A conditional order lets you set a trigger price in advance. When the market reaches that price, the system automatically submits a market order or a limit order for you. This introduction covers how conditional orders work, the two order types, and common uses. For the full definition and detailed FAQs, see What Is a Conditional Order?.

How a conditional order works

A conditional order has two steps.

1. 1. Set the trigger condition. Enter a trigger price. The conditional order stays inactive until the market price reaches it. Before it triggers, the order does not enter the order book.
2. 2. Submit the order. When the trigger is reached, the system submits the order using the type you selected: a market order or a limit order.
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Triggering a conditional order does not guarantee that it fills. The fill depends on the order type after triggering, the order price, the market price, order book depth and volatility.

Conditional order types

Conditional Market Order. After triggering, the system submits a market order at the best available price. Use this type when speed matters more than price. The final fill price can differ from the trigger price, especially in volatile markets or when order size is large.

Conditional Limit Order. After triggering, the system submits a limit order at the order price you set. Use this type when price control matters more than speed. It does not guarantee execution. The order may not fill, or it may fill only partly, if the market moves away.

The trigger price decides when the order activates. The order price is used only for the limit order submitted after triggering. These are two separate values.

Common uses

• - Opening a position on a breakout. Enter a position after the price breaks through a key level.
• - Opening a position on a pullback. Enter a position after the price falls back to a target level.
• - Closing a position for profit or loss. If you already hold a position, use a conditional order to close it at a target price. A Sell to Close Long conditional order above the market can act as a take-profit. A Sell to Close Long conditional order below the market can act as a stop-loss.
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For dedicated take-profit and stop-loss features, see the TP/SL Order Introduction.

Conditional orders and regular limit orders

A regular limit order becomes active as soon as you submit it. A conditional order waits for its trigger price first. Only after the trigger does the system submit the market or limit order into the order book.

Key considerations

3. 1. Triggering a conditional order does not guarantee execution.
4. 2. The trigger price and the order price are separate values.
5. 3. A Conditional Market Order fills faster but may have slippage.
6. 4. A Conditional Limit Order offers better price control but may not fill.
7. 5. In volatile markets, the trigger price, the order price and the final fill price can all differ.
8. 6. Check your margin, position direction, order quantity and price before you submit.
9. 7. Perpetual Contracts are leveraged. Adverse price moves can reduce margin and lead to forced liquidation.