Placing Order(s) & Order Types
Here you will learn how to use the functions within the Place Order window of Tealstreet.
The picture above shows the Place Order window of Tealstreet. There are many functions and options in this window!!! ***Please be careful ***
Give yourself plenty of time to learn the features and gain comfort/confidence.
In the example picture above, you see four numbers. From left to right, you see the current position size, entry price, unrealized PnL, and realized PnL. These numbers will not show if you do not have an open position or any realized PnL for the ‘day’. On ByBit, the ‘day’ resets at 00:00:00 UTC.
In the picture above, the numbers (e.g. 50, 100, 5000 etc.) you see next to the blue and red limit button depend on your Trade Settings. Revisit the Primary Trade Settings page if you need help/instructions to adjust them.
Clicking the numbers will adjust your order size. Clicking a number twice acts like addition. For example, if you click 100 twice, your order size will be 200. The CC button will clear the order size.
Note – The order will not be submitted until you click the large blue/red button.
Now, lets start learning by using a Limit order so we can go over features and functionality. The current order type will be highlighted in blue. Simply click the other boxes or drop down menu to change the order type. To learn more about order types, please visit this ByBit guide.
If you check the Track box, the price in the Place Order window will follow the index price of the exchange and update as it changes so long as your offset is zero.
If you check the Post box, the order will be placed into the Orderbook. Using this option is helpful for multiple reasons. It prevents an order from being filled immediately and can prevent accidental market orders or under/over paying depending on position. It also helps to ensure you receive a maker rebate/pay fewer fees. To learn more about Post Orders, visit this guide from ByBit.
The Reduce box is for reducing your position. If you are long and want to reduce the size of your position, click the Reduce on the right side and place your sell orders. Orders that are filled will subtract from your current position.
If you are short and want to reduce the size of your position, click the Reduce on the left side of the window and place your buy orders. Orders that are filled will subtract from your current position.
To learn more about Reduce orders, please visit this ByBit guide.
Another functionality of Tealstreet allows users to adjust the Offset of their order.
For an example of using Offset, see the picture below. The index price at the time of the screen shot is 60,769.5, displayed at the top of the Orderbook. Next, look at the offset box in the Place Order window and you will see [-50.0]. You can see that Track is checked so the Index price is being followed (+/-) the offset number inputted. I placed a limit order with a size of 100 and you can see it on the Orderbook on the left. So, the index price of 60,769.5 minus the offset of 50.0 equals 60719.5, which is where the order is placed on the Orderbook.
Be Careful when using Offsets, using a positive offset on a buy order or negative offset on a sell order will act like a market order. Depending on your price settings, you might overpay + fees!
Next we have the Market Order type. Market orders are filled using the index price the moment you submit the order. You can adjust the size of your order by typing in the size box or by clicking one of the five number boxes.
Next up we have the Quick order type. First, the order buttons will not work until you have specified a size for your order. Click the gear icon Trade Settings to adjust your Quick Offsets settings.
The buttons are fairly straightforward and self-explanatory. Offer Bid on the left side will place your buy order at the highest price on the Bids side of the order book. Offer Ask on the left will place your sell order at the lowest price on the Asks side of the order book. Take Ask and Take Bid act like market orders, where Take Ask is a buy/reduce and Take Bid is a sell/reduce. Keep the Post box checked if you want to prevent the order filling as a taker.
Order(s) will fill based on your settings and market conditions/price action.
Look at the two pictures below to see how your Quick Offset settings display in the Quick Order type. For my Quick Offset settings, I put 0, 20, and 99 (Must be less than 100). Next, look at the picture below the trade settings and you will see those numbers reflected on the Offer Bid, Offer Ask, Take Ask, and Take Bid buttons.
Stop Limit order type is also an option on Tealstreet.
Finally, users can submit Stop Market orders on Tealstreet which are similar to a stop loss or take profit order you frequently find on exchanges but with a few more options. You can set the order to trigger on Index, Mark, or Last price.