ORDER TYPES FOR BYBIT

The most popular type of order is a limit order. In stock slang, traders call it the "limit".

At a suitable price, a limit order for Bybit is executed immediately. Otherwise, it goes to the general orders queue (order book). The set limits are anonymous, but their price and volume are visible to all market participants.

The order book should receive a counter order to execute the limit. The counter order price must not be less than the one set in the limit order. If it is less, the limit will be executed partially. You can remove a limit order at any time before its execution.

Advantages: the limit order is executed being not less than the set price.

Disadvantages: the execution of a limit order is not guaranteed. A limit order is passive. If there are more profitable offers on the market, it may be executed partially or not at all.

Most professional traders use only limit orders. We recommend that beginners use limits together with stop orders to reduce losses.

For example, two limit orders for BTCUSDT with a volume of 0.001. A limit order for sale is placed at the top of the order book in the trader zone (red zone). The one for purchase is in the buyer zone (green zone).

A limit order can be set by clicking on the desired price with the left mouse button (buy) or the right mouse button (sell).

A limit order sent to the trader zone will be executed immediately at the best market price. This is due to the fact that the price set in the limit has already been offered by the market. In the buyer zone, the limit order will be executed at the best purchase price.

A market order is the simplest and at the same time the most dangerous type of order both for beginners and experienced traders

At a high level of supply and demand, the market order is executed immediately. This is convenient when you need to urgently open or close a position.

The market order guarantees the transaction. Although, a trader can't determine the price of a deal himself. The market order is executed at the best price, which can change in an instant.

Advantages: a market order is executed immediately (at a high level of supply and demand).

Disadvantages: high risk of slippage.

The slippage usually occurs when trading in large volumes. The market order is executed at several prices, "devouring" the best orders in the order book. A rarer and more dangerous slippage takes place in a volatile market, when empty spaces form in the order book due to major participants.

To place market orders on Bybit, you can use the hotkeys:

1. close a position on the market;
2. buy/sell at market value
(by default, the keys are: T – buy at market value, Y – sell at market value);
3. reversal of the position at market value.

For these hotkeys, the casting range is important. This parameter is specified in the tool price increment. You can change the parameter value through the tool settings (as shown in the screenshot). The default value is 0 – the order is sent to the end of the order book.

In the CScalp, when trading on Bybit, you can only set position closing (linked) order.

Position closing stop orders are familiar to Stop-Loss and Take-Profit traders. There is no volume parameter in the linked orders, since they are set in the volume of the open position. This is convenient because you do not have to spend time setting the volume. If 17 lots are open, Stop-Loss or Take-Profit will close 15 lots and reset the position.

Stop-Loss can be set only if there is an open position. In the CScalp, when trading on Bybit, Stop-Loss is set only in the terminal. When a stop order is executed, the CScalp closes the position with a limit order and sends it to the end of the order book. This usually leads to an instant position closure.

To set the Stop-Loss, point the cursor at the order book and hold down the C button (the default). The message "Stop-Loss/Take-Profit" will appear at the bottom of the order book. This means that you have enabled the SL/TP installation mode. Left-click on the price at which the order to position closing will be executed.

Take-Profit can be set only if there is an open position. In the CScalp, when trading on Bybit, Take-Profit is set in the terminal. When Take-Profit is executed, the CScalp will automatically close the limit order position and send it to the end of the order book. This normally leads to an instant position closure.

To set Take-Profit, point the cursor at the order book and hold down the C button (the default). The message "Stop-Loss/Take-Profit" will appear at the bottom of the order book. This means that you have enabled the SL/TP installation mode. Left-click on the price at which the order to position closing will be executed.