What is an Open Range order and how do I place it?
This order functions exactly like an open market order with the added benefit of allowing traders to set an “acceptable” range at which they would like to be filled. Open range orders are ideal for limiting negative slippage.
To place an Open Range order in Trading Station, please follow the steps below:
- From the Dealing Rates window, left click on the Sell or Buy price for the symbol you want to trade.
- The Create a Market Order window will appear with all the details for the pending market order.
- Click on the Advanced button.
- Choose Order Type as Market Range.
- Enter desired number greater than 0.
- In Time in Force select either IOC (Immediate or Cancel) or FOK (Fill or Kill).
- Click OK