Product News Update: Order Entry
We've redesigned the order entry box to make it easier and faster for traders to place trades.
The two main differences between this order entry and the previous version are the size slider and the protection feature.
Users can still increase size by manually typing in the amount within the quantity box. In addition, users can also click the circle on the slider and drag it to the amount (which will update in the quantity box) they wish to trade. This is especially convenient when you want to close out an entire position.
The other brand new feature is the ability to add protection. The protect modifier is only available for market orders and it's for users who want:
- High certainty of execution
- Limited risk of receiving a bad execution price
A protected market order (only available at Cove Markets) will be sent as a limit order with a price equal to true price +/- protection depth percentage (addition for a buy order, subtraction for a sell order). Protection depth is initially set to 0.1% but is configurable in the trading widget settings.
Example: The market in BTC-USD is 9,999 at 10,001 and True Price is 10,000. With a 1% protection depth, a buy order will be sent with a limit price of 10,100, while a sell order will be sent with a limit price of 9,900. The exchanges will deliver you the best available price from the order book that is at or inside of the limit price. So you get the same execution as you would with a market order, but without the risk of trading too far away.