Order Types

Orders can be submitted with differing behaviors depending on the parameters they are sent with, which allow traders better control of their executions in the market.

Because of the added risks and unpredictable execution quality, Architect does not natively support Market Orders.

Limit Orders

A limit order is an order with a specified price. A buy order will only be executed at or below the limit price, and a sell order will only be executed at or above the limit price.

Stop Loss / Take Profit

A stop order is an order that does not immediately go live, but instead waits for a price condition to be satisfied before becoming active. These are not supported by every exchange.

For a Stop Loss order, managing a long position as an example, the stop loss trigger price will generally be a price below the current market price. If the market falls to the trigger price, a sell order will entered into the market with the specified limit price, which enables the trader to reduce further losses by closing the long position.

For a Take Profit order, managing a long position as an example, the take profit trigger price will generally be a price above the current market price. If the market rises to the trigger price, a sell order will be entered into the market with the specified limit price, which enables the trader to realize the gains by closing the long position.

Time in Force (TIF)

Architect currently supports three different choices for Time in Force. Not all are supported by every exchange.

• Good Till Cancel (GTC): These orders remain active until they are completely executed or canceled.

• Good Till Date (GTD): These orders remain active until they are completely executed or canceled. If the specified date is reached, the order will expire and be canceled.

• Immediate or Cancel (IOC): These orders will cancel any remaining portion of the order that does not get immediately filled. Note that for the CME, this is described as a Fill-And-Kill (FAK) order.

Post-Only

This is a limit order that will only be added to the order book if it does not immediately interact with an existing order, and thus will only be a "maker" and never a "taker". Note that CME does not support this order attribute.

Ladder

This is Architect's clickable interface for entering limit orders. After specifying an order size, clicking on a price level will send an order to join with the same limit price and direction.