Instant order – An alternative of Market Order
Instant order is custom made proprietary trailingcrypto order which tries to simulate market order and tries to fulfill the order in multiple attempts. Instant order first place a limit order on exchange at market price. If limit order doesn’t fulfill or partially fulfill, then TrailingCrypto cancels that limit order and place a new order with the lower price for a sell order and higher price for a buy order. The new limit order is placed at the last limit price multiplied with instant factor. This cycle will continue until the order is not fulfilled or 10 attempts (max retry limit) reached.
By default, the instant multiplier is 0.5% but on can override this value using Advance Option
The formula used to determine the next Limit Order:
- Instant Sell order = (Last Limit Sell Price) * (100 – instant multiplier)/100.
- Instant Buy order = (Last Limit Buy Price) * (100 + instant multiplier)/100.
Note: Presently this order is only available on bittrex.
How to Place Instant order
- From the drop-down menu select Instant buy or sell. (Only available on Bittrex)
- Select your base currency and quote currency
- Enter the quantity (of quote coin) in “Quantity”/“TOTAL” which you want to buy or sell.
- From Advance option set instant multiplier e.g. 0.15 %.
- Place the order by clicking on the submit order.
For e.g., if the instant sell order is placed with the multipler factor at .20% and the current market price is $100. In this case, a first limit sell order is placed at $100, if its order doesn’t fulfill in 50 milliseconds, the limit order will be canceled and a new limit sell order will be placed at $99.8. Even if the order is not fulfilled at this price a new limit order will be placed at $99.6. This process will go in a loop until the order is fulfilled or 10 attempts reached.