market order. However, because the order only fills at the limit price or better, it may not execute if the market moves too quickly.
Trailing Stop
A Trailing Stop Order follows the market by a defined distance or percentage.
For long positions, the stop price can move upward as the market rises, helping protect gains while allowing the position to remain open. If the market reverses by the trailing amount, the order is triggered.
Trailing stops are commonly used to manage downside risk while letting profitable positions continue running.
Execution Algorithms
Execution algorithms are designed to split or pace orders over time or volume. They are useful when traders want to reduce market impact, avoid large visible orders, or execute according to a benchmark.
TWAP
A TWAP Order executes over a selected time period by splitting the total order into smaller portions.
TWAP is useful when a trader wants to reduce the impact of a large order and avoid executing the entire size at once.
VWAP
A VWAP Order executes based on market volume distribution.
Instead of spreading execution evenly over time, VWAP attempts to align execution with trading volume, making it useful when traders want their execution to follow broader market activity.
POV
A POV Order executes as a percentage of market volume.
The order participates in the market at a defined participation rate, allowing execution speed to adjust with real-time market activity. When market volume increases, execution can become faster; when market volume decreases, execution may slow down.
Order Structuring
Order structuring tools help traders shape large or complex orders into more controlled execution plans.
Scale
A Scale Order splits a larger order into multiple smaller orders across a defined price range.
It can be used to build or exit a position gradually instead of placing one large order at a single price.
Iceberg
An Iceberg Order hides the full order size by only displaying a smaller portion of the order at a time.
As the visible portion fills, another portion becomes available. This helps traders reduce market visibility when executing larger orders.
Pegged
A Pegged Order automatically adjusts its price based on a reference price, such as the best bid, best ask, or mid-market price.
It is useful when traders want their order to stay competitive without manually updating the price.
OCO
An OCO Order stands for “One Cancels the Other.”
It links two orders together so that if one order is filled, the other is automatically canceled. OCO orders are commonly used to manage take-profit and stop-loss scenarios at the same time.
Bracket
A Bracket Order combines an entry order with predefined exit orders.
After the entry order is filled, the system can place related take-profit and stop-loss orders. This helps traders plan both upside targets and downside protection before entering a position.
Strategy-Driven Orders
Strategy-driven orders automate more specific trading behaviors based on predefined logic or market signals.
Sniper
A Sniper Order is designed to execute quickly when specific market conditions appear.
It is commonly used for fast entries around targeted price levels, liquidity conditions, or event-driven opportunities. Sniper orders help traders react to specific setups without manually watching the market at every moment.
How to Choose
Use Stop Market when fast execution after a trigger matters more than exact fill price.
Use Stop Limit when trigger-based execution is needed, but price control is also important.
Use Trailing Stop when you want to protect gains while allowing a position to continue moving in your favor.
Use TWAP when you want to split execution evenly over time.
Use VWAP when you want execution to follow market volume.
Use POV when you want your order to participate as a percentage of real-time market volume.
Use Scale when you want to enter or exit gradually across multiple price levels.
Use Iceberg when you want to reduce visible order size.
Use Pegged when you want your order price to adjust automatically with the market.
Use OCO when you want one order to cancel another after execution.
Use Bracket when you want to define entry, take-profit, and stop-loss logic together.
Use Sniper when you want to react quickly to specific market conditions.