A Conditional Order allows users to pre-set trigger conditions and order parameters. When the market price reaches the specified trigger price, the system automatically submits the order based on the preset order type, order price, and order quantity.

A Conditional Order itself does not enter the order book immediately. It is only when the trigger condition is met that the system submits the corresponding market order or limit order based on the user's settings.

📚For example, the current XAUUSD Perpetual Contract price is 3,300 USD. A user who wants to Buy to Open Long only after the price rises to 3,350 USD can set a Conditional Order as follows:

Trigger Price: 3,350 USD

Order Type: Market or Limit

Order Direction: Buy to Open Long

Order Quantity: 10 XAU

When the market price reaches 3,350 USD, the Conditional Order is triggered and the system automatically submits the order according to the preset order type.

How Conditional Orders Work

A Conditional Order generally involves two phases:

Phase 1: Waiting to trigger.

After the user sets a Conditional Order, it waits for the market price to reach the trigger condition. Before triggering, the order does not enter the order book.

Phase 2: Order submission after triggering.

When the market price reaches the trigger price, the system submits the order according to the preset order type — either a market order or a limit order.

Please note that a Conditional Order being triggered does not guarantee execution. Whether it fills depends on the order type after triggering, order price, market price, order book depth, and market conditions.

Key Price Terms in Conditional Orders

1. Trigger Price

The trigger price is the condition price that activates the Conditional Order.

When the market price reaches the user-set trigger price, the system activates the Conditional Order and submits the preset order.

For example, with the current XAUUSD price at 3,300 USD and a trigger price set at 3,350 USD, the Conditional Order will only be activated when the market price reaches 3,350 USD.

2. Order Price

The order price is the price used when the system submits a limit order after the Conditional Order is triggered.

If the user selects a Conditional Limit Order, an order price must be specified. After triggering, the system submits a limit order at that order price.

If the user selects a Conditional Market Order, no order price is required. After triggering, the system submits a market order as quickly as possible at the best available price.

Conditional Market Orders and Conditional Limit Orders

Conditional Market Order

A Conditional Market Order submits a market order at the best available price once the trigger condition is met.

A Conditional Market Order prioritizes execution speed after triggering, though the final fill price may be affected by market volatility, order book depth, and order size.

📚Example:

The current XAUUSD Perpetual Contract price is 3,300 USD. A user who wants to Sell to Close Long when the price drops to 3,260 USD can set:

Trigger Price: 3,260 USD

Order Type: Market

Order Direction: Sell to Close Long

Order Quantity: 10 XAU

When the market price reaches 3,260 USD, the Conditional Order is triggered and the system submits a market Sell to Close Long order, filling as quickly as possible at the best available price.

Conditional Limit Order

A Conditional Limit Order submits a limit order at the user's preset order price once the trigger condition is met.

A Conditional Limit Order gives users price control after triggering, but does not guarantee execution. If the market moves quickly after triggering, or the limit order's fillable condition is not met, the order may not fill or may only partially fill.

📚Example:

The current XAUUSD Perpetual Contract price is 3,300 USD. A user who wants to Buy to Open Long after the price rises to 3,350 USD, with an order price no higher than 3,355 USD, can set:

Trigger Price: 3,350 USD

Order Type: Limit

Order Price: 3,355 USD

Order Direction: Buy to Open Long

Order Quantity: 10 XAU

When the market price reaches 3,350 USD, the Conditional Order is triggered and the system submits a Buy to Open Long limit order at 3,355 USD. Whether it fills depends on the market price and order book conditions after triggering.

What Scenarios Can Conditional Orders Be Used For?

1. Opening a Position on a Breakout

Users can automatically submit an open order after the price breaks through a key level using a Conditional Order.

For example, with the current XAUUSD price at 3,300 USD, a user who believes the price will continue rising after breaking 3,350 USD can set a Buy to Open Long Conditional Order with a trigger price of 3,350 USD.

2. Opening a Position on a Pullback

Users can also automatically submit an open order when the price pulls back to a target level.

For example, with the current XAUUSD price at 3,300 USD, a user who wants to Buy to Open Long only after a pullback to 3,260 USD can set a Conditional Order with a trigger price of 3,260 USD.

3. Take-Profit Close

For users who already hold a position and want to automatically close it when the price reaches a target, a Conditional Order can serve as a take-profit.

For example, a user holding a XAUUSD long position who wants to sell and close at 3,350 USD can set a Sell to Close Long Conditional Order with a trigger price of 3,350 USD.

4. Stop-Loss Close

For users who already hold a position and want to automatically close it when the price moves against them, a Conditional Order can serve as a stop-loss.

For example, a user holding a XAUUSD long position who wants to manage risk if the price drops to 3,260 USD can set a Sell to Close Long Conditional Order with a trigger price of 3,260 USD.

What is the Difference Between a Conditional Order and a Regular Limit Order?

The key difference between a Conditional Order and a regular Limit Order is whether a trigger condition must be met first.

A regular Limit Order becomes active immediately upon submission and remains pending until it fills. It can fill as long as the market price reaches the fillable condition.

A Conditional Order does not enter the order book immediately. Only when the market price reaches the trigger price does the system submit the preset market order or limit order.

Is Execution Guaranteed After a Conditional Order Triggers?

A Conditional Order being triggered does not guarantee that the order will be filled.

If a market order is submitted after triggering, the system will fill as quickly as possible at the best available price, but the final fill price may differ from the trigger price.

If a limit order is submitted after triggering, it will fill at the order price or better. If the market does not reach the fillable condition, or moves away quickly, the order may not fill or may only partially fill.

Why Did My Conditional Order Not Trigger?

A Conditional Order that has not triggered may be due to any of the following:

     1.The market price has not yet reached the user-set trigger price.

     2.The trigger price direction is not set correctly.

     3.The market briefly moved but did not meet the system's trigger condition.

     4.The Conditional Order has been cancelled by the user.

     5.The contract is currently suspended, under maintenance, or in a restricted trading state.

     6.Order parameters do not meet the platform's trading rules, resulting in the Conditional Order not being created or not taking effect.

Why Did My Conditional Order Not Fill After Triggering?

A Conditional Order that triggered but did not fill may be due to any of the following:

     1.A limit order was submitted after triggering, but the market price did not reach the order price.

     2.The market moved quickly and the price deviated from the order price after triggering.

     3.Insufficient order book depth caused a partial fill or no fill.

     4.Other conditions or pending activity affected the order's execution priority.

     5.Insufficient account margin caused the order submission to fail or the order could not be filled after triggering.

     6.Order quantity, price, or position direction does not comply with system restrictions.

Key Considerations When Using Conditional Orders

     1.A Conditional Order does not enter the order book for matching before it is triggered.

     2.A Conditional Order being triggered does not guarantee execution.

     3.The trigger price determines when the order activates; the order price is used to submit a limit order after triggering. These are two distinct values.

     4.A Conditional Market Order prioritizes execution speed, but the final fill price may differ from the trigger price.

     5.A Conditional Limit Order prioritizes price control, but may not fill or may only partially fill.

     6.In volatile market conditions, there may be a difference between the trigger price, order price, and final fill price.

Frequently Asked Questions

1. After a Conditional Order triggers, is the fill price always equal to the trigger price?

Not necessarily.

The trigger price is only the condition for the system to submit the order — it is not necessarily the final fill price. The final fill price depends on the order type after triggering, market price, order book depth, and market volatility.

2. What is the difference between a Conditional Market Order and a Conditional Limit Order?

A Conditional Market Order submits a market order after triggering, prioritizing fast execution, but may result in slippage.

A Conditional Limit Order submits a limit order after triggering, offering better price control, but may not fill or may only partially fill.

3. Does a Conditional Order occupy order book slots before triggering?

A Conditional Order typically does not enter the order book before triggering, so it will not appear as a regular pending order in the order book. Only after triggering will the system submit the corresponding order per the user's settings.

4. Can Conditional Orders be used for take-profit and stop-loss?

Yes. Conditional Orders can be used for both take-profit and stop-loss closes.

For example, a user holding a XAUUSD long position can set a Sell to Close Long Conditional Order at 3,350 USD as take-profit, or at 3,260 USD as stop-loss.

5. Why does my Conditional Order show as triggered but not filled?

If a limit order was submitted after triggering but the market price did not reach the order price, the order may not fill.

If a market order was submitted after triggering, but the market moved quickly, order book depth was insufficient, or the account status was abnormal, the order may not fully fill or the submission may fail.

6. Can a Conditional Order be cancelled?

If the Conditional Order has not yet triggered, users can typically cancel it from the Conditional Orders list.

If the Conditional Order has already triggered, the system has submitted the corresponding order. Users should then view, cancel, or manage that order in the Active Orders or order list based on its status.

7. What is the relationship between Conditional Orders and TP/SL orders?

TP/SL orders can be understood as Conditional Orders applied specifically to closing positions.

Conditional Orders can be used for both opening and closing positions; TP/SL orders are primarily used for risk management and automatic closing of existing positions.