Target order is an automatic order to exit a position. For long positions, the target order value has to be set above the current buy price. For short positions, the target order value has to be set below the current sell price.
For positions in cryptocurrency pairs, target orders are triggered by the last price, and filled according to the size of the position and the liquidity in the order book.
For positions in stocks, ETFs, forex pairs and commodity futures contracts, target orders are triggered and filled by bid or ask price. If you have a long position in a stock, ETF, forex pair or a commodity futures contract, your target order will be triggered by the sell price. If you have a short position, your target order will be triggered by the buy price.
You can set a target order when opening a position by simply entering the target order price or you can add a target order to an open position. A target order can be removed or changed anytime.
To add a target order:
- Tap an open position you wish to set a target order for;
- Click on the Target Order field;
- Enter the Target Order price that you want your position to be closed at, and press the green enter button to confirm.
Remove a target order by tapping the 'x' to the right of the target order.