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Stop Limit Order - a new type of orders on the cTrader platform
Spotware, the Cypriot developer of the cTrader trading platform, has released another software update. This time, in addition to a few cosmetic fixes, a new type of bounty has been added - Stop Limit Order - which is hardly ever seen on Forex platforms.
Read: Review of the cTrader transaction platform
What is Stop Limit Order
This type of order is to be a response to the growing and increasingly complex needs of traders. It is a combination of the functionality of two types of Stop and Limit orders. Ultimately, the dominant one that determines how you open a position is the limit order.
How does Stop Limit Order work?
When the price of the instrument reaches the Stop price defined in the order, a Limit order will be set at the level Stop Price + Limit Range for buy orders or Stop Price - Limit Range for sell orders. Limit Range is a separate parameter that determines the distance distance to set the Limit order.
Stop Limit Order, FxPro cTrader order
At the time of setting the order in the parameters, we can also add its expiry time, Take Profit, Stop Loss and Trailing Stopand choose the type of price (Bid or Ask) on which we will make the order execution dependent.
CTrader platform
cTrader is recognized as one of the fastest growing trading applications. From the very beginning, it was created with the Forex market and order execution in mind ECN / STP model. A multitude of functionalities that are constantly developed by spotware, they also make it more and more popular - both from traders and brokers.
The cTrader platform currently comes in three versions:
- Desktop (stationary),
- Web (+ mobile web),
- Mobile.
In addition, several tools have been created to complement cTrader capabilities and side applications:
- cTrader Copier - copying orders from / to MT4,
- cAlgo - machine operation and tool creation,
- cTrader FIX API,
- cTrader Open API.
The cTrader platform has in its offer such brokers, as FxPro, IC Markets, Pepperstone, FxPig or RoboForex.
