OUR VARIETY AN ORDER TYPES
CapTrader offers you a variety of order types and add-ons that can simplify your trading and investing. The most important form is certainly the limit order to set the minimum selling price or the maximum buying price you want to achieve when trading securities and the stop order to limit losses.
You also benefit from SmartRouting technology, where all orders are transmitted fully automatically to all participating exchanges with the best possible supply and demand situation.
Over 100 order types
SmartRouting
Best conditions
Excellent platforms
WHICH ORDER TYPES IS THERE A CAPTRADER?
All-or-none
An AON order remains unexecuted on the exchange or in the order system until the entire quantity for the order is available in the market.
Available instruments: Shares, options
At Auction
This order is sent to the exchange pre-trade at a calculated opening price (COP). If the order is not executed, it is re-placed as a limit order or transmitted to the market at a better bid / ask price.
Available instruments: Futures, shares
Auction
Under certain conditions, their order, according to their price and volume specifications, will be sent to the Price Improvement Auction (Boston Stock Exchange) for participation.
Available instruments: Options
Balance Impact and Risk
This algorithm calculates the impact of an options order on the market and balances the risk of price fluctuations while the order is active. In addition, the system takes into account the user-defined urgency/risk factor and the max. percentage value of the daily volume.
Available instruments: Options
Basket
A number of different orders stored in a single file and transmitted as a packet.
Available instruments: Futures, Future Options, Options, Shares, Warrants
Block
A limit order with large volume. The minimum order size is 50 contracts.
Available instruments: Options
Box top
A market order that automatically becomes a limit order if it is not executed immediately at the market price.
Available instruments: Options
Bracket
This order helps to limit losses and secure profits. Each order is supplemented or limited by a stop and limit order with the same quantity as the original order.
Available instruments: Futures, Future Options, Options, Shares, Warrants
Conditional
This order becomes active only when the market reaches a price level you specify.
Available instruments: Forex, Futures, Future Options, Options, Shares, Warrants
Discretionary
A discretionary order is a limit order for which you predefine a certain amount that extends the execution range by the corresponding amount. Execution is only possible after this discretionary amount has been taken into account. However, only the original limit price is visible in the market.
Available instruments: Shares
Fill-or-Kill
A FOK order must be executed immediately on the market as soon as it is available there, otherwise it will be deleted instantly.
Available instruments: Options
Good-after-Time/Date
A GAT order is initially held by the system and later sent to the market at a time (date and time) defined by you.
Available instruments: Bonds, Forex, Futures, Future Options, Options, Shares, Warrants
Good-till-Canceled
This order validity GTC is active in the system and on the market until it is either executed or deleted by the customer (until the last trading day of the next quarter).
Available instruments: Bonds, EFPs, Futures, Future Options, Options, Shares
Good-till-Date/Time
The order validity GTD is active in the system and in the market until it is either executed or expires on a certain date per market close.
Available instruments: Bonds, Forex, Futures, Future Options, Options, Shares, Warrants
Hidden
The existence of a hidden order (generally with a high order volume) can neither be inferred from the data on the market, nor from the order book.
Available instruments: EFPs, futures, options, shares
Iceberg/Reserve
An Iceberg Order allows you to submit an order (generally with high order volume) that is not fully visible in the market.
Available instruments: Futures, Options, Shares
Immediate-or-Cancel
Any part of an IOC order that is not executed as soon as it reaches the market is immediately deleted.
Available instruments: Futures, Future Options, Options, Shares
Limit
A limit order is an order to buy or sell a security at a certain price (or better).
Available instruments: Bonds, EFPs, Forex, Futures, Future Options, Options, Stocks, Warrants
Limit-if-Touched (LIT)
An LIT order is a type of order that can be used to buy (or sell) contracts below (or above) the market. The order is held by the system until the trigger price is reached and the order is submitted to the market as a limit order.
Available instruments: Forex, Futures, Future Options, Options, Shares, Warrants
Limit-on-Close
A LOC order is executed at the closing price if the closing price is equal to or better than the transmitted limit price of the order - if the respective exchange supports it. Otherwise the order will be deleted.
Available instruments: Futures (non-US), equities
Limit-on-Open
A LOO order is a limit order that is executed at the market start at the limit price or better.
Available instruments: Shares
Market
A market order is an order executed at the next possible bid or ask price of the current market.
Available instruments: Bonds, EFPs, Currencies, Futures, Future Options, Options, Shares, Warrants
Market-if-Touched (MIT)
An MIT is a type of order that can be used to buy (or sell) securities below (or above) the market. The order is held in the system until the trigger price is reached and the order is transmitted to the market as a market order.
Available instruments: Forex, Futures, Future Options, Options, Shares, Warrants
Market-on-Close
A market order that is transmitted to the market to be executed as close as possible to the closing price of the day.
Available instruments: Futures (non-US), options (non-US), equities
Market-on-Open
A market order that is automatically transmitted at the start of the market and is executed at the respective market price.
Available instruments: Shares
Market-to-Limit
An MTL order is submitted to the exchange as a market order. In the case of a partial execution, the remainder of the order is first deleted and then sent back to the market as a limit order with a limit price that is the same as the previous price of the executed order part.
Available instruments: Futures, Future Options, Options, Shares, Warrants
Market-with-Protection
A MWP order is a market order which, in case it is not executed immediately at the market price, is first deleted and then resent to the market as a limit order. The limit price is determined by the respective exchange and is close to the current market price (slightly higher for a sell order and lower for a buy order).
Available instruments: Futures, Future Options
Midpoint Match (MPM)
An MPM stock order is executed only at the midpoint between the bid and ask prices.
Available instruments: Shares only USA and ISE
One-cancels-All (OCA)
If an order belonging to a group of One-cancels-All orders is executed, the other orders of the group will be deleted.
Available instruments: Forex, Futures, Future Options, Options, Shares, Warrants
Pegged-to-Market
An order that specializes in buying at the best offer price and selling at the best demand price.
Available instruments: Shares
Pegged-to-Stock
An order that specifies that the option price will be automatically adjusted when the share price changes based on the client's specifications.
Available instruments: Options
Percent of Volume
This algorithm lets you work with a predefined percentage of the total exchange trading volume.
Available instruments: Shares
Relative
A relative order obtains its price from a combination of the market price and an offset amount specified by the customer. The order is transmitted as a limit order and then modified according to the pricing strategy until the order is either executed or cancelled by the customer.
Available instruments: Options, shares
Request-for-Quote
Option price request for non-US options, futures and options on futures.
Available instruments: Futures, Future Options, Options
Scale
The Scale Orders instruction automatically generates a series of buy (or sell) limit orders, each with decreasing (or increasing) prices, based on the client's original limit order.
Available instruments: Forex, Futures, Future Options, Options, Shares, Warrants
Spreads
A spread order is a combination of individual orders ('legs') that together form a separate trading strategy. Combine stocks, options and futures legs into a single spread.
Available instruments: Futures, Options, Shares
Stop
A stop order becomes a market order to buy or sell securities as soon as the previously determined stop price is reached or breached.
Available instruments: Forex, Futures, Future Options, Options, Shares, Warrants
Stop - Adjustable
You can add a one-time adjustment to a Stop, Stop Limit, Trailing Stop and Trailing Stop Limit order to modify the Stop Trigger price, Trailing Amount and Stop Limit price respectively.
Available instruments: Forex, Futures, Future Options, Options, Shares, Warrants
Stop - Limit
A stop limit order becomes a limit order when the specified stop price is reached or breached.
Available instruments: Forex, Futures, Options, Shares
Trailing Stop
A trailing stop for a sell order sets the stop price by a fixed amount at a certain distance below the market price. If the market price rises, the stop price follows the same distance, the trail amount, upwards. If the market price falls, the stop loss price does not change. Trailing stops on buy orders behave in the same way.
Available instruments: Forex, Futures, Future Options, Options, Shares, Warrants
Trailing Stop Limit
A trailing stop limit for a security sale sets the stop price by means of a fixed amount below the current market price and defines a limit price for the order. If the market price rises, the stop loss follows it upwards at the distance of the fixed amount. If the share price falls, the stop loss remains unchanged. If the order is triggered, a limit order is transmitted at a strike price predefined by the customer. For a trailing stop limit buy order, this mechanism works in reverse.
Available instruments: Forex, Futures, Future Options, Options, Shares, Warrants
Sweep-to-Fill
A sweep-to-fill order identifies the best price and the exact quantity offered at that specific price, and transmits the corresponding portion of its order to the exchange for immediate execution. At the same time, the next best price and the corresponding quantity offered are identified and the corresponding part of the order is transmitted immediately.
Available instruments: Shares
Volatility
An order whose limit price of the option or combination is calculated as a function of the implied volatility.
Available instruments: Future Options, Options, Smart-routed Combination Orders
VWAP - guaranteed
The volume weighted average price for a stock is calculated by adding all the sums traded in each transaction in the respective stock ("price" x "number of shares traded") and dividing by the total volume of shares traded. In the standard procedure, the VWAP order is calculated from the market start to the market close by volume weighting all transactions that have been executed within this time frame. In Captrader you can adjust the validity period and expiration date accordingly.
Available instruments: Shares
VWAP - best possible
This algorithm achieves the best possible volume-weighted average price without exceeding the user-defined maximum percentage of the daily exchange trading volume.
Available instruments: Shares
ALWAYS TO BEST PRICE TRADE
CapTrader's technological edge is not only evident through a variety of order options, as well as our trading and analysis tools, but also through the optimization of your orders. We enable execution prices that are ultimately reflected in return performance.
COMPARE THE FRANKFURT AND XETRA STOCK EXCHANGES
Please note that not every exchange supports all order types.
As an example, we have compared the two stock exchanges Frankfurt and Xetra in the following overview.
Comparison: Order types
| Order types | Explanation | Frankfurt | XETRA |
|---|---|---|---|
| Market order | unlimited buy and sell order executed at the next available price after entering it into the trading system | Yes | Yes |
| Limit order | limited order executed at the specified limit or better | Yes | Yes |
Comparison: Stop Orders
| Stop orders | Explanation | Frankfurt | XETRA |
|---|---|---|---|
| Stop Market Order | Order to buy or sell as soon as a certain price is reached | Yes | Yes |
| Stop Limit Order | as above, except that the execution is provided with a limit | Yes | Yes |
| Trailing stop order | Automatically draws your limits according to | Yes | Yes |
Comparison: Intelligent order types
| Intelligent order types | Explanation | Frankfurt | XETRA |
|---|---|---|---|
| One-cancels-Other-Order (OCO) | makes it possible to exist in two opposing scenarios, regardless of whether the price rises or falls | Yes | Yes |
| Order-on-Event | Ties the execution to a market indication, e.g. an index or future | Yes | Yes |
| Special Auction Order for Bonds | is placed in the midday auction regulated by the Bundesbank | Yes | No |
Comparison: Validity restrictions
| Validity restrictions | Explanation | Frankfurt | XETRA |
|---|---|---|---|
| Daily valid (DAY) | apply only to the current trading day on which they are posted | Yes | Yes |
| Date-related | are valid until a specified date | Yes | Yes |
| Permanent | remain in the order book until they are executed, manually deleted or expire after 360 days | Yes | Yes |
Comparison: Execution Restrictions
| Execution restrictions | Explanation | Frankfurt | XETRA |
|---|---|---|---|
| Fill-or-Kill | The order is either fully executed or deleted | No | Yes |
| Immediate-or-Cancel | The order will be executed in full or in part as soon as they come to the market; unexecuted parts will be deleted. | No | Yes |
| Auction-only | The order will be executed only in one of the Xetra auctions, not in continuous trading | No | Yes |
OPEN A SECURITIES ACCOUNT NOW AND AT THE BEST PRICE TRADEN
Through the SmartRouting function, you always buy and sell shares at the best price and this is particularly easy.
This is because the automatic order routing takes over the selection of the most favorable exchange for you and places your order on the trading venue with the lowest price.
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