> ## Documentation Index
> Fetch the complete documentation index at: https://docs.centosfi.com/llms.txt
> Use this file to discover all available pages before exploring further.
# Order Types
> Complete guide to all order types available on Centos Finance
## Basic Order Types
### Market Order
Executes immediately at the best available price.
* **Use case**: When you need immediate execution and price is less important
* **Example**: Market buy 100 contracts → fills at current best ask price
### Limit Order
Rests on the order book at a specified price.
* **Use case**: When you want price control and can wait for execution
* **Example**: Limit buy $100$ @ $0.65$ → only fills at \$0.65 or better
### Time in Force
* **IOC** : Immediate or Cancel - executes immediately for any available quantity, and cancels any unfilled remainder.
* **Example**: IOC buy 10 contracts; if only 6 are available now, 6 fill and 4 are canceled.
* **FOK** : Fill-Or-Kill - must be filled completely and immediately, or the entire order is canceled.
* **Example**: FOK buy 10 contracts; if all 10 cannot fill right now, nothing is executed.
* **GTD** : Good-Till-Date - stays active until a specific date/time, unless filled or canceled earlier.
* **Example**: GTD limit buy valid until `2026-02-20 15:00 UTC`.
* **GTC** : Good-Till-Cancelled - stays active until fully filled or manually canceled (subject to platform-level max lifetime limits).
* **Example**: Rest a GTC limit order on the book until market reaches your price.
***
## Conditional Order Types
Conditional orders are **not placed immediately**. They activate ("trigger") when specific conditions are met.
### Stop Orders
Stop orders trigger when price moves to a predefined stop price, using the traded price. On a buy stop order, the order is triggered if someone trades at or above the stop price. On a sell stop order, the order is triggered if someone trades at or below the stop price.
Triggers when market trades at or through your stop price, then executes as a market order (immediate fill at best available price).
```
The market is currently trading at $0.70. You want to enter a short position
if the market trades below or at $0.60.
→ Stop Market SELL @ $0.60
→ Triggers when price ≤ $0.60
→ Sends market sell order → fills immediately
```
Triggers when market trades at or through your stop price, then executes as a limit order at your specified limit price.
```
The market is currently trading at $0.70. You want to enter a short position
if the market trades below or at $0.60, but you don't want to sell at lower
than $0.59.
→ Stop Limit SELL @ $0.60, Limit $0.59
→ Triggers when price ≤ $0.60
→ Sends limit sell order @ $0.59 → waits for fill at $0.59 or better
```
May not fill if price moves too fast through your limit.
**Directional logic:**
* **BUY stop**: Triggers at or above stop price (breakout entry or short exit)
* **SELL stop**: Triggers at or below stop price (stop loss or long exit)
### Reverse Stop Orders
Reverse stop orders trigger when price moves **in** your desired direction. Used exclusively for **take profit** scenarios.
A "reverse stop" is called "reverse" because it triggers in the **opposite** direction of a normal stop order.
Triggers when market trades at or through your target price (opposite direction from normal stop), then executes as a market order.
```
You're LONG at $0.60, want to take profit if price rises to $0.80
→ TP Market (Reverse Stop Market) SELL @ $0.80
→ Normal stop would trigger BELOW, but reverse stop triggers ABOVE
→ Triggers when price ≥ $0.80
→ Sends market sell order → fills immediately
```
Triggers when market trades at or through your target price, then executes as a limit order at your specified limit price.
```
You're LONG at $0.60, want to take profit around $0.80 but not worse than $0.79
→ TP Limit (Reverse Stop Limit) SELL @ $0.80, Limit $0.79
→ Triggers when price ≥ $0.80
→ Sends limit sell order @ $0.79 → waits for fill at $0.79 or better
```
**Directional logic (reversed from normal stop):**
* **BUY reverse stop**: Triggers at or below target (opposite of normal buy stop)
* **SELL reverse stop**: Triggers at or above target (opposite of normal sell stop)
**Why "reverse"?**
* Normal **SELL stop** @ $0.60 triggers when price ≤ $0.60 (price falling)
* **SELL reverse stop** @ $0.80 triggers when price ≥ $0.80 (price rising)
* The trigger direction is reversed!
### Take Profit Orders (TP)
**Parent-child orders**: Automatically triggers a child order when a parent order **fills**.
Triggers when parent order is **fully filled**, then activates a reverse stop market order.
```
Place limit buy 100 @ $0.60 WITH TP Market @ $0.80
→ When buy fills → immediately activates reverse STOP Market SELL @ $0.80
→ That reverse stop triggers when price ≥ $0.80, and send a sell market order
```
Triggers when parent order is **fully filled**, then activates a limit order.
```
Place limit buy 100 @ $0.60 WITH TP Limit @ $0.80
→ When buy fills → activates TP Limit SELL
→ Sends limit sell @ $0.80
```
### Stop Loss Orders (SL)
**Parent-child orders**: Automatically triggers a child order when a parent order **fills**.
Triggers when parent order is **fully filled**, then activates a stop market order.
```
Place limit buy 100 @ $0.60 WITH SL Market @ $0.55
→ When buy fills → immediately activates SL Market SELL @ $0.55
→ That SL Market is a stop order that triggers when price ≤ $0.55
→ That stop triggers when price ≤ $0.55, and send a sell market order
```
Triggers when parent order is **fully filled**, then activates a stop limit order.
```
Place limit buy 100 @ $0.60 WITH SL Limit @ $0.55 (limit $0.54)
→ When buy fills → activates SL Limit SELL
→ Triggers when price ≤ $0.55 → sends limit sell @ $0.54
```
***
## Comparison
| Type | Trigger | Execution | Primary Use |
| --------------- | ---------------------------------- | ----------------------- | ------------------------------- |
| **Market** | Immediate | Best price | Need immediate fill |
| **Limit** | Rests on book | At limit or better | Price control |
| **Stop Market** | Price moves against | Market order | Stop loss, breakout |
| **Stop Limit** | Price moves against | Limit order | Stop loss with price protection |
| **TP Market** | Parent fills + price moves for | Market via reverse stop | Take profit |
| **TP Limit** | Parent fills + price moves for | Limit via reverse stop | Take profit with control |
| **SL Market** | Parent fills + price moves against | Market via stop | Stop loss from entry |
| **SL Limit** | Parent fills + price moves against | Limit via stop | Stop loss with price floor |
***
## Key Concepts
### Stop vs Reverse Stop
* **Stop**: Triggers when price moves AGAINST you (exit losses, enter breakouts)
* **Reverse Stop**: Triggers when price moves FOR you (take profits)
### Parent-Child Orders
* **TP/SL orders** are "meta-orders" that activate child orders when a parent fills
* The child order itself is usually a stop or reverse stop order
* This creates a two-step process: Parent fill → Child activation → Price trigger → Execution
### Trigger Direction Summary
| Side | Stop (Loss/Breakout) | Reverse Stop (Profit) |
| -------- | --------------------- | ----------------------- |
| **BUY** | Triggers ≥ stop price | Triggers ≤ target price |
| **SELL** | Triggers ≤ stop price | Triggers ≥ target price |